Financial Technologies :: Board of Directors

Jignesh Shah
Chairman & Group Chief Executive Officer

Innovator of modern financial markets through PPP model

Instrumental in changing the contours of exchange trading in India and emerging economies

Founder of Multi Commodity Exchange of India (MCX) - the world’s 7 largest commodity futures exchange. Also DGCX, GBOT, IEX, and SMX among others

Ranked among the ‘Top 30 Global Innovators in e-finance’ by Institutional Investor in 2008

Listed among ‘Dominant Financial & Futures Industry Leaders for 2008’ by Futures Industry Association (FIA), Washington

Mr. Shah is the Founder Chairman and Group Chief Executive Officer of the Financial Technologies Group, a global leader in creating and operating technology-centric financial exchanges for stocks, commodities, currencies, and bonds among other asset classes. Mr. Shah is often called the ‘Innovator of modern financial markets’ for his role in creating a successful public private partnership (PPP) model to build world class financial institutions. He has created modern IP-centric financial markets, which have been instrumental in changing the contours of exchange trading in India and emerging economies from Africa to Asia. Under his th leadership, the Group launched MCX in 2003, which is the world’s 7 largest commodity futures exchange as per the Futures Industry Association (FIA), 2008.

The success of MCX has inspired several countries and Government entities to partner with Financial Technologies and promote various global exchanges. These achievements have seen him feature among the 'Top 30 Global Innovators in e-finance' by Institutional Investor in 2008. He has also been listed among the 'Dominant Financial & Futures Industry Leaders for 2008' by Futures Industry Association (FIA), Washington.

Mr. Shah is a recipient of the ‘Ernst & Young Entrepreneur of the Year’ award for business transformation. He has been recognized by CLSA as one of the ‘Top 20 Indians’ who can change the face of world business and has been inducted in their Hall of Fame. He has been honored with the ‘US-India Businessman of the Year’ award and has been chosen by the World Economic Forum (WEF), Geneva, as a ‘Young Global Leader’. He has also been presented with the ‘Global Social Entrepreneur’ award by Rotary International.

Mr. Shah is deeply passionate about the role of markets in Corporate Social Responsibility (CSR) activities and has launched initiatives such as ‘Gramin Suvidha Kendra’ in association with India Post and ‘Pragati’ with Rotary International to empower underprivileged communities with education and training within the group.

Mr. Dewang S. Neralla
Co-Founder and Director - Technology

Technology strategist of the Financial Technologies Group

Drives the strategy and vision for the company’s software products, solutions, and services

Instrumental in setting up a robust, reliable technology and trading platform for the Group’s exchange ventures

Spearheads the Group’s mobile-based payment solutions initiative

Played a leading role in designing the BOLT trading system for BSE

Mr. Neralla, Co-founder and the Director Technology, is the technology strategist of the Financial Technologies Group. He has been instrumental in establishing a strong global product portfolio. He had laid down the technology infrastructure that has today become the growth driver for various divisions and subsidiaries of the Financial Technologies Group.

Mr. Neralla plays a strategic role in identifying and implementing the architectural and product strategies and plans for the company’s technology business. In addition, he defines the technology roadmap of the entire organization and drives the strategy and vision for the company’s software products, the architecture, and all related standards for Financial Technologies’ products, solutions, and services.

Mr. Neralla is responsible for introducing new technology architecture and designing components and protocols to deliver cutting-edge solutions. In addition to his role as the Director Technology, he is also in charge of emerging technology applications in the financial markets, market opportunities, and strategic partnerships for the Group on an ongoing basis. He is passionate about technology and firmly believes that innovations and inventions are the key to future technological breakthroughs for the Group. His current interest lies in developing mobile-based payment solutions that will eventually replace credit card-based payments. He is focused on ensuring that this concept is brought to fruition, not just technologically, but also as a strong business proposition through a reduction in cost of credit transactions.

Earlier, Mr. Neralla worked with the Bombay Stock Exchange (BSE), where he helped the exchange team design the BOLT® trading system. He holds a Bachelor of Engineering degree in Computer Science. He is a regular speaker at several national and international academic, business, and technology forums as well as at industry events.

Mr. C. Subramaniam
Director, Financial Technologies Group

Three decades of experience in capital markets and corporate finance

The first generation entrepreneur turned private equity investor

Former Promoter and Director, Worldwide Technologies Ltd. and Mani Management Consultants Pvt. Ltd.

Former Senior Vice-President, DSP Financial Consultants Ltd.

Mr. Subramaniam brings with him over three decades of experience in Capital Markets and Corporate Finance. His key areas of expertise are Corporate Finance and Structuring. A professionally qualified first generation entrepreneur, he now plays the role of a private equity investor.

