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<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nMUMBAI: InGovern Research has called on the RBI<\/a> to reject Tata Sons<\/a>\u2019 application to surrender its financial licence, describing the move as a \u201cstrategic manoeuvre to sidestep mandatory listing obligations\u201d and to order the company to list on domestic exchanges by March 2027.InGovern argued that the application, filed in March 2024, is \u201cdead on arrival\u201d based on RBI\u2019s April 2026 directions, and that the expiry of the September 2025 listing deadline had rendered it both \u201csubstantively ineligible and procedurally time-barred.\u201dIt warned that without a listing, Tata Sons would remain beyond the reach of Sebi\u2019s disclosure regime, an oversight gap it described as untenable for a holdco that controls systemic listed entities like TCS. Without it, related-party transactions go ungoverned and group-level capital allocation remains opaque to the broader market.Tata Sons had sought to exit the CIC regulatory perimeter by repaying over Rs 20,000 crore in standalone debt, arguing it had renounced access to public funds. However, the RBI\u2019s April 29 directions clarified that public funds encompass direct as well as indirect access through group companies \u2014 a definition that, InGovern said, strikes down the \u201cstandalone deleveraging\u201d argument Tata Sons had relied upon to justify its exit.<\/div>\n<\/div>\n