New Delhi, Aug. 6 -- The Reserve Bank of India (RBI) on Thursday retained Tata Sons Pvt. Ltd in the upper layer of non-banking financial companies (NBFC-UL), keeping the Tata Group holding company under the tighter regulatory category even as its application to surrender its core investment company (CIC) registration remains under examination.

Releasing the list of upper-layer NBFCs for 2026-27 under its scale-based regulation framework, the RBI said Tata Sons would continue to feature as a CIC. It clarified, however, that the company's inclusion is without prejudice to the outcome of its de-registration application, which remains under examination.

The decision means Tata Sons' ability to avoid a proposed listing will hinge on whether ...