Tata Sons Pvt. Ltd. faces regulatory challenges as it navigates RBI's scale-based regulations for NBFCs since 2021. After multiple listings and deadlines, the RBI has indefinitely kept Tata Sons in the upper-layer list, rejecting its surrender application in September 2026. Here's a timeline.
2021
October 2021: RBI floats scale-based regulation, dividing NBFCs into base, middle, upper and top layers.
2022
October 2022: Framework takes effect.
September 2022: First upper-layer list released, including Tata Sons, mandating companies to list in three years.
2023
September 2023: Second list issued, with Tata Sons and 14 others.
2024
March 2024: Tata Sons applies to surrender registration.
2025
January 2025: RBI keeps Tata Sons in UL list; de-registration plea under examination.
September 2025: Tata Sons’ three-year listing deadline ends.
October 2025: Entities with registration can continue to do business: RBI
2026
April 2026: RBI defines indirect public funds, includes funds from associates/group entities with access to public funds. Tata Sons has such links.
June 2026: UL framework finalised. Definition: ₹1 trillion in standalone assets.
August 2026: RBI keeps Tata Sons in UL list, says no prejudice to its pending application.
September 2026: RBI rejects Tata Sons’ application to surrender its CIC registration.
