Voices within Tata Trusts opposing the listing could gain greater influence, according to industry observers, as Noel Tata, Director of Tata Sons, is increasingly seen as asserting control over the Trusts, which holds a 66 per cent stake in Tata Sons. However, the debt-laden Shapoorji Pallonji (SP) Group has consistently advocated for Tata Sons’ listing so as to unlock value from its approximately 18 per cent shareholding. The regulator is expected to assess the application against the backdrop of Tata Sons’ extensive holdings across the Tata Group, including stakes in 17 listed companies and 16 unlisted entities. RBI retains Tata Sons in NBFC upper layerIncidentally, the RBI has included Tata Sons, the principal investment holding company of the Tata Group, in the list of Non-Banking Financial Companies in the Upper Layer (NBFC-UL), under the Scale-Based Regulation Framework for 2026-27. “The Tata Sons listing question is fundamentally a regulatory matter.