Resolution criteria

This market will resolve to the individual who is officially announced by Tata Sons or Tata Trusts as the next permanent Chairman of Tata Sons, succeeding Natarajan (N.) Chandrasekaran.

• Interim vs. Permanent: The market is intended to resolve based on the permanent successor. If an "interim" or "acting" Chairman is appointed, the market will remain open to wait for the permanent appointment. However, if an interim/acting Chairman serves in the role for more than six consecutive months without a permanent successor being officially named, the market will resolve to that interim/acting Chairman.

• Source of Truth: Official press releases from Tata or major reputable business media outlets such as Bloomberg, Reuters, The Economic Times, or Mint.

Background

In August 2026, Natarajan Chandrasekaran announced he would step down as Chairman of Tata Sons at the conclusion of his term on February 20, 2027, ending a decade-long tenure. His decision followed a reported deadlock and strategic differences with Tata Trusts Chairman Noel Tata.

As of September 2026, the search for the next Chairman has reportedly narrowed to three leading candidates:

• T V Narendran: Managing Director and CEO of Tata Steel. He has spent his entire career within the group and is considered the leading internal candidate.

• Saurabh Agrawal: Executive Director and Group Chief Financial Officer of Tata Sons. He is being strongly considered for his capital-allocation and investment-banking expertise.

• Ashish Chauhan: Managing Director and CEO of the National Stock Exchange of India (NSE). He has emerged as a prominent "dark horse" external candidate due to his deep experience in technology, capital markets, and institution building.