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The Reserve Bank of India has rejected an application by Tata Sons, the holding company of the Tata Group, seeking exemption from the mandatory stock exchange listing that applies to non banking financial companies classified in the Upper Layer under RBI's scale based regulatory framework. Tata Sons was placed in the Upper Layer category in September 2022, which required listing within three years, a deadline that lapsed in September 2025 without a listing taking place. In a communication dated 11 September 2026, the central bank asked Tata Sons to take steps to ensure full compliance with the applicable guidelines, effectively making a public listing of the conglomerate's holding company unavoidable.