Tata Sons IPO Buzz: Listed shareholders rally after RBI rejects listing exemption; Tata Chemicals soar 20%, Tata Investment up over 10%

The Reserve Bank of India (RBI) rejected Tata Sons’ petition to surrender its status as upper-tier shadow lender, according to sources familiar with the decision, signalling that the regulator expects full compliance to non-banking financial company (NBFC) frameworks, including an initial public offering.