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WRISE Prestige records over300% revenue growth in HK since end-2024, expands to more than 400 IWCs and advances a new professional standard combining human expertise, independence and AI

• Assets under management increased by 927%, revenue grew by 301% and the number of clients increased by 382% compared with the end of 2024.
• WRISE Prestige’s network has expanded to more than 400 Independent Wealth Consultants (IWCs) in Hong Kong.
• The broader WRISE ecosystem has added capabilities spanning family office and wealth planning, corporate advisory, trust and legacy planning, structured products, international insurance and AI labs, while the IWC proposition evolves from Independent Wealth Consultant to Intelligent Wealth Consultant.

HONG KONG SAR – Media OutReach Newswire – 15 September 2026 – WRISE Prestige, a core business of WRISE Group serving affluent and high-net-worth clients through a network of wealth consultants, is set to celebrate its second anniversary in Hong Kong on 16 September, marking two years of rapid growth and the next chapter in its approach to wealth advisory.

Since the end of 2024, WRISE Prestige in Hong Kong has recorded 927% growth in assets under management (AUM), 301% growth in revenue and a 382% increase in the number of clients. Its Hong Kong network has also grown to more than 400 IWCs, reflecting rising demand for independent, people-led advice and broader access to integrated wealth solutions.

Over the past two years, WRISE Prestige has broadened its role within the WRISE ecosystem, connecting clients with capabilities across different aspects of wealth and advisory. These include WRISE Capital for corporate finance and advisory services, WRISE Private for family office solutions and sophisticated wealth planning, and WRISE Master Trust for wealth structuring and legacy planning.

WRISE Prestige has broadened its solution capabilities in parallel, expanding its insurance spectrum from local offerings to Bermuda solutions and connecting clients with investment, banking, protection, trust and corporate advisory resources.

Client demand has become increasingly diverse, spanning liquidity, income, diversification, downside management, succession and cross-jurisdictional wealth planning. Structured products may be considered as part of client solutions where suitable, depending on risk tolerance and circumstances, illustrating the need for tailored risk-return outcomes rather than one-size-fits-all distribution.

The Group’s expanding regional footprint, including presences in Taipei, Shenzhen, Changsha, Chengdu, Wuxi and Vancouver, further strengthens WRISE Prestige’s ability to connect clients and wealth consultants with capabilities across markets.

The evolution comes as Hong Kong’s wealth management industry reaches a new scale. According to the Securities and Futures Commission, AUM in Hong Kong’s private banking and private wealth management business rose 24% year-on-year to HK$12.9 trillion at the end of 2025.^[1]

As wealth grows, the needs behind it are becoming increasingly complex. Clients require holistic advice connecting investments and protection with family governance, business interests, succession and intergenerational planning. They increasingly value sound judgement, independence, expertise, trust and connectivity to a wider wealth ecosystem.

WRISE Prestige believes this is expanding the role of the wealth consultant. Building on the foundations of independent wealth advisory, the IWC approach puts the individual at the centre, considering their family, business, aspirations, risks and legacy, while drawing on a broader ecosystem to address wealth more holistically. Within this approach, independence refers to an open-architecture model that gives wealth consultants the flexibility to consider solutions from a broad range of financial institutions and providers, rather than being tied to a single institution or product. This approach does not imply the absence of conflicts of interest; any applicable conflicts are managed and disclosed in accordance with relevant policies and regulatory requirements.

IWC is now entering its next chapter, evolving from Independent Wealth Consultant to Intelligent Wealth Consultant. The new proposition builds on the open-architecture approach, trusted human relationships and professional expertise that have defined IWC, while bringing together the research, analytical and efficiency capabilities of AI.

Technology can enhance how wealth consultants analyse information, generate insights and serve clients, while human judgement, accountability and relationships remain at the heart of wealth advice. The goal is not to replace wealth consultants with AI, but to empower them with greater capabilities to support better-informed, more holistic wealth decisions.

