Tata Sons, the holding company of the Tata Group, is currently considered non-compliant with the Reserve Bank of India (RBI) regulations, as stated by Shriram Subramanian, Founder and Managing Director of InGovern Research Services. The RBI's recent clarifications highlight that companies classified as Core Investment Companies (CICs) and having indirect access to public funds through listed subsidiaries must pursue public listing. Subramanian emphasized that the responsibility lies with Tata Sons to comply with these regulations. The company's application to deregister as a Non-Banking Financial Company (NBFC) has been pending since March 2024, creating a regulatory obligation for transparency. Subramanian argues that the RBI should reject this application to compel Tata Sons to initiate the listing process, which is crucial for unlocking shareholder value for the approximately 1.2 crore shareholders of the seven listed Tata Group companies that collectively own a 12% stake in Tata Sons. This situation underscores the need for decisive action from the RBI to ensure compliance and uphold governance standards.