Will Tata Sons have to list under new NBFC framework? There may be some hints from RBI Governor

Will Tata Sons, the holding company of the massive aviation-to-software Tata conglomerate, have to list? That has been a key question for a long time now. Internally, within Tata Sons, there has been a lot of debate for and against the listing. Now the latest comments from RBI Governor Sanjay Malhotra perhaps give some hint on its future.

In 2022, the RBI had released a list of upper-layer non-banking finance companies. This list included Tata Sons as a core investment company (CIC). RBI rules mandate all upper-layer NBFCs must list within three years.

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In June 2026, the central bank released a new principle-based framework for NBFC classification, replacing the earlier parametric methodology used for determining upper layer NBFCs.

As per the new norms, the upper layer shall consist of NBFCs having an asset size of Rs 1 lakh crore and above as per the latest audited balance sheet for the financial year. Tata Sons has a standalone asset size of Rs 1.75 lakh crore, well above RBI's requirements for upper layer NBFC classification.

The RBI had earlier said a new list of upper-layer NBFCs will be published soon. It is still awaited. However, RBI officials say, the principle-based norms have made it very clear on which NBFC is in which layer.

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"Everyone knows as to which NBFC is in the upper layer, which is in the middle and which is at the base layer. All those who meet the criteria, will continue," said Malhotra.

When specifically asked if Tata Sons would remain in the list, he said it is in the list.

Tata Sons' application to deregister as an NBFC still remains pending, and there has been no update from RBI on that.

So, essentially the ball remains in the RBI's court. The new list on upper layer NBFCs will be "out very soon," RBI Deputy Governor Shirish Chandra Murmu said on Wednesday.

Will it make it to that list or RBI decides on its deregistration by then, is anybody's guess. For Tata Sons, there may be little options left.