As part of this evolution, WRISE Prestige is also strengthening the professional development pathway for its IWC network through QLC, a structured professional assessment covering four specialist areas relevant to the evolving needs of high-net-worth clients: Family Office, Trust, Offshore Insurance and Advanced Investment. IWCs who complete the QLC examination will earn the designation of IWC-Certified, establishing a common foundation of professional knowledge and standards across the network. Following certification, IWCs can continue to develop through pathways recognising both professional expertise and business performance.

Henry Shin, CEO of WRISE Prestige Hong Kong, said: “The wealth management industry has continuously evolved, from traditional institution-led models, to the emergence of independent financial advice, and now towards a new generation of wealth advisory. We believe the next stage of this evolution is intelligence.

Intelligent Wealth Consultant brings together the independence and trust that have always been fundamental to wealth advice with professional expertise, human judgement, and the insights and analytical capabilities of artificial intelligence. This is not about replacing the human element with technology, but about empowering our consultants with technology to deliver deeper insights and help clients make more informed and holistic wealth decisions.

At WRISE Prestige, we aspire to take this evolution one step further, not simply to witness the transformation of our industry, but to work alongside the industry in helping shape best practices for the next generation of wealth advisory.”

Looking ahead, WRISE Prestige expects wealth management to become more connected, technology-enabled and accessible. Its focus will remain on combining technology with human judgement and relationships, using technology to improve connectivity, insight and scalability while maintaining appropriate professional and regulatory standards.

Over the next two to three years, WRISE Prestige plans to expand its business-to-business capabilities and advance an Open-EAM architecture that connects IWCs, external asset manager partners and clients through the broader WRISE ecosystem. The architecture is intended to make it easier for wealth consultants and partners to access specialist capabilities across wealth management, banking, investments, protection, trust and corporate advisory services, supported by technology and the WRISE platform.

Through this approach, WRISE Prestige aims to create greater connectivity and scale for wealth consultants, more integrated choices for clients, and a stronger professional ecosystem for Hong Kong and the region. Its ambition for the next chapter is not only to grow its own platform, but also to contribute to the continued development of wealth advisory across the industry.

Hashtag: #WRISEGroup

The issuer is solely responsible for the content of this announcement.

About WRISE

WRISE is one of Asia’s fastest-growing financial firms, driven by strategic acquisitions of companies with deep expertise and solid foundations. With a strong presence across key financial hubs including Singapore, Hong Kong, Dubai, Tokyo, Shanghai, Shenzhen, Changsha, Chengdu, Wuxi, Taipei and Vancouver, WRISE is home to one of the largest networks of independent qualified advisors. With over 600 employees located globally, supported by an ecosystem of over 200 financial intermediaries and access to eight booking centres worldwide, WRISE ensures unparalleled service and expertise in navigating today’s financial landscape.

WRISE Group of companies include WRISE Wealth Management (Singapore), WRISE Wealth Management (Hong Kong), WRISE Wealth Management Middle East Ltd (DIFC, regulated by the DFSA), WRISE Prestige (Hong Kong), WRISE Prestige Securities (Hong Kong), WRISE Prestige Asset Management (Hong Kong), WRISE Capital (Hong Kong), WRISE Financial Services (Hong Kong), and affiliates including WeWrise Services.

Chinese President Xi Jinping used the 18th BRICS Summit to argue that countries should pursue development paths suited to their own national conditions, a message that overlapped with the summit’s broader emphasis on policy autonomy, inclusive growth and reform of global institutions.

Addressing the first leaders’ session on September 12, Xi marked 20 years of BRICS cooperation and said members had strengthened themselves through unity while preserving independence in choosing their economic and social models. He described BRICS as an increasingly important platform for emerging markets and developing countries.

The summit’s New Delhi Declaration gave that theme wider institutional form. Leaders called for a more representative international order, greater participation by developing countries in global decision-making and reforms to institutions including the United Nations, World Trade Organization and international financial architecture.

The declaration also reflected the diversity within the expanded grouping. Rather than prescribing a single model of development, BRICS leaders stressed national circumstances, differing capacities and the need for policy space, particularly in areas such as energy transition, industrialisation and climate action. That approach broadly matched Xi’s argument that development strategies should reflect domestic conditions rather than external templates.

