The article scrutinizes the RBI's mandatory listing requirement for certain non-banking finance companies, particularly Core Investment Companies (CICs). While acknowledging the general merits of disclosure for systemic stability and market discipline, the author argues this logic doesn't apply to CICs that don't draw public capital or pose financial risk. Compelling such private entities to list without clear public interest is deemed an overreach, likened to an intrusion on privacy. The author posits that regulatory legitimacy stems from first principles, not mere power, urging the RBI to reassess whether this mandate still serves its intended purpose or has become obsolete.