RBI Keeps Tata Sons In Upper Layer NBFC List: Will IPO Happen Or Can Deregistration Stop It?

Tata Sons is back in focus after the RBI retained it in the Upper Layer NBFC list for FY27, keeping the possibility of a mandatory IPO alive. However, the central bank said Tata Sons’ deregistration application is still under review, leaving the final decision pending. If approved, the holding company could avoid listing on the stock exchanges. Business Today’s Nachiket Kelkar explains what the RBI’s latest move means, why the listing debate has resurfaced, the possible regulatory outcomes, and how the decision could impact the Tata Group, corporate governance, transparency, and investors going forward.