Xi sought to extend the idea into technology policy. He proposed an initiative on artificial intelligence-enabled industrialisation, deeper cooperation in research and applications, and stronger industrial and supply-chain links. China also promoted open-source AI collaboration and international platforms intended to improve access to emerging technologies for developing economies.

Other leaders framed similar priorities through their own national perspectives. Prime Minister Narendra Modi emphasised resilience, innovation, cooperation and sustainability, the four themes of India’s 2026 BRICS chairship, and called for solutions developed within the grouping to serve a wider range of developing countries. He also urged members to translate summit commitments into practical programmes.

BRICS members agreed on measures spanning digital cooperation, food and energy security, health, trade facilitation and the use of local currencies in cross-border transactions. The declaration supported stronger payment connectivity while stopping short of endorsing a common BRICS currency.

The economic agenda also underlined the practical test facing the grouping. Members backed use of national currencies in trade and investment, stronger cooperation through the New Development Bank and efforts to improve financial resilience. Such measures are intended to widen financing options for developing economies without committing members to a single monetary framework or common currency.

The expanded bloc now brings together countries with sharply different political systems, strategic alignments and economic structures. That breadth gives BRICS a larger claim to represent developing-country concerns, but it also limits how far members can converge on detailed policy prescriptions. Analysts have noted differences over whether the group should remain primarily an economic and development forum or assume a stronger geopolitical role.

Those tensions were visible alongside the development agenda. Leaders opposed protectionism and unilateral economic measures, supported a stronger multilateral trading system and called for reforms that would increase the voice of developing countries. At the same time, members avoided turning the summit into a unified ideological platform, relying instead on consensus language broad enough to accommodate competing interests.

Xi’s second summit intervention on September 13 placed a “people-centred” development philosophy within a wider call for Global South cooperation. He urged progress on the UN Sustainable Development Goals, improvements to global climate governance and a consensus-based framework for governing artificial intelligence.

China’s approach also carries strategic implications. Beijing has increasingly used BRICS and other multilateral forums to promote its views on development, sovereignty and global governance. Some members share its criticism of unequal representation in international institutions, while others remain cautious about allowing BRICS to become identified with any single country’s geopolitical agenda.

EPFO announced the channel through its official account on X, sharing a direct joining link and QR code. The channel had more than 83,000 followers by Tuesday, reflecting early uptake among members seeking alerts on schemes, procedures, service changes and public notices.

The new channel, however, should not be confused with a transactional WhatsApp service. EPFO’s own digital platforms show that personal services such as checking an individual provident fund balance, viewing a passbook, filing claims or tracking claim status continue to be provided through authorised channels including the Member Passbook portal, Unified Member Portal and the UMANG application. The WhatsApp channel is designed primarily to broadcast information rather than display confidential account data.

That distinction is important because some descriptions circulating online have suggested that members can directly check balances or access account-specific information through the new channel. EPFO’s published service framework does not support that interpretation. The organisation separately offers balance enquiries by missed call and SMS for eligible members whose Universal Account Number, or UAN, is linked to the required records.

Members registered on the UAN portal can obtain their last contribution and provident fund balance by giving a missed call to 9966044425 from the mobile number registered with EPFO, provided the UAN is linked with at least one prescribed know-your-customer detail such as a bank account, Aadhaar or PAN. EPFO’s passbook portal also lists an SMS option using the format “EPFOHO UAN” with the relevant language code sent to 7738299899.

For a fuller range of services, EPFO directs members to UMANG. Official guidance lists facilities there including viewing the passbook, filing online claims, tracking claims, activating or obtaining a UAN, submitting Jeevan Pramaan and downloading a Pension Payment Order. The Unified Member Portal provides additional account and member functions after authentication.

The WhatsApp channel therefore expands EPFO’s communications reach rather than replacing those existing systems. Followers can receive official notices on a platform already used by millions of people for everyday messaging, potentially reducing dependence on users repeatedly checking websites or social media accounts for updates.

EPFO has increasingly used multiple digital channels to communicate with members and employers, including its website, X, YouTube, Instagram, Facebook and LinkedIn. Its employer portal currently directs users to those official accounts for news and updates, while its member-facing portals continue to handle authenticated services.

