RBI approves Tata Capital's conversion into NBFC ICC from NBFC CIC.

The Reserve Bank of India (RBI) has approved Tata Capital's conversion from a non-banking finance company (NBFC) — investment credit company (ICC) to a NBFC — core investment company (CIC). Last year, the central bank categorized Tata Capital and its parent company Tata Sons Pvt as NBFCs with an upper layer distinction, which requires both companies to go public by September 2025. On October 22, 2021, the RBI issued revised scale-based regulations (SBR) under which large NBFCs were asked to list their shares on a stock exchange within three years. This means that the conglomerate should be listed by September 2025 as a compliance requirement.