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Tata Son’s bid to dodge forced listing
For East African family businesses watching this unfold, the lesson is a legitimate counter argument to setting up trusts and company boards with independent-thinking trustees and directors.
Having covered the unfolding Tata Sons boardroom saga over the last two weeks on this column, today let's unpack the listing question itself: why the regulator wants it, and how the Tata Trusts are trying to engineer their way out of it.
Start with why Tata Sons is caught up in a banking regulator's rules in the first place, even though it looks nothing like a bank. In October 2021, the Reserve Bank of India (RBI) introduced scale-based regulation for non-bank financial companies (NBFCs), sorting them into four layers by size, complexity and systemic importance.
