As a core investment company that borrows funds from banks and markets to invest in group companies, Tata Sons was classified by the RBI as an NBFC-Upper Layer (NBFC-UL) in September 2022. Under RBI regulations, an NBFC-UL must be listed within three years of such a categorisation. But with the promoter risk profile reducing drastically following the debt repayment, Tata Sons is no longer required to list its stock, having offered to surrender its certificate of registration to the central bank.
