The board of directors of Financial Technologies India appointed Venkat Chary, one of its independent members, as its chairman after the arrest of Jignesh Shah, the founder chairman of the company. The board at its meeting decided that Venkat Chary, independent non-executive director shall be independent, nonexecutive chairman of the board. In the interim, the existing two whole-time directors of the company shall be in charge of the day-to-day affairs.