The Reserve Bank of India (RBI) rejects Religare’s proposal to demerge its businesses, according to reports citing the regulator’s decision. The development comes despite the proposal receiving “exchange nod,” indicating that at least some stock-exchange procedural requirements were met or acknowledged prior to the RBI’s ruling. Multiple outlets report that the RBI does not provide detailed, publicly disclosed reasons for rejecting the demerger plan. As a result, the specific regulatory concerns or conditions that led to the rejection are not stated in the available coverage. The decision effectively halts the proposed corporate restructuring under the current terms, leaving Religare to reassess its next steps and potentially submit revised plans if permitted under applicable regulatory guidance. The reports focus on the fact of rejection and the absence of disclosed justification by the RBI, rather than providing additional information about the internal structure of the proposed demerger or any alternative proposals.