[The stock prices of Tata Sons’ listed shareholders collectively rose after the Reserve Bank of India restarted IPO mandatory requirements] On September 15, India’s banking regulator refused to grant Tata Group’s top-level holding entity listing immunity, requiring it to complete a public listing. The stock prices of many Tata-listed companies that hold minority stakes in Tata Sons rose sharply in response. The Reserve Bank of India rejected Tata Sons' bid to give up its status as a shadow banking institution, making it clear that the company must comply with regulatory rules for such institutions, including mandatory requirements for an initial public offering. Devon Choksey, managing director of DRChoksey FinServ, said the potential listing would "release a lot of dormant capital that has been on the books of Tata listed companies at nominal book value for a long time."