Shares of Tata Chemicals jumped as much as 4% to Rs 770 on Thursday after the Reserve Bank of India (RBI) unveiled new regulations that appear to leave little room for Tata Sons, the unlisted holding company of the country's largest conglomerate, to avoid a stock market listing.

Shares of Tata Chemicals, Tata Investment Corporation and other group companies may benefit if Tata Sons gets listed. Tata Chemicals owns a 3% stake in Tata Sons, the value of this stake could be around Rs 20,000 crore, equivalent to the stock's current market value. Any step toward a Tata Sons listing would be a transformative unlock for Tata Chemicals shareholders.

On Wednesday, the RBI finalised new rules for identifying systemically important non-banking financial companies, or upper-layer NBFCs, with assets exceeding Rs 1 lakh crore, which are required by law to list their shares publicly. In doing so, the RBI rejected industry feedback that had sought to raise the threshold to Rs 2.5 lakh crore and simplified the earlier multi-parameter methodology into a cleaner, asset-size-based test. The regulator also reiterated that entities falling under this category would be “specifically identified annually.”

Also Read |RBI finalises NBFC-UL norm that may see Tata Sons list

Tata Sons, with estimated standalone assets of over Rs 1.75 lakh crore, comfortably clears that bar. The salt-to-semiconductors giant was originally mandated to list by a September 2025 deadline but has since applied to the RBI to surrender its NBFC licence—a move that, if approved, would render the listing obligation moot. As of now, the application remains unresolved. When the RBI last published its list of upper-layer NBFCs in January last year, it noted that Tata Sons’ de-registration request was “under consideration.”

The debate over a listing has also exposed fault lines within the Tata Trusts, the majority owner of Tata Sons. The Trusts passed a resolution opposing a listing—a position firmly backed by Trusts chairman Noel Tata. However, two of its vice chairmen, Venu Srinivasan and Vijay Singh, have publicly broken ranks, stating that a listing would be a positive outcome. Their remarks have become a source of open discord among the trustees.