Nairobi, Oct. 11 -- Having covered the unfolding Tata Sons boardroom saga over the last two weeks on this column, today let's unpack the listing question itself: why the regulator wants it, and how the Tata Trusts are trying to engineer their way out of it.

Start with why Tata Sons is caught up in a banking regulator's rules in the first place, even though it looks nothing like a bank. In October 2021, the Reserve Bank of India (RBI) introduced scale-based regulation for non-bank financial companies (NBFCs), sorting them into four layers by size, complexity and systemic importance.

Published by HT Digital Content Services with permission from Business Daily....