Central bank seen keeping its options open on Tata Sons IPO

A day after the Reserve Bank of India’s deadline for the Tata Group to list its holding company, Tata Sons, passed, the central bank appears to be still weighing its decision, with governor Sanjay Malhotra’s comment leaving the matter open to interpretation.

- Nehal Chaliawala

Asked about the listing on the sidelines of Wednesday's monetary policy committee meeting, Malhotra initially declined to comment. It was only on the third attempt that he offered a brief remark: “Any entity which has a registration, till it is not cancelled, will continue to do its business.”

Experts believe this suggests the RBI is still weighing its options.

“RBI seems to be still considering the matter. They may have given Tata Sons more time for now,” said H.P. Ranina, a senior Supreme Court lawyer.

Tata Sons did not immediately respond to Mint’s queries.

The RBI had mandated a public listing of Tata Sons by 30 September 2025, under its scale-based regulatory framework introduced in October 2022, which classifies non-banking financial companies (NBFCs) into four layers based on size, activity, and risk.