Jignesh Shah quits as MD & CEO of Financial Technologies

Jignesh Shah, the founder and promoter of Financial Technologies (FTIL), has quit as managing director and chief executive officer (MD and CEO) of the company. Shah will be replaced by Prashant Desai, who was president (investor relations and M&A) of the company.

Prashant Desai, who joined the company in 2013 as president (investor relations and M&A) will assume office of MD and CEO, effective 20 November 2014. Shah, who resigned in the wake of the Rs5,600-crore payment debacle at the National Spot Exchange Ltd (NSEL), will no longer hold any executive or managerial position in the company.

The government is now considering a proposal to merge NSEL, the crisis hit spot exchange, with FTIL against which the company has moved the Bombay high court.

The Board of Directors of Financial Technologies (India) Limited (FTIL) also announced the expansion of its board with three non-executive directors:

  • Nisha Dutt - a Silicon Valley veteran who holds MS and MBA degrees from Oklahoma State University and Ohio University, having over a decade's consulting and technology experience in over dozen countries,
  • Sunil Shah - an IIM A alumnus and founder of Gujarat Innovation Society and
  • Miten Mehta - a Kellogg's alumni with twenty years' experience of Silicon Valley and the US.

The board also appointed two executive directors:

  • Jigish Sonagra, who holds a business management degree and is a qualified chartered accountant and CISA auditor with 14 years of experience in exchange technology and related products, will be director - new ventures of the company, and
  • Rajendra Mehta, is qualified chartered accountant with over 20 years' experience in banking and financial sector and an ex-COO of CLSA, he will be director - member technologies of the company.

Further, the FTIL board said, Manjay Shah and Dewang Neralla will exit from the board of the company. Dewang Neralla will become MD & CEO of Atom Technologies and  Manjay Shah will become MD & CEO of Tickerplant.

The re-constituted board of 12 members will have 5 non-executive and independent directors, four executive directors and 3 non-executive directors.

The board is a mix of retired IAS officers, chartered accountants, lawyers and successful entrepreneurs with start-up and corporate experience along with two directors with global experience, making it among one of the most independent and professional board-run company in Corporate India, and is all geared up to avail the existing and new opportunities presented by the digital era, an FTIL release said.

The board also unanimously approved 'JS Digital Innovator Award' to be established to honour contribution of the company's founder Jignesh Shah.

FTIL was founded by Jignesh Shah together with two colleagues as a technology provider for financial markets. In less than two decades, it has emerged a technology leader that has set up, and until recently operated, one of the largest financial distribution network of exchanges and trading terminals connecting India with the Middle East, Africa and South East Asia, recreating the new-age digital silk and spice routes.

MCX, MCX-SX and IEX in India, SMX in Singapore, DGCX in Dubai and Bourse Africa in Mauritius, set-up by FTIL with his vision, under his leadership are among the most globally respected and recognised institutions in their respective market segments and geographies, the release added.

''Mr Jignesh Shah's Vision of 'Digital India @ 2025' is also the engine driving the transformation of FTIL in to making FT 3.0 the de facto 'powered by' technology partner of choice to create and develop ecosystem of at least 108 new e-Commerce giants leveraging SMAC (Social Mobile Analytics and Cloud) technology stack.''

Venkat Chary, ex-chairman FMC and chairman FTIL, welcomed the new MD and CEO and board of directors and said "Jignesh's indomitable spirit has been the foundation of success of FTIL and also significant contributor to India's tech product success story and respect it now enjoys globally for new generation e-commerce and digital companies. The board has full confidence in Prashant Desai's leadership and operational capabilities to execute on his of making FTIL the platform to create and grow India's next 100 digital disruptors."

Jignesh Shah founder and MD of FTIL also congratulated the new MD and CEO and board of directors and said, "When we started FTIL, we had only one vision - to make Indian technology IP and brand among the most respected in the world that not just delivers shareholder value but creates social impact in terms of job creation and benefits ecosystem. Today as we pass the baton to the new generation of leaders of FTIL, that vision remains unchanged as we move in to next trajectory.

Shares of FTIL were last trading in BSE at Rs184.15 compared to the previous close of Rs187.55. The total number of shares traded during the day was 93,394 in over 3,556 trades.

The stock hit an intraday high of Rs187.4 and intraday low of Rs182.7. The net turnover during the day was Rs17,232,016.