Mumbai, Sept. 18 -- The Shapoorji Pallonji Group, the second largest shareholder in Tata Sons, has backed the public listing of Tata Sons, saying the move would strengthen transparency, accountability and governance at the Tata Group's holding company.

In a statement on Friday, Shapoorji Pallonji Group Chairman, Shapoorji Pallonji Mistry, welcomed the RBI's decision and said it provided clarity on the way forward for Tata Sons.

Mistry said Tata Sons had been classified as an Upper-Layer NBFC under the RBI's Scale-Based Regulatory Framework and that the listing route followed from that regulatory framework.

"With the RBI having rejected the application to surrender its registration and directing Tata Sons towards the necessary complianc...