Why RBI’s new NBFC rules may force Tata Sons into the market

The Reserve Bank of India's updated master directions have effectively thwarted Tata Sons' bid to escape mandatory listing.

New rules, particularly on indirect public funds and overseas investments, block the holding company's transition to an unregulated core investment entity.

This move tightens RBI's oversight, focusing on economic substance over legal form, leaving Tata Sons with limited options. ...