RBI signals NBFC list update; Tata Sons IPO fate hinges on de-registration call

RBI Governor Sanjay Malhotra hinted at an imminent revision to the upper-layer NBFC list, a move that could decide whether Tata Sons must list. The $180 billion conglomerate's de-registration plea is pending, while SP Group lobbies for an IPO amid a liquidity crunch and Tata Trusts remain divided.

— Source publishedFri, 5 Jun, 2026, 12:52 IST·First seen Fri, 5 Jun, 2026, 12:55 IST·Source CNBC-TV18 · Companies

What happened

RBI Governor Sanjay Malhotra signaled an imminent update to the upper-layer NBFC list, affecting Tata Sons' pending de-registration application and potential

Key facts

  • $180 billion
  • ₹20,000 crore

Why this matters

RBI's pending call sets a precedent for how large holding companies navigate NBFC upper-layer rules, signaling tighter scrutiny on conglomerate structures and potential restructuring playbooks for peers like Bajaj and Mahindra.