Moneycontrol Bureau
Shares of Financial Technologies climbed as much as 5.8 percent intraday Friday after the board of directors of the company said Jignesh Shah will hand over the baton to the next generation at FTIL.
"Prashant Desai, who joined the company in 2013 as president (investor relations and M&A) assumed the position of MD and CEO of the company effective (on Thursday)," said the company in its filing.
Jignesh Shah will no longer hold any executive or managerial position in the company, it added. He became chairman-Emeritus of the company.
Financial Technologies also reconstituted its board by inducting three non-executive directors (Nisha Dutt, Sunil Shah, Miten Mehta) and two executive directors (Jigish Sonagra and Rajendra Mehta) on its board.
The reconstituted board of 12 members will have five non-executive and independent directors, four executive directors and three non-executive directors.
FTIL was founded by Jignesh Shah together with two colleagues as a technology provider for financial markets. FTIL under his leadership set up MCX, MCX-SX and IEX in India, SMX in Singapore, DGCX in Dubai and Bourse Africa in Mauritius.
At 12:35 hours IST, the scrip of Financial Technologies was quoting at Rs 191, up 3.72 percent while Multi Commodity Exchange of India rose 3.72 percent to Rs 901.95 on the Bombay Stock Exchange.
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