RBI Said to Reject Tata Sons Request to Avoid a Public Listing

India’s central bank rejected Tata Sons Pvt.’s application to surrender its shadow-lender status, according to people familiar with the matter. The decision means Tata Sons is expected to comply with non-bank financial company rules, including a potential requirement to undertake an initial public offering. The regulatory setback increases uncertainty around Tata Sons’ corporate structure and listing obligations.