Tata Sons faces potential forced listing after Reserve Bank of India draft regulations would mandate non-banking financial companies with over Rs1tn in assets to go public. The holding company reported Rs1.75tn in assets as of March 2025 and has filed to deregister as a core investment company to avoid the requirement, though the RBI hasn't ruled yet on this request.

Shapoor Mistry, largest minority shareholder with 18.34% stake, supports listing as "necessary evolution" for governance and transparency. Analysts predict valuations as high as $127bn if the conglomerate goes public, creating tension with Tata Trusts which control 66% but haven't publicly endorsed a listing.

Boardroom tensions have intensified since Ratan Tata's death and Noel Tata's appointment as chair of Tata Trusts. Noel Tata has asked chair N Chandrasekaran to present value unlocking alternatives without going public, while the board considers extending his tenure beyond February 2027 amid challenges across group entities.