India’s central bank has rejected an application from Tata Sons Pvt. to surrender its status as a shadow lender, according to people familiar with the matter, implying it expects the company to adhere with rules for such entities that include an initial public offering.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-09-12/rbi-said-to-reject-tata-sons-request-to-avoid-a-public-listing)