NEW DELHI: The Securities and Exchange Board of India (SEBI) is monitoring governance-related developments at Tata Sons, the holding company of the Tata Group, chairman Tuhin Kanta Pandey said on Saturday. He added that the group’s listed companies and their promoters must follow Sebi’s disclosure and compliance rules, even though Tata Sons itself is not a listed company.His remarks come amid differences over the reappointment of N Chandrasekaran as Tata Sons chairman and whether the holding company should be listed.Speaking on the sidelines of the launch of the Bharat Chamber Investors Forum, Pandey said that the regulatory requirements applicable to Tata Sons were different from those governing the group’s listed companies.“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 said.He reiterated that the listed entities and their promoters have to comply with all applicable norms. Asked whether SEBI was tracking developments within the Tata Group, he said, “Yes… I mean in the sense of, you know, we have to keep monitoring all the developments.”Pandey did not cite any particular governance violation or indicate that the regulator was considering any specific action against the group.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.An analysis by governance advisory firm InGovern found that seven of these listed companies together hold around 11.92 per cent in Tata Sons. These companies collectively have more than 1.77 crore shareholder or folio accounts.The seven entities identified in the analysis are Tata Steel, Tata Motors Passenger Vehicles, Tata Chemicals, Tata Power, Indian Hotels, Tata Consumer Products and Tata Investment Corporation. They form part of the group’s wider portfolio of 26 listed companies and are specifically the ones identified as holding a stake in Tata Sons.Tata Trusts holds around 66 per cent of Tata Sons, making it the largest shareholder in the holding company. The Shapoorji Pallonji Group holds approximately 18.4 per cent.The seven listed Tata companies identified by InGovern account for a combined 11.92 per cent stake in the holding company.
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