Jignesh Shah: Creator of ecosystem

Jignesh Shah, often acknowledged as the ‘Innovator of Modern Financial Markets,’ is known to lead from the front. Shah has spoken in a series of media interviews about his future plans, and said that this time he wants to focus on the start-up ecosystem, since he believes that start-up ecosystem wouldn’t be restricted to any exchange or marketplace at all. He said his focus will be more on nurturing and inspiring entrepreneurs on varied scales including agriculture, genetics and robotics in which he would play the role of a mentor because he feels that it will be a diverse structure with an understanding of entrepreneurship.

Shah is known for his innovative zeal, entrepreneurial aggression, and a distinct vision which can scale up markets, be it start-ups or any other industry with the focus on creating huge employment and value for all stakeholders. His MCX had created 10 lakh jobs in the market ecosystem and Shah believes he can act as a catalyst to create 10 crore jobs in the next decade in the start-up ecosystem.

Mr. Shah explained what kind of 'ecosystem' he wishes to create and what areas those start-ups would work. He further added, It can be in agriculture, which attracts me the most today, it can be in genetics and it can be in robotics also. There won't be any constraints.

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A visionary called Jignesh Shah

 

After successfully setting up 10 exchanges across 6 continents in a short-span of just 10 years Mr. Jignesh Shah aspires to venture into his second innings with 100- times bigger business potential in Start-up industry. He also feels that it can create a greater number of jobs and opportunities in the country. He feels the Start-up ecosystem if promoted can create up to 10 crore jobs over next decade.

Jignesh Shah said that this time he is even more confident as all court orders are absolving his companies of all the fabricated charges one after another as no agency could prove even a single wrongdoing on his part and or on the part of his companies.

Jignesh Shah, known as 'India's Exchange Man' for launching 10 exchanges across six continents including the top commodity bourse MCX, had to exit all those businesses in the aftermath of the Rs 5,600-crore payment crisis which he says was engineered by then finance minister P Chidambaram and his bureaucratic cronies since they wanted to protect their vested interests in a rival exchange.

By setting up a chain of exchanges in India and overseas, he wanted to make country the Manhattan of the East. But that was derailed by P. Chidambaram by conspiring against him. This resulted in the loss of a million jobs and the reversal of the trajectory of the economy towards world leader status. Now under Modi 2.0, Jignesh Shah hopes to be able to achieve this objective and help put India as the Silicon Valley of the East. Instead of body shopping, the new India would have an IP-based innovation drive, for which he would be a catalyst. 

In the current scenario, Jignesh Shah is hopeful and during his second innings he will be more active in the Start-up ecosystem and which will not be restricted to exchange and marketplace. "It will be a majority of IP-based field and we will be nurturing and inspiring entrepreneurs on varied scales which will be agriculture, genetics, robotics, to name a few. Rather than having a monolithic structure, it will be a diverse structure with an understanding of entrepreneurship". Jignesh Shah’s role will be of a coach vis a vis the entrepreneurs wanting to flourish in the start-up ecosystem. 

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JIGNESH SHAH’s faith in the judicial system and his perseverance wins, ultimately!

 

Lists abound of the greatest entrepreneurs of modern world. The names may vary here and there but a handful make it to most of such lists. Fintech innovator, Jignesh Shah, currently Chairman Emeritus, 63 moons, is a front-runner among these for his sustained innovation and transforming the face of Indian financial markets that helped India realise its ‘Make in India’ dream. 

Jignesh Shah went on to set up 10 world-class exchange companies under his flagship company FTIL (now called 63 moons tech), in various asset classes, in just 10 years across India and abroad. Shah also successfully established electronic silk and spice routes right from Africa, to the Middle-East and South-East Asia. 

However, these efforts went down the drain at the behest of some vested interests who launched a premediated massive assault on the company and its founder. This assault came out in the form of a Rs.5,600 crore payment default crisis at one of company’s subsidiaries—the National Spot Exchange Limited (NSEL).

Fearing FTIL's rapid growth, the negative forces worked around the corner to bring Jignesh Shah’s empire down. However, the world slowly took note of the six-year-long assault in the form of the two recent court orders. In August 2019, the Bombay High Court quashed attaching assets of Jignesh Shah’s flagship company 63 moons technologies in the National Spot Exchange Limited (NSEL) case as it ruled that NSEL was not a financial establishment.

In April 2019, the Supreme Court also set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with parent company, 63 moons, in public interest under Section 396 of the Companies Act.

Shah is now rearing to go into the start-up ecosystem and mentor millions of India's young entrepreneurs.

