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FTIL expands board, to spin off key trading software product

Facing a government-ordered merger of crisis-hit NSEL with itself, Financial Technologies India (FTIL) on Friday announced spinning off a key revenue-generating trading software product into a separate subsidiary as part of a major restructuring exercise.

FTIL, the holding company of Jignesh Shah-led group, said that its flagship software product, ODIN, is being spun out into a 'separate subsidiary to attract majority strategic partner/investor'. It also announced appointment of two new non-executive directors — Berjis Desai and Anil Singhvi — and one executive director, Prashant Desai to strengthen the company's board for further growth.

Besides, the company said it would appoint an 'Industry Advisory Board' and a consulting firm to help it plan and execute the next level of growth 'Vision of Digital India at 2025' to 'build and power India's own equivalent of Amazon, Google, Alibaba and Baidu et al over next 10 years'.

ODIN is a popular trading and risk management software used in the marketplace including by brokers and the company will soon appoint investment bankers to look for potential investors.  FTIL said that it would continue to engage with the government and concerned authorities to resolve the Rs 5,600 payment crisis at its subsidiary NSEL.

In a statement, the company announced 'the expansion of its board by inducting industry leaders Berjis Desai and Anil Singhvi as non-independent, non-executive Directors.' It also inducted Prashant Desai as Executive Director to its board.
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