Sebi Chairman Tuhin Kanta Pandey on Saturday said the market regulator is monitoring developments relating to governance at the holding company level in the Tata Group, and pointed out that the group’s listed companies and their promoters are subject to Sebi’s disclosure and compliance norms.
The comments came amid differences over governance matters at Tata Sons, the group’s holding company, including the reappointment of N Chandrasekaran as chairman and the question of its proposed listing.
“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.
These listed companies and promoters of those firms are subject to all norms, he said.
Asked whether the Sebi was keeping track of Tata Group’s developments, he said, “Yes… I mean in the sense of, you know, we have to keep monitoring all the developments.” Pandey did not refer to any specific governance violation or regulatory action against the group in his remarks.
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 around 11.92 per cent in Tata Sons, according to an analysis by governance advisory firm InGovern. The firms also have more than 1.77 crore shareholder or folio accounts.
The seven companies are Tata Steel, Tata Motors Passenger Vehicles, Tata Chemicals, Tata Power, Indian Hotels, Tata Consumer Products and Tata Investment Corporation.
These companies are part of the group’s larger portfolio of 26 listed entities and represent only those firms identified in the analysis as holding a stake in Tata Sons.
Tata Trusts holds around 66 per cent in Tata Sons, while the Shapoorji Pallonji Group holds approximately 18.4 per cent.
