India's central bank has turned down Tata Sons' request to give up its classification as a shadow lender, Bloomberg News reported Saturday, citing people familiar with the matter.
The decision means the holding company of Tata Group will remain subject to the category's rules, including a requirement to pursue a public listing, the people said, according to the report.
Tata Sons had sought an exemption from the listing requirement, which would bring tighter regulatory scrutiny and greater disclosure of transactions within the conglomerate, Bloomberg added.
The Reserve Bank of India and Tata Sons did not immediately respond to' request for comment.
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