印度储备银行行长桑杰·马尔霍特拉周五表示，如果塔塔之子继续被归类为央行上层核心投资公司，将不得不在股市上市。
Reserve Bank of India Governor Sanjay Malhotra said on Friday that Tata Sons would have to list on the stock market if it continued to be classified as a core investment company in the central bank’s upper layer.
马尔霍特拉在新德里举行的NDTV世界峰会2026上发言，阐述了管辖上市要求的监管条件，但未直接评论塔塔集团内部关于其控股公司拟上市的争论。
Speaking at the NDTV World Summit 2026 in New Delhi, Malhotra outlined the regulatory conditions governing the listing requirement but did not comment directly on the debate within the Tata group over its holding company’s proposed listing.
当被问及塔塔之子能否通过重组或重组来避免上市时，马尔霍特拉表示，只要该公司符合印度储备银行对非银行金融公司的定义、符合核心投资公司资格，并能直接或间接获得资金，该要求就会适用。他说：“如果它处于上层，则必须上市。”为什么印度储备银行监管控股公司核心投资公司是非银行金融公司的一个类别，主要投资于其集团内部公司的股份。印度储备银行对其进行监管，是因为其与集团公司的借贷和财务联系可能对更广泛的金融体系构成风险。
马尔霍特拉表示：“非银行金融公司和核心投资公司，例如塔塔之子等……都需要向我们注册。”他解释说，此类实体“位于集团公司之上”。
Asked whether Tata Sons could restructure or reorganise itself to avoid a listing, Malhotra said the requirement would apply as long as the company met the RBI’s definition of a non-banking financial company , qualified as a CIC and had access to funds, directly or indirectly.“If it is in the upper layer, then it is required to list,” he said. Why the RBI regulates holding companiesCICs are a category of NBFCs that primarily invest in shares of companies within their own group. The RBI regulates them because their borrowing and financial links with group companies can pose risks to the wider financial system.“NBFCs and CICs, like for example, Tata Sons and others... are required to be registered with us,” Malhotra said, explaining that such entities “sit on top of group companies”.He said these companies could raise funds and use the balance sheets of their group companies to repay them.“The funds of the public, whether it is banks, whether it is through corporate bonds and other means, are at risk when these CICs do this kind of activity,” Malhotra said.
他说，这些公司可以筹集资金，并利用其集团公司的资产负债表来偿还。
“It is for these reasons that these CICs, which are a type of NBFCs, are required to be registered.”
马尔霍特拉说：“当这些核心投资公司进行此类活动时，公众的资金，无论是银行资金，还是通过公司债券和其他方式筹集的资金，都面临风险。正是出于这些原因，作为非银行金融公司一种类型的核心投资公司，需要进行注册。”
The remarks come around six weeks after the RBI rejected Tata Sons’ application to surrender its CIC registration, requiring it to comply with the rules applicable to upper-layer NBFCs.
这些言论发表于印度储备银行拒绝塔塔之子放弃核心投资公司注册申请约六周后，当时央行要求其遵守适用于上层非银行金融公司的规则。根据这些规则，被归类为上层的实体必须在分类后三年内上市。GTRI：6500吨白银配额削弱了进口限制的理由塔塔信托反对上市，股东意见仍存分歧塔塔资源有限公司于2022年9月被归类为上层非银行金融公司。该公司于2024年3月申请注销登记并偿还债务，以期符合注销资格。
Under those rules, entities classified in the upper layer must list within three years of classification.GTRI: 6,500 ton silver quota undercuts case for import curbsTata Trusts oppose listing as shareholders remain dividedTata Sons was classified as an upper-layer NBFC in September 2022. It applied to surrender its registration in March 2024 and repaid its debt in an effort to qualify for deregistration.
此后，该公司董事会已采取与可能的公开上市相关的步骤，同时在股东对其未来存在分歧的情况下考虑替代方案。
The company’s board has since taken steps linked to a possible public listing while considering alternatives amid differences among shareholders over its future.
持有塔塔资源有限公司约66%股份的塔塔信托反对上市。9月28日，塔塔信托提议将两家运营公司——塔塔电子系统解决方案公司和塔塔咨询工程师公司——合并入塔塔资源有限公司。在一份声明中，他们表示，重组后的实体“既不会是非银行金融公司，也不会是核心投资公司”。他们还要求塔塔资源有限公司董事会向印度储备银行申请无异议证书。
Tata Trusts, which own about 66% of Tata Sons, oppose a listing. On September 28, the trusts proposed merging two operating companies, Tata Electronics Systems Solutions and Tata Consulting Engineers, into Tata Sons. In a statement, they said the reorganised entity “would neither be a non-banking financial company nor a core investment company ”. They have also asked the Tata Sons board to seek a no-objection certificate from the RBI.
塔塔信托主席诺埃尔·塔塔已告知董事会，“上市将破坏其性质”。
Tata Trusts chairman Noel Tata has told the board that “a listing will destroy its character”.The Shapoorji Pallonji group, which holds 18.37% of Tata Sons, supports a listing.
持有塔塔资源有限公司18.37%股份的夏普尔吉·帕隆吉集团支持上市。其主席夏普尔吉·帕隆吉·米斯特里将其描述为“社会和道德的当务之急”。
马尔霍特拉的言论阐明了将要求塔塔资源有限公司上市的监管条件，但并未表明印度储备银行是否会接受拟议的重组或任何旨在使公司免除上市要求的替代安排。
Its chairman, Shapoorji Pallonji Mistry, has described it as “a social and moral imperative”.Malhotra’s remarks clarify the regulatory conditions that would require Tata Sons to list, but do not indicate whether the RBI would accept the proposed restructuring or any alternative arrangement intended to remove the company from the listing requirement.