During the monetary policy statement on June 5, the RBI Governor indicated that the central bank is preparing a revised roster of upper-layer non-banking financial companies. He noted that the current list remains active until an update is issued and confirmed that a new version would be released soon. The announcement follows an application by a major conglomerate to exit upper-layer NBFC status, which was submitted last year and is still under review. Reports indicate differing views among the group’s trustees on whether the holding company should pursue a public listing, with some citing the need for external capital to support expansion into sectors such as semiconductors. The current chairman has not stated a position publicly. Separately, a minority shareholder with an 18 percent stake has urged regulators to require the listing, citing its own funding requirements.
