Shapoorji Pallonji Mistry, a key stakeholder in the Tata Group, has reiterated the need for a public listing of Tata Sons, describing it as a 'necessary evolution' that would enhance governance, transparency, and accountability. He argues that such a move is not merely about regulatory compliance but also reinforces the foundational values of the Tata Group. Mistry highlighted that no substantial evidence has been presented to demonstrate how a public listing would negatively impact the Tata Trusts or their beneficiaries. He believes that the listing would unlock value for minority shareholders, including the 18.37% stake held by the SP Group, and create a more robust dividend stream for the trusts, thereby expanding their philanthropic impact. The discussion comes amid a growing debate within the Tata ecosystem regarding the ownership structure of Tata Sons, especially in light of the Reserve Bank of India's (RBI) classification of Tata Sons as an upper-layer non-banking financial company (NBFC), which may necessitate a public listing. Mistry expressed confidence in the RBI and the Government of India to provide clear direction on this matter, as the company awaits a revised circular from the RBI that could dictate its listing requirements.