Financial Technologies India Ltd. (FTIL) founder Jignesh Shah has stepped down from the board of the company where he was the managing director. Shah's exit comes a month of the government issuing a draft order to merge scam-hit National Spot Exchange Ltd. with parent FTIL and to take over the management of the latter on the recommendation of Forward Markets Commission (FMC). Shah will be succeeded by Prashant Desai, who would take over as managing director and chief executive.

Desai joined FTIL last year as president, investor relations. He previously headed investor relations at Kishore Rakesh Jhunjhunwala's investment firm Rare Enterprises as head of research. Neralla will now become managing director and CEO of Atom Technologies and Manjay Shah will take up similar responsibilities at Tickerplant.

FTIL also announced the expansion of its board with three non-executive directors and two executive directors. The re-constituted board has 12 members.