He is on the board six public limited companies as Non-Executive Independent Director and Audit Committee Member. He has been a Director on the board of Financial Technologies (India) Ltd., since 2000. He is also a Member of the Audit Committee, Investor Grievance Cell and Remuneration Committee of the company.

From 1990 to 2000, Mr. Subramaniam was the Promoter Director of Worldwide Technologies Ltd., with overall responsibility of the company. From 1984 to 2000, he was also the Promoter Director of Mani Management Consultants Pvt. Ltd., which provided Corporate Financial Advisory Services for raising of resources. He worked with DSP Financial Consultants Ltd., from 1979 to 1984, as Senior Vice-President, responsible for Loans Syndication and Merchant Banking Activities.

Mr. Subramaniam holds a Masters degree in Commerce from the University of Mumbai. His management qualifications include Diploma in Financial Management (DFM) and Diploma in Operations Research for Management (DORM) from the University of Mumbai. Additionally, he holds a degree in Cost and Works Accountancy from the Institute of Cost & Works Accountants of India (ICWAI).

Mr. P.G. Kakodkar
Director, Financial Technologies Group

Former Chairman, State Bank Of India (SBI)

Instrumental in setting up SBI’s Paris branch

Special Advisor on the US Securities and Exchange Board

Advisor to Societe Generale, India

Renowned specialist in Branch Banking, International Banking, Systems and Technology, and Fund Management

Mr. Kakodkar has been on the board of Financial Technologies since January 2001. Currently, he is an Advisor to Societe Generale, India, an affiliate of SG Americas Securities, LLC. He has also served as a Special Advisor on the US Securities and Exchange Board since February 2006.

Mr. Kakodkar is a former Chairman of the State Bank of India (SBI). He began his career with SBI as a Probationary Officer and went on to become the Managing Director and then Chairman. During his tenure, he set up SBI’s Paris branch and later became the Chief Manager of the branch. He has nearly four decades of rich and varied experience in Branch Banking, Personnel, Marketing, Operations, Planning, Training, International Banking, Systems and Technology, and Funds Management.

Mr. Kakodkar serves on the board of several Indian companies, including listed companies. Since July 2005, he has served on the board of Multi Commodity Exchange of India Ltd. (MCX). He has also been on the board of Mastek Ltd., an Indian software house specializing in client server applications; Centrum Capital Ltd., a financial services company; Sesa Goa Ltd.,the second largest mining company in India; and Goa Carbon Ltd., a manufacturer-exporter of petcoke. Mr. Kakodkar has done his B.A. from the Karnataka University, followed by an M.A. in Economics from the Mumbai University.

Ashish S. Dalal
Independent Director

Mr. Dalal has been a Director with the Company since January 2001. Mr. Dalal is a fellow of the Institute of Chartered Accountants of India and is a partner of M/s. Dalal & Shah, a firm of chartered accountants in India, where he specializes in corporate accounting, finance and audit, business evaluations, and strategic alliances, among other things. His other Directorships include Akzo Nobel Chemicals (India) Ltd., ICICI Investment Management Co. Ltd., Peppercorn Advisory Pvt. Ltd. and Multi Commodity Exchange of India Ltd. (MCX).

Ravi K. Sheth
Director, Financial Technologies Group

Spearheads various strategic initiatives of The Great Eastern Shipping Co. Ltd.

Managing Director, Greatship (India) Ltd.

Co-founder and former Vice-President, Godrej Foods Ltd.

Director, Business Standard Ltd.

Director, Linux Commodities Pvt. Ltd. and Artex India Pvt. Ltd.

Mr. Sheth has been a Director on board of Financial Technologies (India) Ltd. since 1994. Over the years, he has constructively contributed to the development of strategy and has proved to be an efficient custodian of governance.

Mr. Sheth serves as the Managing Director of Greatship (India) Ltd., a wholly owned subsidiary of The Great Eastern Shipping Co. Ltd. He joined The Great Eastern Shipping Co. Ltd. on July 1, 1990. He has also handled functions such as diversification projects, strategic investments, disinvestment and has been spearheading various strategic initiatives of The Great Eastern Shipping Co. Ltd. Moreover, he has been responsible for exploring new opportunities and
implementing them. He has been entrusted with the additional responsibility of overseeing the operations of Greatship (India) Ltd., which is in the business of owning and operating assets relating to the offshore oil and gas business.

Mr. Sheth is the Co-founder of Godrej Foods Ltd. (a joint venture between The Great Eastern Shipping Co. Ltd. and Godrej Soaps Ltd.) and was its Vice-President, Finance from 1985 to 1989. He also serves as Director of Business Standard Ltd., Routes Travel Ltd., H. Bhiwandiwalla Investments Pvt. Ltd., Linux Commodities Pvt. Ltd. and Artex India Pvt. Ltd.

