Business EconomyPosted at: Sep 15 2026 8:07PM


RBI files caveat petition in Bombay High Court regarding listing mandate

Mumbai, Sep 15 (UNI) The Reserve Bank of India (RBI) has filed a caveat petition in the Bombay High Court regarding the rejection of Tata Sons' application to voluntarily surrender its Core Investment Company (CIC) registration.
According to sources, this is an indication that the chances of Tata Sons avoiding a listing on the stock exchange has probably receded, and listing Tata Sons on the stock exchange is now probably more likely.
The caveat petition is intended to ensure that if a petitioner approaches the court, the RBI has a chance to present its case before any court order is issued.
The RBI has informed Tata Sons about the move.
The caveat petition was filed after the RBI rejected a request by Tata Sons request to surrender its Core Investment Company (CIC) registration.
In March 2024, Tata Sons had applied to surrender its CIC registration and be classified as an unregistered Core Investment Company (CIC).
However, after considering the application and subsequent correspondence, the RBI declined the request by Tata Sons on September 11.
Later, the RBI advised Tata Sons to take necessary steps to ensure full compliance with the rules applicable to NBFC-Upper Layer entities.
Tata Sons will therefore continue to remain under the NBFC-Upper Level regulatory framework.
The regulatory issue is linked to Tata Sons' classification as an Upper Layer non-banking financial company (NBFC).
In June 2026, the RBI revised its scale-based regulatory framework in and set an asset threshold of Rs 1 lakh crore for classification as an Upper Layer NBFC, but since Tata Sons has total assets of Rs 2.01 lakh crore, which is more than twice the NBFC-Upper Level threshold, it could not comply with RBI's revised framework.
Tata Sons attempted to repay all its debt in an effort to secure deregistration and avoid the listing requirement, but according to RBI's NBFC-Upper Layer eligibility norms, only entities which do not hold public funds, have no customer interface and have assets below Rs 1,000 crore, qualify for deregistration.
Tata Trusts, which controls 66% of Tata Sons through the Sir Ratan Tata Trust and Sir Dorabji Tata Trust, has favoured keeping Tata Sons privately held.
Accordingly, Tata Trusts, passed a resolution in July 2025, seeking to retain Tata Sons as a private company, but the Shapoorji Pallonji Group, which is the largest minority shareholder in Tata Sons, with an 18.37% stake, favours a stock exchange listing as the most practical way to unlock value from its investment.
Tata Trusts Chairman Noel Tata and most trustees want Tata Sons to remain a private company and they have been in favour of working with the Shapoorji Pallonji Group to find a mutually acceptable monetisation solution, instead of listing Tata Sons on the stock exchange.
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