The surrender of registrations formally removes these entities from RBI-supervised NBFC compliance and reporting, consolidating regulated activity into the surviving merged entities (e.g., Tata Capital and Piramal Finance). The draft 2026 amendments create a near-term window for NBFCs and industry bodies to influence which categories can operate without RBI registration, which would change licensing timelines and compliance costs for affected business models. Firms that could qualify for exemption need to map eligibility and adjust governance, disclosures, and counterparty documentation ahead of any final directions after the March 4, 2026 comment deadline.