The board of directors of Financial Technologies (India) (FTIL) announced that Jignesh Shah will hand over the baton to the next generation at FTIL. Prashant Desai who joined the company in 2013 as president will effective today, assume the position of MD & CEO of the company.

Jignesh Shah will no longer hold any executive or managerial position in the company.

Shares of the company gained Rs 8.35, or 4.53%, to trade at Rs 192.50. The total volume of shares traded was 148,228 at the BSE (11 a.m., Friday).