InGovern, a prominent proxy advisory firm, has called on India's central bank to require Tata Sons to go public, arguing that the company's significant size and systemic importance warrant stricter disclosure standards similar to those for major financial institutions. In its report, 'Tata Sons: The Listing Imperative,' InGovern asserts that the governance of a complex trust-based holding structure like Tata Sons should not depend solely on private consensus. The firm counters claims that a public listing would undermine Tata Sons' ability to support struggling group companies, stating that historical evidence does not support this concern. The Reserve Bank of India (RBI) has already placed Tata Sons in a higher tier of oversight within its core investment company framework, signaling a move towards greater regulatory scrutiny. InGovern also refutes the argument that a public listing would expose weaknesses in subsidiaries, noting that detailed financial information is already part of Tata Sons' reporting structure. The report emphasizes that regulators should prioritize transparency over preserving private valuation conveniences.