New Delhi, Sept. 17 -- The potential listing of Tata Sons could have implications well beyond the holding company itself. Around 1.77 crore shareholders of listed Tata group companies could directly or indirectly benefit from greater transparency and price discovery at the group's holding company.

According to advisory firm InGovern, the sheer size of the public investor base linked to Tata Sons' decisions makes it difficult for the holding company to remain private. In its report, the firm said a listing could provide greater transparency and enable price discovery for Tata Sons, while also benefiting the large shareholder base across Tata Group's listed entities.

The listing debate has gained renewed attention following the Reserve Ba...