Tata Sons succession race: NSE chief Ashish Chauhan denies chairman buzz, says ‘fully committed’ to exchange’s IPO

NSE Managing Director and CEO Ashishkumar Chauhan has dismissed speculation that he is in the running to become the next chairman of Tata Sons, saying he remains focused on his responsibilities at the National Stock Exchange and its upcoming public listing.

The NSE said on Sunday that reports linking Chauhan to the Tata Sons chairman’s post were speculative and “not based on any information available with the exchange”. Chauhan has also categorically rejected the reports as “speculative and factually incorrect”, the exchange said.

The NSE chief has reiterated that he remains “fully committed” to his responsibilities at the exchange, particularly its ongoing initial public offering (IPO) and the listing process, according to the clarification.

“He remains fully committed to his responsibilities at NSE and to the ongoing IPO and listing process of the Company,” NSE said in the statement.

The statement came after a September 5 report suggested that the race to succeed Tata Sons Chairman N Chandrasekaran had narrowed to three names: Tata Steel CEO and MD T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and Chauhan.

Narendran is seen as a key contender among the names being considered, while Agrawal’s experience in investment banking and capital allocation has also put him in the reckoning. Chauhan, a veteran of India’s capital markets and one of NSE’s founding executives, had emerged as a potential dark horse in the succession race.

However, the selection process is still underway and no successor has been officially announced. The Tata Sons board and the Tata Trusts, which control the holding company, are expected to play an important role in the final decision.

Chandrasekaran became Tata Sons chairman in 2017 and is currently serving his second five-year term. He announced last month that he would not seek reappointment when his tenure ends on February 20, 2027.

Tata Sons board may meet on Sept 17 over succession

Meanwhile, the Tata Sons board is likely to meet on September 17 to consider Chandrasekaran’s resignation and decide on a fresh date for the company’s annual general meeting (AGM), which was adjourned on August 18.

The AGM is expected to take up several important matters, including Chandrasekaran’s directorship. His decision not to seek another term as chairman will take effect when his current tenure expires in February 2027.

The meeting can be reconvened only after Sir Ratan Tata Trust (SRTT), which holds a 23.56% stake in Tata Sons, obtains relief from the restraining order imposed by the Maharashtra Charity Commissioner in May.

The August 18 AGM was adjourned after the regulatory restrictions on SRTT affected the shareholder representation required to meet the quorum for the meeting.