Business
RBI presses Tata Sons after 66 percent Trusts control
The Hindu BusinessLine··28 Sept
The Reserve Bank of India is awaiting a formal Tata Sons response on Upper Layer NBFC compliance, including listing plans. The company's board on September 17 resolved to start listing the holding company. Tata Sons' three-year Upper Layer listing deadline expired in September 2025 without a public listing. Tata Trusts control around 66 percent of the holding company.
Prism
What It Means For You
- Tata Sons still owes the RBI a formal compliance timeline after the Upper Layer listing deadline lapsed.
- Board action on September 17 started an internal listing process, sources told BusinessLine.
- An RBI official said restructuring meant only to fall below the Upper Layer threshold would face resistance.
What's Happening
- Sources said Tata Sons told the central bank it would expedite compliance work.
- The RBI earlier rejected Tata Sons' bid to surrender its Core Investment Company registration.
- That deregistration application followed repayment of more than Rs 21,000 crore of debt.
Why listing is back on the table
- Tata Sons has been classified as an Upper Layer NBFC since September 2022.
- Scale-based rules require Upper Layer entities to meet listing and other regulatory conditions within set timelines.
- At the September 17 meeting, Tata Trusts Chairman Noel Tata again argued the holding company preferred to keep the holding company private.
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