New Delhi, May 1 -- Proxy advisory firm InGovern Research Services said on Friday that the Reserve Bank of India (RBI) should reject Tata Sons' application to give up its registration as a core investment company. It said the regulatory landscape had shifted significantly, and there was no remaining legal basis to provide an exemption to an entity of this magnitude.

"Based on an exhaustive analysis of the RBI's latest directives, specifically the April 2026 amendment directions, the 10 April classification list, and the critical clarifications issued on 29 April, the Tata Sons application is 'dead on arrival'," InGovern said in a note.

Mint reported on Friday that a clarification by the central bank had undercut Tata Sons' attempt to di...