Reserve Bank of India Governor Sanjay Malhotra has dropped a significant hint in the ongoing Tata Sons listing debate at the NDTV World Summit 2026, outlining why large core investment companies classified in the RBI's upper layer must go public. While declining to comment on Tata Sons specifically, Malhotra said upper-layer CICs with access to funds are required to list, citing systemic risks and public money at stake.