Prakarsh was the CEO since October 2015 i.e., the inception.
Reason for this change seems to be only to make way for the new CEO, Narayan Gangadhar, taking charge from the same date.
Narayan has joined from Angel One, where he was the CEO since April 2021. Before that he had a strong pedigree of working with Uber, Google, Amazon and Microsoft. He also had an entrepreneurship stint of 3 yrs. Profile link
IIFL group in it’s typical style has gone all out in hiring someone it thought to be the best fit, operationally as well as optically.
In the process, if an old confide has to compromise – so be it.