Parsi organisations oppose Tata Sons listing, ask PM to protect its private

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Any change that alters the balance between long term stewardship and short term market expectations could affect the very fabric, ethos and defining character of Tata Sons and by extension the wider Tata group, the groups say

By BL Mumbai Bureau

Updated - October 23, 2026 at 12:20 PM. | Mumbai

Tata Trusts, which is the largest shareholder of Tata Sons, has opposed listing and suggested a restructuring plan involving merger of two group subsidiaries with the holding company to escape listing. | Photo Credit: REUTERS/FRANCIS MASCARENHAS

Six Parsi community organisations have backed Tata Trusts in its quest to keep Tata Sons private.

In a letter to Prime Minister Narendra Modi earlier this month, the organisations said the debate surrounding the listing of Tata Sons should not be viewed merely as a regulatory or technical matter. “The implications reach much further. Any change that alters the balance between long term stewardship and short term market expectations could affect the very fabric, ethos and defining character of Tata Sons and by extension the wider Tata group. Preserving the values that have distinguished the Tatas for generations is a matter of considerable national importance,” the organisations have said.

The six organisations backing Tata Trusts include Bombay Parsi Punchayet, The Federation of Parsi Zoroastrian Anjumans of India, The Federation of Zoroastrian Associations of North America, The Zoroastrian Trust Funds of Europe, Global Council of Zoroastrians Trust and the World Zoroastrian Chamber of Commerce. 

Reserve Bank of India in September decided to retain Tata Sons in the non banking finance company-upper layer category. Ensuring compliance would require Tata Sons to list its shares.

Tata Trusts, which is the largest shareholder of Tata Sons, has opposed listing and suggested a restructuring plan involving merger of two group subsidiaries with the holding company to escape listing.

“Any subversion of its unique altruistic character will have unfortunate repercussions on the fair perception of our country which you and your government have so successfully achieved,” the organisations said in their letter to the Prime Minister.

“We wish to express our solidarity with the Tata Trusts and in particular with the Tata family whose service to India for over one hundred and fifty years has been defined by integrity, vision, humility and an unwavering commitment to national development,” the organisations said.

Published on October 23, 2026

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