RBI files caveat in Bombay HC in Tata Sons listing matter: Report

The Reserve Bank of India (RBI) has filed a caveat petition in the Bombay High Court in connection with the matter relating to the mandated listing of Tata Sons, seeking an opportunity to be heard before the court passes any order if a petitioner approaches it, according to an Economic Times report citing sources.

The central bank is understood to have notified Tata Sons about the caveat, the report added.

The move comes after the RBI, on September 11, rejected Tata Sons' application to voluntarily surrender its Certificate of Registration (CoR) to be classified as an unregistered Core Investment Company (CIC).

The RBI's decision keeps Tata Sons subject to the regulatory framework applicable to an upper-layer NBFC, which has implications for the holding company's listing requirement.

Noel Tata, chairman of Tata Trusts, and a majority of its trustees have been keen that Tata Sons remain a privately held company and have favoured exploring a mutually acceptable solution with the Shapoorji Pallonji (SP) Group for monetisation of its stake rather than taking the holding company public.

Why Tata Sons listing is back in focus

The listing of Tata Sons has been a key question for some time. The RBI's rejection of Tata Sons' application to surrender its core investment company registration comes after the holding company was retained in the central bank's upper-layer NBFC list.

In 2022, the RBI released a list of upper-layer non-bank finance companies, which included Tata Sons as a core investment company (CIC).

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

A revised upper-layer NBFC list based on the new framework was released on August 6 and retained Tata Sons in the list.

The RBI had stated at the time that Tata Sons' inclusion was "without prejudice to the outcome of its application for de-registration, which is under examination."

Meanwhile, shares of select Tata Group companies, such as Tata Chemicals Ltd and Tata Investment Corporation Ltd, surged up to 20 per cent on Tuesday, as they may emerge as beneficiaries of the potential listing of Tata Sons.