Adedokun Waliyu 
The Reserve Bank of India, the country’s central bank and banking regulator, has rejected an application from Tata Sons to deregister as a non-bank lender, two sources said, a decision that leaves the company closer to a stock market listing.
Tata Sons had applied to the RBI to deregister as a core investment company due to regulations that potentially require it to list.
The more than a century-old holding company, which controls businesses including Tata Consultancy Services (TCS.NS), opens new tab, Tata Motors (TAMO.NS), opens new tab, Tata Steel (TISC.NS), opens new tab and Air India, has sought to remain privately held.
It is classified as a core investment company and falls under RBI regulations for non-bank lenders, which require that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.
As of March 2025, Tata Sons’ standalone assets totalled 1.75 trillion rupees.
The decision was communicated by the RBI in a letter on Saturday, the sources said, declining to be identified as they are not authorised to speak to the media.
Emails sent to the RBI, Tata Sons and Tata Trusts – the largest shareholder in Tata Sons – were not answered.
Until now, Tata Sons has remained unlisted. But pressure to go public has mounted this year from stakeholders including the second-largest shareholder, Shapoorji Pallonji Group.
Last month, Tata Sons said its chairman, N. Chandrasekaran, would not seek reappointment, plunging the group into uncertainty.
Chandrasekaran cited a lack of backing from the board as the reason behind his decision, following months of tensions with Tata Trusts, the charity arm that owns 66% of Tata Sons, Reuters reported.
