Hello Parusharoutu,
 
First of all congratulations for  Chem in IIT Madras.
In my opinion there should not be any question of leaving IIT Madras Chemical.  
Please refer to the following points: 
* If you are not interested in Chemical, you should make sure that you are very much interested in Electrical or CSE to leave IIT Madras. As is normally the case with many students, most of them don't know much about the branches before joining them. Unless you are too much sure that its only Electrical or CSE you want to pursue in life don't leave it for chemical.
 
* Even if you learn Elec or CSE from tier II college, you will have to compete with peers from tier 1 college. This competition will be more tougher than competing chemical engineers from tier II collleges.  
 
* Probably the best reason is the exposure you get overall in a tier I colllege as compared to tier II college. Extracurriculars, meeting prominent members from the industry have an great impact in development of your overall personality.
 
Hope this comments might have helped you. Please revert back in case of any comments/questions.
 

Please feel free to post as many doubts on our disucssion forum as you can.  We are all IITians and here to help you in your IIT JEE preparation.
All the best!!
 
Regards
Askiitians Expert
Ankit Jain- IIT Bombay