Tata Group’s Wealth Management Ties Under Scrutiny
MUMBAI: Recent revelations have raised questions about the relationship between Divinion Advisory Services, a wealth management firm linked to Suprakash Mukhopadhyay’s family, and the Tata Group. Mukhopadhyay, who serves as the company secretary of Tata Sons, has been closely associated with the group’s chairman, N Chandrasekaran. Although Divinion was initially listed as part of the Tata Group in 2022, subsequent disclosures have clarified its lack of affiliation with the conglomerate.
Initial Affiliation Claims
When Tata Pension Management commenced operations in August 2022, it included Divinion Advisory Services among its 471 listed companies. However, this claim was retracted in 2023 and 2024, with Tata Pension acknowledging that the initial disclosure was incorrect. Both Tata Pension and Tata Sons have since stated that Divinion is not affiliated with the Tata Group. They emphasized that no Tata companies engage in business with Divinion and that neither Tata Pension nor any other Tata entities sponsor the firm.
Mukhopadhyay’s role extends beyond his position at Tata Sons; he is also a director at Tata Asset Management, which sponsors Tata Pension. Despite retiring from Tata Sons in November 2024, he continues to serve on an extension. The recent financial report from Tata Investment highlighted a ₹10 lakh corporate social responsibility (CSR) contribution to the Divinion Foundation Trust, where Mukhopadhyay is a trustee.
Leadership and Governance Concerns
Divinion Advisory Services is led by former Tata Group executives, including CEO Hormuz Bulsara, who previously served as COO of Tata Asset Management, and CFO Adil Busha, a former director at Tata Pension. The board also features S Mahalingam, former CFO of Tata Consultancy Services (TCS), and TP Ostwal, whose firm audits Tata Sons and provides tax assistance to Tata Trusts.
Ownership of Divinion is shared equally among Mukhopadhyay’s family members: his wife Paromita and daughters Shreemoyee and Shreenandini, each holding a 33.34% stake. Shreemoyee previously worked at Divinion, where she initiated a long-short hedge fund before enrolling in an MBA program at Wharton in August 2023. Meanwhile, Shreenandini is associated with Darius Khambata’s chambers, a trustee of Tata Trusts.
Regulatory Scrutiny and Compliance Issues
Mukhopadhyay has reportedly sought investments from former Tata executives for Divinion, which manages assets exceeding ₹90 crore. This raises concerns about potential conflicts of interest and adherence to Tata’s code of conduct. The code explicitly prohibits employees and directors from gaining improper benefits for themselves or their family members through decision-making processes related to transactions.
In May 2024, Divinion Advisory, along with its CEO and vice president, settled a securities law violation case with the Securities and Exchange Board of India (SEBI) for ₹11.25 lakh. This settlement followed allegations of violations of Alternative Investment Fund (AIF) regulations, further complicating the firm’s standing in the financial sector.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.