India, Oct. 24 -- Reserve Bank of India Governor Sanjay Malhotra has reiterated that non-banking financial companies (NBFCs) classified in the upper layer must list on stock exchanges, keeping the spotlight on Tata Sons and its efforts to avoid a public listing.

Speaking at the NDTV World Summit in New Delhi on Friday, Malhotra said companies that qualify as core investment companies and have direct or indirect access to public funds must register with the central bank. If classified in the upper layer, they are required to list, he said.

Although the governor did not make a specific ruling on Tata Sons during his remarks, he referred to the regulatory principles governing large financial entities that sit at the top of corporate groups...