As the deadline to list Tata Sons gets closer, the holding company of the $165-billion group appears to be surrounded by uncertainty over its future corporate structure. The Reserve Bank of India (RBI) has yet to clarify whether Tata Sons will have to turn into a publicly-listed entity by September 2025 or if it will be granted an exemption.
It all started with the RBI classifying Tata Sons as an upper layer non-banking financial company (NBFC) in September 2022, implying that it would be required to list on the stock exchange within three years. Tata Sons has sought an exemption
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