How Tata Sons got entangled in a regulatory quagmire, one circular at a time

Subhana Shaikh
1 min read14 Sep 2026, 05:30 AM IST
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RBI Rejects Tata Sons' Bid to Surrender NBFC Registration, Enforces Listing Rules
Summary
The RBI has indefinitely kept Tata Sons in its list of upper-layer NBFCs, rejecting its surrender application in September 2026.

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.

About the Author

Subhana Shaikh is a business journalist at Mint, where she covers the Reserve Bank of India, monetary policy, and India’s bond markets. She has seven years of experience in reporting on financial markets, with a focus on banking and the broader financial system.<br><br>She began her career after completing her postgraduate diploma at the Indian Institute of Journalism and New Media, Bengaluru. She then spent five years at Informist Media, a news wire agency, where she closely tracked bond markets and the BFSI sector, developing a strong foundation in market reporting. She later moved to NDTV Profit, where she expanded her coverage across a wide range of business and economic stories.<br><br>At Mint, Subhana focuses on explaining central bank decisions, bond market movements, and banking trends for her readers. Her reporting combines on-ground inputs with careful analysis to help audiences understand complex financial developments.<br><br>Based in Mumbai, she is interested in exploring stories across the business landscape. Outside of work, she enjoys reading and spending time with her three cats.

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