The Reserve Bank of India (RBI) has rejected Tata Sons' request to deregister as a Core Investment Company (CIC), sources told NDTV Profit. Follwoing RBI's decision, Tata Sons will have to comply with the stock-market listing requirement.
Classified as an upper layer NBFC in 2022, Tata Sons has been retained in the RBI's upper layer NBFC list for 2026-27.
Tata Sons had sought deregistration after becoming debt-free, arguing it no longer needed CIC registration. RBI had required the company to list by September 2025.
Earlier, the central bank dismissed industry demands to raise the asset threshold or retain a more complex risk-based methodology for classifying large NBFCs.
The RBI, instead opted a simplified framework based primarily on balance-sheet size. Under the revised norms, NBFCs with standalone assets of at least Rs 1 lakh crore will be subject to enhanced regulatory oversight similar to banks, including an eventual requirement to list on stock exchanges.
NDTV Profit previously reported, Tata Sons long opposed a public listing, saying that it would increase compliance and disclosure obligations. As the principal holding company of Tata Group, any listing would have significant implications for the conglomerate's ownership structure and its shareholders.
The Upper Layer classification subjects NBFCs to tighter regulatory standards aimed at strengthening governance, risk management and financial resilience.
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