The Reserve Bank of India (RBI) has implemented a new regulatory framework for non-banking financial companies (NBFCs), eliminating the classification of 'systemically important' NBFCs. Previously, even smaller finance companies were classified as systemically important, resulting in the application of more stringent regulations. Under the new framework, only larger NBFCs will be subject to stricter regulations. The RBI's master direction also requires the top 15 NBFCs, including Tata Sons, HDB Financial Service, and Bajaj Housing Finance, to list on stock exchanges.