Knews Desk – Suspense once again reigns over the IPO and stock market listing of Tata Sons, the Tata Group’s holding company. The Reserve Bank of India (RBI) has released a new list of upper-tier non-banking financial companies (NBFCs) for 2026-27. Tata Sons has been included in this list. However, the RBI has clarified that the inclusion will not affect the company’s pending application to cancel its NBFC registration.
A total of 18 NBFCs have been placed in the upper-tier list in the RBI’s new list. Notably, Tata Sons is the only company on this list that is not listed on the stock exchanges. Consequently, discussions about a potential listing of Tata Sons have once again intensified. However, it is premature to say whether the company will definitely launch an IPO or list on the stock exchanges. Under the RBI’s scale-based regulatory framework, additional regulatory rules apply to upper-tier NBFCs. Listing regulations are also crucial for companies falling into this category. To avoid this obligation, Tata Sons has submitted an application to the RBI to surrender its Core Investment Company (CIC) registration. This application is still under consideration.
In its latest update, the RBI has also clarified that Tata Sons’ inclusion in the list of upper-tier NBFCs does not mean that its de-registration application has been rejected. The regulator will decide on this application independently. This is why Tata Sons’ status is currently being considered a “wait and watch” approach. A Core Investment Company (CIC) is an NBFC whose primary business is to invest in group companies. According to regulations, a CIC must hold at least 90% of its net assets in investments such as equity shares, preference shares, bonds, debentures, debt, or loans of group companies. Tata Sons also falls into this category.
According to experts, the future course of action for Tata Sons will largely depend on the RBI’s decision. If the RBI approves the company’s de-registration application, it could be free from the listing obligations imposed by the RBI as an NBFC. In such a scenario, Tata Sons could retain its current private company status. However, if the RBI rejects the application, Tata Sons may have to proceed with the listing process. It is worth noting that the company’s previously set listing deadline expired on September 30, 2025. Therefore, the regulator’s next decision is considered crucial.
If the RBI rejects the de-registration application, Tata Sons will have legal options available. The company could file a writ petition in the relevant High Court. However, legal experts believe that the courts’ intervention in regulatory matters is limited. Currently, the RBI’s latest update does not provide a final decision on Tata Sons’ IPO. Whether the company will be listed or will remain a private company, the answer to this will be known only from the decision on the pending application of RBI.