Mr. Sheth holds a Bachelors degree in Commerce from H. R. College, Mumbai and is an M.B.A. from Babson College, Wellesley, USA.

P. R. Barpande
Director, Financial Technologies (India) Limited

Mr. P. R. Barpande is a graduate in Commerce and law. he is also a fellow member of the Institute of the Chartered Accountants of India. Mr. Barpande was associated with Deloitte Haskins & Sells, Chartered Accountants, as an Audit Partner. He has a wide experience spanning over 32 years of serving domestic & international client and during his career he was actively involved in reformatting the accounts to US GAAP and IFRS for major clients.

Mr. Barpande is actively involved as a speaker at the seminars organized by Bombay Chartered Accountants Society, Institute of Chartered Accountants of India, Institute of Company Secretaries of India etc.

C. M. Maniar
Director, Financial Technologies (India) Limited

Mr. C. M. Maniar is a Senior Partner in the firm Crawford Bayley & Co, Solicitors & Advocates. Post Graduation, he completed his L.L.B. in the year 1960 & signed Articles of clerkship with a senior partner of Crawford Bayley & Co in 1962 and qualified as a solicitor 1965. He was admitted as the partner in the abovementioned firm in 1976. He specializes in Corporate & Commercial Laws/documentation.

Hi is an active participant at conference and seminars organized by various institutions such as Institute of Chartered Accountant, Bombay Chamber of Commerce etc.

Chandrakant Kamdar
Director, Financial Technologies (India) Limited

Chartered Arbitrator, Fraud Investigation and Anti-Money Laundering specialist

Over 22 years of experience in Capital Market and 12 years in Arbitration and Fraud Investigations, etc.

Former Vice-President, Vadodara Stock Exchange

Former Member, Executive Committee and Arbitration Panel, NSE

Key member of several committees such as CIDRA, DIAC, NAIS, FAP, IBA, ABA

Mr. Kamdar comes with over four decades of invaluable experience in the stock exchange and financial services domain including Arbitration, Fraud Examination and Anti-Money Laundering. He is a Chartered Arbitrator, Certified Fraud Examiner and Certified Anti-Money Laundering specialist. His deep domain expertise holds him in good stead to join the board of Financial Technologies (India) Ltd. as a Non-Executive Director.
During his vast and illustrious career, Mr. Kamdar has held several significant positions such as Vice-President of Vadodara Stock Exchange. He has also assumed roles such as Chairman and Board Member of well known organizations and various board level committees. During his stint with Vadodara Stock Exchange, he was instrumental in framing the rules, by-laws, memorandum and articles of the exchange.

Mr. Kamdar has been a member of several national and international committees. Some such roles include Member and Panel of Neutrals - Chicago International Dispute Resolution Association, USA (CIDRA); Member and Panel of Arbitrator - Dubai International Arbitration Centre, Dubai (DIAC); Member - National Association of Investigative Specialists Inc USA (NAIS); Panel Member - Fraud Advisory Panel, UK (FAP); Member - International Bar Association UK (IBA); Committee Member - the American Bar Associates, USA (ABA) for Arbitration and Mediation, International and ADR; Executive Committee Member - National Stock Exchange (NSE) for the year 1997 and 1998; Member - Arbitration Panel of National Stock Exchange (NSE); Member - B.D. Shah Committee of Securities and Exchange Board of India (SEBI) on Short Sales. He has also served as a member of various committees constituted by SEBI.

Mr. Kamdar holds a Bachelors degree in Commerce and is a member of the Association of Certificate Fraud Examiner (CFE), USA, the Association of Anti-Money Laundering Specialists (CAMS), USA and is a fellow member of The Chartered Institute of Arbitrators, UK (FCIArb, UK & Chartered Arbitrator). He is Honorary Secretary of the Indian branch of the Chartered Institute of Arbitrators (CIArb).

Ramanathan Devarajan
Director, Financial Technologies (India) Limited

Mr. Devarajan joined as Director on the board of Financial Technologies (India) Ltd. in March 2009. He specializes in company statutory audits, internal audits, and both personal and company taxation. He is also a specialist in formation and audits / taxation of public charitable trusts.
During his stint with N. M. Raiji & Co., Mr. Devarajan was the Head of Statutory audits of several large sized companies and was also a part of its management consultancy division. In 1979, he established an accountancy firm named R. Devarajan & Co., while continuing to work with N. M. Raiji & Co. The firm has been in existence for almost 30 years and has a staff strength of 50 employees.

Mr. Devarajan was also a Director of Spectrum Computer Services Pvt. Ltd., Spectrum Corporate Services Ltd. and Spectrum Business Solutions Ltd.

Mr. Devarajan is a Commerce graduate. He did his article ship with M/s. N. M. Raiji & Co., Chartered Accountants, and in 1978, he became a Chartered Accountant.