SEBI Chairman Tuhin Kanta Pandey said on Saturday that the regulator is monitoring governance developments at Tata Sons. He noted that while the holding company is unlisted, its listed entities must follow all regulatory norms. Pandey said, “We have to keep monitoring all the developments” regarding the group’s various activities.

Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Saturday said the market regulator is monitoring governance-related developments at Tata Sons, the holding company of the Tata Group. He added that the group's listed companies and their promoters are required to comply with SEBI's disclosure and regulatory requirements.

His comments come amid differences over governance matters at Tata Sons, including the reappointment of N Chandrasekaran as chairman and the company's proposed listing. Tata Sons is currently unlisted, while several companies across the group have shares traded on stock exchanges.

SEBI monitoring governance developments at Tata Sons

“At the holding company level, there are some issues, as that’s not really a listed company. The rest of the companies, those which are listed, follow all the LODR (Listing Obligations and Disclosure Requirements) norms,” Pandey told reporters on the sidelines of the launch of the Bharat Chamber Investors Forum.

He said the listed entities and their promoters are subject to the applicable regulatory requirements.

When asked whether SEBI was tracking developments within the Tata Group, Pandey said, “Yes... I mean in the sense of, you know, we have to keep monitoring all the developments.”

Pandey, however, did not identify any specific governance violation or indicate that the regulator was considering action against the group.

Seven listed Tata companies hold 11.92% stake in Tata Sons

The Tata Group has 26 publicly listed companies, with a combined market capitalisation of $328 billion as of March 31, 2025, according to its FY25 annual report.

Of these, seven listed companies collectively hold approximately 11.92% of Tata Sons, according to an analysis by governance advisory firm InGovern. These companies also have more than 1.77 crore shareholder or folio accounts, giving their investors indirect exposure to the holding company.

The seven companies are Tata Steel, Tata Motors Passenger Vehicles, Tata Chemicals, Tata Power, Indian Hotels, Tata Consumer Products and Tata Investment Corporation.

These entities form part of the group's wider listed portfolio and are among the companies identified as shareholders in Tata Sons.

Who owns Tata Sons?

Tata Trusts holds approximately 66% of Tata Sons, making it the holding company's largest shareholder. The Shapoorji Pallonji Group holds around 18.4%.

The ownership structure and governance of Tata Sons have remained significant issues for the group, particularly given its position as the holding company overseeing a large portfolio of listed and unlisted businesses.

Any developments concerning its leadership, ownership or listing status could have wider implications for the Tata Group's corporate structure and its stakeholders.

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