RBI DENIES TATA SONS EXEMPTION, KEEPING PROSPECT OF MEGA-IPO ALIVE

The Reserve Bank of India has declined to grant an exemption to Tata Sons, the holding company of the Tata Group, from its mandate to list on public exchanges. As an 'upper-layer' Non-Banking Financial Company (NBFC), Tata Sons is required to go public within a specified timeframe. The central bank's decision keeps the possibility of one of India's largest-ever initial public offerings on the table.