5Paisa Capital Limited, a prominent player in the Indian financial services sector, has initiated a postal ballot to secure shareholder approval for the appointment of Mr. Zor Gorelov as a Non-Executive Independent Director. This move signals the company's intent to bolster its technological expertise at the board level.

Key Details of the Appointment

Professional Background

Mr. Gorelov brings over 25 years of experience in the technology and software industry to 5paisa Capital. His career highlights include:

• Currently serving as a Senior Advisor at Klaros, focusing on AI strategy in banking and fintech.
• Founder and CEO of Kasisto (2013), a leading provider of AI-powered digital assistants for banking.
• Co-founder and CEO of SpeechCycle, acquired by Synchronoss Technologies (SNCR).
• Founder of BuzzCompany.com, acquired by Multex.com (MLTX).

Voting Process

5paisa Capital has outlined the following e-voting schedule for shareholders:

The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the e-voting process. Results are expected to be declared within two working days from the conclusion of e-voting.

Board Committees

Upon appointment, Mr. Gorelov is set to join the following committees of 5paisa Capital Limited:

• Independent Directors (ID) Committee - Member
• Information Technology (IT) Committee - Member

Remuneration

As a Non-Executive Independent Director, Mr. Gorelov will be entitled to sitting fees for attending board and committee meetings, reimbursement of expenses, and profit-related commission within the limits approved by the Board, in accordance with the Companies Act, 2013.

The appointment of Mr. Gorelov, with his extensive experience in AI and digital transformation, aligns with 5paisa Capital's focus on technological advancement in the financial services sector. Shareholders will have the opportunity to vote on this significant board addition, potentially shaping the company's future strategic direction in the rapidly evolving fintech landscape.

WF Asian Reconnaissance Fund Limited has recently reduced its shareholding in 5Paisa Capital through a secondary market transaction. The fund's stake in the company has decreased from 19.91% to 17.88%, representing a 2.03% reduction.

Transaction Details

The fund sold 37,404 shares carrying voting rights in the open market. Following this transaction, WF Asian Reconnaissance Fund now holds 24,61,046 shares out of 5Paisa Capital's total paid-up equity capital of 3,12,42,338 shares.

Shareholding Changes

To provide a clear picture of the changes in shareholding, here's a breakdown of the transaction:

Regulatory Compliance

This disclosure was made in compliance with the Securities and Exchange Board of India's (SEBI) Substantial Acquisition of Shares and Takeover Regulations, 2011. These regulations require investors to disclose their shareholdings when they cross certain thresholds, ensuring transparency in the market.

Market Implications

While the reduction in stake by WF Asian Reconnaissance Fund is significant, it's important to note that the fund still maintains a substantial position in 5Paisa Capital. This move could be part of the fund's portfolio rebalancing strategy or a response to market conditions.

Investors and market watchers may want to keep an eye on any further changes in the shareholding pattern of 5Paisa Capital, as large institutional investors' actions can sometimes influence market sentiment and stock performance.

As always, it's advisable for individual investors to conduct their own research and consider multiple factors before making investment decisions based on changes in institutional holdings.