Members can follow a WhatsApp channel without exposing their phone number to other followers, but that privacy feature does not turn the channel into an authenticated account interface. Balance checks, claims and passbook access still require EPFO’s designated systems, where identity and account credentials are handled through verification processes.

The expansion also comes with a need for caution over impersonation and fraud. EPFO repeatedly warns members not to disclose Aadhaar numbers, PAN details, bank information, passwords, UAN credentials or one-time passwords in response to calls, messages, WhatsApp contacts or social media approaches. Its anti-fraud portal states that EPFO staff do not seek such personal or financial details through these channels.

Members joining the WhatsApp channel should therefore verify that they are using the link or QR code shared through EPFO’s official communication channels. A WhatsApp broadcast channel does not require users to send credentials to receive public updates, and any request for sensitive account information should be treated with suspicion.

For members who only want to stay informed about policy changes, deadlines, service interruptions or procedural guidance, the channel provides a convenient additional source. Those seeking personal account details must still use the authenticated EPFO systems or designated balance-enquiry services.

By R Suryamurthy The 2026 New Delhi Declaration arrives at a revealing moment for BRICS: two decades after the grouping emerged as a shorthand for the rising economic weight of the Global South, it is no longer merely demanding a larger seat at the table of global governance, but is beginning to construct the institutional […]

The article BRICS is not building a new order, but a hedge against the old one appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Reinsurance panel carries an average A+ financial strength rating from AM Best or S&P; treaty deepens security behind each financial guarantee Verdant Rock issues and unlocks capacity for future growth

HAMILTON, BERMUDA – Media OutReach Newswire – 14 September 2026 – Verdant Rock Limited (“Verdant Rock”), a Bermuda‑based Class 3B insurer and financial guarantor focusing on emerging markets, has closed a 30% quota share reinsurance treaty with a panel of leading global reinsurers. The panel carries an average financial strength rating of A+ from either AM Best or S&P, marking a significant milestone for the company less than a year after receiving its Class 3B insurance license from the Bermuda Monetary Authority.

The treaty supports Verdant Rock’s portfolio of irrevocable, unconditional and on-demand financial guarantees on private corporate, structured and project finance exposures across emerging markets. By sharing 30% of risk with highly rated capacity providers, Verdant Rock further strengthens its balance sheet, diversifies its capital base and enhances scalability for future growth.

“Securing a reinsurance panel of this caliber, rated A+ on average, at this stage of our development is a strong validation of our underwriting framework and our approach to governance. Every guarantee Verdant Rock issues now carries an additional layer of security from counterparties that have spent time understanding and believing in what we are building. We are grateful to each panel member for their confidence in us.” — Tolga Uzuner, Co-Founder, Chief Executive Officer, Verdant Rock Limited

This announcement is (i) for information only; (ii) not an offer or solicitation to buy or sell any security, insurance product, or financial guarantee; and (iii) not for distribution in any jurisdiction where to do so would be unlawful. Forward-looking statements are not guarantees of future results, and Verdant Rock undertakes no obligation to update them. A credit rating is not a recommendation to buy, sell or hold any security and may be subject to revision, suspension or withdrawal at any time by the assigning rating agency.

Hashtag: #VerdantRock

The issuer is solely responsible for the content of this announcement.

ABOUT VERDANT ROCK

Verdant Rock Limited is a Bermuda‑based insurance company regulated by the Bermuda Monetary Authority as a Class 3B Insurer. The company currently holds a BBB+ Long‑Term Insurer Financial Strength Rating with a Stable Outlook from Fitch Ratings. It provides Basel and ICS-family Solvency regimes compliant, investment‑grade financial guarantees on private credit exposures in emerging markets, designed to qualify as eligible credit protection under Basel and major insurance solvency regimes for banks, insurers and institutional investors globally. The company focuses on private liabilities and does not cover sovereigns, municipalities or provinces. Its remit covers bonds and loans issued by emerging market corporations and banks, structured financings, asset-backed (ABS) and mortgage-backed (MBS) exposures in securities or loan format, and project finance.

Some local branches of the State Administration of Foreign Exchange have urged lenders to encourage businesses to increase hedging, extending a campaign that has pushed corporate derivatives use to record levels. The guidance targets companies with sizeable foreign-currency receipts or payments as the yuan trades near three-year highs.

