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65.3%

of Tata Sons is owned by 7 Tata trusts

RBI rejects Tata Sons' bid to avoid a stock market listing

Companies No. 13 16 September 2026 · 1 min read

Tata Sons, the holding company of the Tata Group, could be forced to list after the RBI rejected its request to exit the NBFC framework on 11 September. Tata Sons was classified as an upper-layer NBFC in 2022, which comes with a listing requirement. It had tried to avoid this by giving up its NBFC registration, but the RBI said no.

Why does this matter? Tata Sons is unlisted. Seven Tata trusts own 65.3% of it, and the Shapoorji Pallonji Group owns 18.37%. A listing would put a market price on all of that.

The timing is awkward too. The chairman, N. Chandrasekaran, is in a five-year term that ends in February 2027.

Tata Sons isn't IPOing yet. But a holding company with ₹2.01 lakh crore of assets may be running out of ways to avoid the stock market.

65% of Tata Sons sits with the Tata trusts

Who owned Tata Sons on 31 March 2026. 2 trusts alone own more than half the company.

% OF TATA SONS

  • Sir Dorabji Tata Trust
  • Sir Ratan Tata Trust
  • 5 smaller Tata trusts
  • Shapoorji Pallonji Group
  • Others: Tata companies and individuals
Who owns Tata Sons at 31 March 2026: Sir Dorabji Tata Trust 27.98%, Sir Ratan Tata Trust 23.56%, five smaller Tata trusts 13.75%, Shapoorji Pallonji Group 18.37%, Tata companies and individuals 16.34%.

Sir Dorabji and Sir Ratan Tata Trusts together: 51.54%

The Shapoorji Pallonji Group holds 18.37%. The rest is Tata companies, smaller trusts and individuals.

Tata Sons Annual Report 2025-26, note 23, promoter and >5% holdings · 31 Mar 2026

Sources