Inclusion on the "Upper Layer" list mandates enhanced regulatory requirements for five years and a public listing within three years of initial identification. - Mandatory Public Listing: Any private company placed in this layer is legally required to launch an IPO and list on the stock market within three years of being identified. The central bank, while releasing its updated list of Upper Layer NBFCs, said Tata Sons' application for surrender of its NBFC registration remains under examination.". Tata Sons was first classified as an Upper-Layer NBFC in 2022, a move that triggered concerns over a potential mandatory initial public offering (IPO). Impact of this change for Tata SonsThe primary impact for Tata is an immediate countdown to either launch a massive public listing or legally dismantle its current corporate registry.