New Delhi, Sept. 14 -- Tata Sons Pvt. Ltd. faces regulatory challenges as it navigates RBI's scale-based regulations for NBFCs since 2021. After multiple listings and deadlines, the RBI has indefinitely kept Tata Sons in the upper-layer list, rejecting its surrender application in September 2026. Here's a timeline.

October 2021: RBI floats scale-based regulation, dividing NBFCs into base, middle, upper and top layers.

October 2022: Framework takes effect.

September 2022: First upper-layer list released, including Tata Sons, mandating companies to list in three years.

September 2023: Second list issued, with Tata Sons and 14 others.

March 2024: Tata Sons applies to surrender registration.

January 2025: RBI keeps Tata Sons in UL list;...