Discount brokerage firm 5paisa Capital Ltd. said its Managing Director and Chief Executive Officer Narayan Gangadhar resigned to pursue additional responsibilities with IIFL Group.

The resignation of Gangadhar, who joined the company last year, will be effective from the close of business hours on 28 August, 5paisa said in a stock exchange announcement.

5paisa, a part of IIFL Group, said the board has accepted his resignation, without providing the details about his successor.

The company said Gangadhar will take up additional responsibilities as a strategic advisor to IIFL Group in its new initiatives related to the artificial intelligence and digital transformation.

Gangadhar, who started his career with Microsoft, joined 5paisa on 25 May 2023 from Angel Broking Ltd., now known as Angel One Ltd. He has over two‐decades of experience, mostly with global tech giants such as Google, Uber and Amazon.

Gangadhar is a Bachelor of Engineering from Mumbai University and a Master in Computer Science from Worcester Polytechnic Institute.

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