For FY26-27, RBI classified it as an Upper Layer NBFC, meaning stricter rules, more scrutiny. But here’s the twist: Tata Sons has been asking RBI to deregister it as a Core Investment Company. That request? Still under review. Why does it matter? Because if approved, Tata Sons could slip out of RBI’s tight grip; potentially reshaping how India’s biggest conglomerate is regulated. Right now, with ₹1.75L+ crore in assets, it qualifies under RBI’s new, simpler rule: anyone above ₹1L crore gets flagged. And once you’re in, you’re stuck for at least 5 years; even if your assets fall later. So while Tata wants out, RBI’s saying, ‘Not yet.’ Interesting game of regulatory chess.