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RBI governor says upper-layer NBFCs must list, implying Tata Sons is in breach

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Reserve Bank of India Governor Sanjay Malhotra has indicated that upper-layer non-banking financial companies are required to be listed on the stock market. His remarks also suggest that Tata Sons is not complying with RBI rules. It remains unclear what consequences the group may face if the non-compliance continues. Malhotra declined to comment on a proposal by Noel Tata to merge two Tata Sons subsidiaries into the holding company, a step that could allow it to avoid a listing.

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