InGovern Research Services, a corporate governance advisory firm, has urged the Reserve Bank of India (RBI) to direct Tata Sons to initiate the listing process as an upper-layer non-banking financial company (NBFC) by March 2027. This recommendation follows significant changes in the regulatory landscape, which, according to InGovern, leave no legal basis for Tata Sons to avoid public listing. The firm highlighted that Tata Sons, which controls assets worth approximately ₹1.75 lakh crore (roughly $21 billion USD), has filed an application to surrender its registration as a Systemically Important Core Investment Company (CIC-ND-SI) to evade listing obligations. InGovern argues that this application, pending since March 2024, is now fundamentally flawed due to evolving regulations. The advisory firm emphasizes that the RBI should formally reject this application to maintain the integrity of the financial market and protect over 1.2 crore public shareholders invested in Tata companies. InGovern's analysis indicates that Tata Sons' claims of renouncing access to public funds through debt repayment are no longer valid under the new regulatory framework, which mandates transparency in related party transactions and capital allocation. The advisory firm insists that the RBI must enforce compliance with the updated Scale-Based Regulatory (SBR) framework to uphold the standards of financial oversight in India.