The push reflects Beijing’s preference for companies to manage exchange-rate risk through forwards, swaps and options. SAFE has repeatedly promoted what it calls an exchange-rate risk-neutral approach, arguing that companies should focus on their underlying business and use hedging tools to reduce the effect of currency movements on earnings.

Corporate hedging has risen sharply this year. SAFE said enterprises used foreign-exchange derivatives covering 35.3 per cent of their currency transactions in the first half of 2026, up 5.3 percentage points from the full-year level in 2025. The contracted value of derivatives used for exchange-rate risk management reached nearly $1.4 trillion, an increase of about 40 per cent from a year earlier.

The regulator has also broadened access to hedging services. About 130 major domestic and foreign-funded banks can provide foreign-exchange derivatives to companies, while a SAFE database shared with lenders covers about 290,000 foreign-trade enterprises. Authorities have encouraged banks to expand online dealing channels and improve credit and margin arrangements for smaller businesses.

The effort also seeks more balanced corporate behaviour. The latest local instructions add to earlier informal guidance from the central bank and SAFE asking some lenders to lift corporate hedging ratios. Such measures are part of a wider effort to prevent companies from building large unprotected positions after periods when many exporters assumed the yuan would remain weak or move gradually.

That behaviour became more costly as the currency strengthened. The yuan has appreciated this year against the dollar and was trading near a three-and-a-half-year high last week, while global currency markets have been unsettled by changing interest-rate expectations, higher energy prices and geopolitical tensions. Exporters receiving dollars can suffer valuation losses when the yuan rises unless they hedge future receipts.

Beijing has simultaneously tried to avoid an excessive or disorderly rise in the currency. The People’s Bank of China removed a 20 per cent foreign-exchange risk reserve requirement on forward dollar purchases from March 2, lowering the cost of buying dollars forward after a strong yuan rally. The move gave companies and banks more flexibility while signalling that policymakers wanted to discourage one-sided appreciation expectations.

SAFE data show that China’s foreign-exchange market remains supported by large trade and capital flows. Banks recorded a $271.2 billion surplus in foreign-exchange settlement and sales in the first half. The regulator said the ratio measuring companies’ willingness to convert foreign-currency earnings into yuan stood at 65 per cent, while the ratio reflecting demand to purchase foreign currency was 61 per cent.

Foreign-exchange reserves rose to $3.438 trillion at the end of August from $3.419 trillion a month earlier. The yuan gained 0.49 per cent against the dollar during August, while the dollar weakened against a basket of major currencies, contributing to valuation changes in China’s reserve holdings.

Officials have stressed that greater hedging is intended to strengthen corporate resilience rather than direct the yuan toward a particular level. SAFE has said exchange rates are determined by market supply and demand and are difficult to predict, making risk management more important as two-way fluctuations become more common.

The regulator has reduced some transaction costs for smaller companies and encouraged financial institutions to simplify documentation for derivatives. Banks have been asked to use enterprise data to identify firms with foreign-currency exposure and offer products suited to their cash flows rather than promote speculative positions.

SINGAPORE – Media OutReach Newswire – 14 September 2026 – WRITERS AT WORK, a Singapore English writing and enrichment provider recognised on the SME500 Singapore 2025 list, will introduce updates to its Primary Writing Programme, formerly the Pure Composition Writing Programme, across its seven centres in Singapore from 2 January 2027, as part of a wider curriculum refresh designed to help students sustain focused, independent thinking in an increasingly fast-paced learning environment.

Built for How Students Think Today

WRITERS AT WORK updates its curriculum annually in response to shifts in Singapore’s English examination and education landscape. The 2027 update also responds to how students today process language, sustain focus, and construct ideas, shaped by their environment, technology, and culture. As attention spans shorten in a faster, more visually driven world, the ability to sit with a difficult question and think it through has become more valuable. The renamed Primary Writing Programme reflects this shift, still anchored in composition instruction but built around how students actually develop writing competency today.

Three Updates to the Primary Writing Programme

Three updates anchor the programme. Under Flexible Writing Practice, students complete guided or independent compositions depending on lesson objectives, with the STORYBANKING® method recalibrated to sharpen critical thinking through adjusted pacing and difficulty. This gradual release of support, from guided modelling to independent application, meets students at different levels of readiness: those who need more guidance receive clearer structure, while more confident writers are pushed to transfer their learning independently and make more sophisticated writing choices.

The update also responds to a reality of how students learn today: with model compositions and ready-made phrases widely accessible, that accessibility is not itself the concern. The risk is students learning techniques without learning to think. Primary Writing Programme lessons are designed to keep that thinking process intact and complete within the lesson, so students build the ability to reason through difficult questions themselves, rather than simply recall a technique.

Selected modules also integrate bite-sized situational writing, oral, and listening comprehension practice alongside composition, giving students regular, low-stakes exposure to other examination components while reinforcing skills they have already built. The STORYBANKING® programme has also been expanded with material tied to current experiences and trends, building on rather than replacing existing content.

A Refresh for the Comprehensive English Programme

The Comprehensive English Programme, covering Primary and Secondary levels, is also being updated, with a focus on strengthening students’ ability to analyse questions and organise ideas. Existing scaffolding within the programme is being broken down further to make the thinking process more visible and explicit to students.

“The updates are not a departure from what has worked. They are a deliberate response to how our students engage with the world today,” said Jemmies Siew, Managing Director and Curriculum Director at WRITERS AT WORK. “Our aim is for students to leave each lesson still knowing how to think through a hard question themselves, not just recall a technique.”

Hashtag: #WritersAtWork #EnglishTuitioninSingapore

https://www.writersatwork.com.sg/
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The issuer is solely responsible for the content of this announcement.

Writers At Work

WRITERS AT WORK is a Singapore English writing and enrichment provider founded in 2012. Its curriculum is built around a structured, results-oriented approach and a proprietary methodology called STORYBANKING®, and has expanded to include writing, comprehension, and oral communication instruction for Primary and Secondary levels across seven centres in Singapore. The company was recognised on the SME500 Singapore 2025 list and has a 14-year track record of students achieving full marks in composition and oral examinations.

Addressing the BRICS Business Forum in New Delhi, Goyal said greater connectivity between national payment networks, including systems modelled on India’s Unified Payments Interface, could lower friction in cross-border commerce while supporting wider use of members’ own currencies.

His proposals were aligned with the economic agenda carried into the BRICS summit, where leaders backed further work on facilitating trade and investment settlements in local currencies and improving interoperability between payment systems. The approach stops short of creating a common BRICS currency and instead focuses on practical links between existing financial infrastructures.

BRICS leaders encouraged the New Development Bank to expand local-currency financing and diversify its funding base, complementing efforts to make cross-border payments faster, cheaper and safer. Officials have stressed that the objective is not a single currency, but greater use of national currencies where commercially practical and mutually agreed.

Goyal said UPI now handles more than 250 billion transactions annually and is accepted in 11 countries. He urged BRICS economies to explore linking their payment networks, promote trade in each other’s currencies and expand digital commerce alongside cooperation in emerging technologies.

The minister coupled the payments proposal with a call for easier market access. He said BRICS economies should open their markets to one another’s products, including raw materials and critical minerals, while simplifying regulatory procedures and accelerating the clearance of consignments.

Goyal argued that resilient supply chains required two-way trade rather than dependence on one-sided flows. He said non-tariff measures impose higher export costs than tariffs in 88 per cent of countries, making regulatory obstacles and customs delays a central concern for companies seeking to trade across BRICS markets.

The push comes as intra-BRICS commerce has expanded sharply. Commerce Secretary Rajesh Agrawal said trade among BRICS countries rose from $84 billion in 2003 to nearly $1.2 trillion in 2024, underscoring both the scale of the bloc’s market and the potential gains from reducing transaction and financing costs.

Agrawal also highlighted the global trade-finance gap, estimated at about $2.5 trillion, and said BRICS should improve access to affordable working capital for exporters. The Jaipur Consensus, agreed by BRICS trade ministers in August, provides a basis for examining a common mechanism to help smaller businesses obtain finance against confirmed orders and reliable payment records.

Trade ministers have also advanced a 2026-2030 action plan on global value chains, including BRICS Connect, business-to-business partnerships, digital trade documentation and possible platforms for strategic supply chains and investment promotion. These measures form part of a broader effort to make trade flows more diversified and less vulnerable to disruption.

Goyal identified agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services as sectors with scope for deeper cooperation. He called for closer links between startup ecosystems and urged agri-tech companies to work jointly on solutions for farmers and food security.

Services trade was another priority. Goyal said BRICS members should make it easier for professionals to move across borders and work towards greater recognition of professional qualifications, arguing that services markets needed to become more genuinely accessible.

External Affairs Minister S. Jaishankar, speaking at the same forum, said supply-chain connectivity, trade facilitation and innovation had become central to BRICS cooperation. He also pointed to digital public infrastructure, artificial intelligence, financial technology and advanced manufacturing as areas offering opportunities alongside questions of standards, security and trust.

Russia’s Economic Development Minister Maxim Reshetnikov separately supported stronger alternative payment arrangements, saying the share of Russia’s export settlements conducted in dollars and euros had fallen sharply over the past three years. He also promoted work on a proposed BRICS grain exchange and closer cooperation among special economic zones.

The decision was conveyed in a letter dated September 11 after the central bank considered Tata Sons’ March 28, 2024 application and subsequent correspondence, people familiar with the matter said. The RBI advised the company to take the steps needed to comply fully with requirements applying to upper-layer NBFCs.

Tata Sons had sought to give up its Certificate of Registration after reducing debt and arguing that it could operate as an unregistered core investment company. Approval would have removed the principal regulatory basis for a compulsory market listing and allowed the company to remain privately held.

The rejection closes that route. RBI rules require an NBFC classified in the upper layer to list within three years of identification and subject it to tighter standards covering capital, governance, disclosures and risk management. Tata Sons was first placed in the upper layer in September 2022, making its original listing deadline September 2025.

The company remained unlisted while its deregistration request was under examination. When the RBI published its upper-layer list for 2024-25 in January 2025, it retained Tata Sons as a core investment company but said the inclusion was without prejudice to the outcome of the pending application.

The central bank subsequently revised its scale-based framework. Under the current approach, very large NBFCs face enhanced supervision, with an asset threshold of ₹1 trillion among the key criteria. Tata Sons’ standalone assets were about ₹1.75 trillion at the end of March 2025, placing it comfortably above that level. More recent accounts cited in corporate filings and regulatory discussions put the asset base above ₹2 trillion.

The company had repaid more than ₹200 billion of borrowings before seeking deregistration, a step intended to eliminate reliance on public funds, but the regulatory framework also considers circumstances in which access to funding may arise through group entities.

RBI Governor Sanjay Malhotra said in August that entities meeting the applicable criteria continued to fall within their respective regulatory layers. At that stage, Tata Sons’ application to surrender its core investment company registration had not been decided.

The latest communication therefore resolves the central regulatory question that had kept the company’s listing status uncertain. It does not, by itself, set out the structure, timing or size of any share sale, and Tata Sons has not publicly announced an IPO plan following the RBI decision.

A listing would have significant consequences for the ownership of Tata Sons, which sits at the centre of a group spanning technology, automobiles, steel, consumer businesses, airlines and financial services. Tata Trusts collectively hold roughly two-thirds of the company, giving the philanthropic trusts decisive influence over the holding company.

The Shapoorji Pallonji Group is the largest minority shareholder, with an interest of about 18 per cent. A market listing has long been important to the shareholder because it could create a transparent route for monetising part of that holding, while sections of Tata’s controlling shareholder base have favoured keeping Tata Sons private.

The regulatory decision arrives as Tata Sons is also dealing with leadership uncertainty. Chairman N Chandrasekaran has said he will not seek another term when his current tenure ends in February 2027, adding another major governance issue for the board and shareholders to address.

Tata Sons controls or holds substantial stakes in several listed companies, including Tata Consultancy Services, Tata Motors and Tata Steel, while also overseeing unlisted businesses. Its position as the group’s principal holding company means any listing would require extensive work on disclosures, capital structure, shareholder arrangements and regulatory compliance.