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Jignesh Shah experiences a kind of 'Fortune favors the brave'

 

If there is one company that has dominated India's exchange space it is 63 moons technologies limited or the former FTIL founded by fintech innovator, Mr Jignesh Shah in the mid-1990s.  Under his abled leadership, the company has made a mark in the exchange markets and proved itself as a world leader. Needless to say, 63 moons technologies has been able to comfortably write its success story despite severe competition from some well-established market players.

However, the success of 63 moons did not go well with its corporate rivals, who feared existential threat with the tech innovations being brought out by Mr. Jignesh Shah, one after the other. What happened was as if Mr. Shah was punished for being a visionary and bringing about a change in the market ecosystem. 

A payment default crisis was engineered at one of the subsidiaries of 63 moons, the National Spot Exchange Limited (NSEL), and it was used as a tool to decimate the exchange empire set up by Mr. Shah on the lines of Make in India. Forward Markets Commission (FMC), the then market regulator and the investigating agencies refused to look at the other side and directed actions against the exchange, its parent company and Mr. Jignesh Shah in the matter.

However, with certain developments, all lies around the NSEL crisis have been nailed with the court orders. In April 2019, the Supreme Court set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with parent company, 63 moons, in public interest under Section 396 of the Companies Act.

In another judgment, in August 2019, the Bombay High Court also quashed the attachment of assets of 63 moons in the NSEL case. It’s now quite evident that finally, the tide is turning in favour of truth which is being seen as a big victory for Mr. Jignesh Shah, Chairman Emeritus. 63 moons technologies, its shareholders and employees.

While the assets of NSEL and its promoters were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine. The NSEL in December 2018 had filed a writ petition before the Bombay High Court, questioning the Maharashtra Government for its inaction against the brokers and trading members in attaching their assets.

With truth winning ultimately in the courts of law, the age-old age that 'Fortune favours the brave' seems to be ringing true in Mr. Jignesh Shah's case. The judicial victories have come as a major breather for the 63,000 shareholders of 63 moons and its 1000-odd employees.

Also Read: JIGNESH SHAH: AN INSPIRATIONAL TALE OF TRUTH AND JUSTICE

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JIGNESH SHAH: AN INSPIRATIONAL TALE OF TRUTH AND JUSTICE

 

Jignesh Shah’s incredible growth was perceived as a threat by the monopolistic forces who burnt midnight oil to decimate him from the exchange markets. These vested interests formed a nexus that engineered a payment default crisis at one of 63 moons technologies’ subsidiary—the National Spot Exchange Limited (NSEL) in 2013. Despite enough evidence of the entire money trail being traced to the 24 defaulters and not a paisa to the exchange, its parent company and to Jignesh Shah, the group was targeted and almost annihilated.

It started and continued for over the last 8 years of continuous harassment, several legal hurdles, ousted from all his exchange businesses, the path of India’s famed entrepreneur/innovator, Jignesh Shah, was full of thorns, but his enormous will-power and utmost faith in Indian judiciary made him believe there is always room for truth and righteousness.

However, Jignesh Shah’s fortitude for justice did not let him give up on his fight for truth. This is validated with the two recent court orders—the Supreme Court setting aside the forced merger of NSEL with 63 moons technologies in April 2019 and the quashing of the attachment of assets of Jignesh Shah’s company in the NSEL case in August 2019.

Once again, Jignesh Shah is all set to create miracles for the Indian economy and sees a strong potential in the emerging start-up ecosystem, which can flourish only if it is provided the right mentorship, funding for institutionalisation, competitive global standards and scaling up. Jignesh Shah feels he and his company can act as catalysts in the start-up industry to create up to 10 crore jobs over the next decade.

Read Also: The Fin-Tech Innovator Jignesh Shah aims to promote young talent

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The Fin-Tech Innovator Jignesh Shah aims to promote young talent

 

Fin-tech innovator Jignesh Shah, the founder of 63 moons technologies, is all set to start his second innings and this time his focus is more on start-up segment. Jignesh Shah now sees 100-times bigger business potential in start-up industry and he feels it can create 10 crore jobs over the decade.

Jignesh Shah, who started his fintech company in the mid-1990s, always believed that markets are the core of economics. Having set up 10 world class exchanges over 10 years, he now wants to see job generation through our millions of entrepreneurs.

Talking about his future plans and about his second innings, JigneshShah has aired his views and said that this time he wants to focus on start-up ecosystem, since he believes that start-up ecosystem wouldn’t be restricted to any exchange or marketplace at all. He said that his focus will be more on nurturing and inspiring entrepreneurs on varied scales including agriculture, genetics, robotics. This time he wants to play the role of a mentor because he feels that it will be a diverse structure with an understanding of entrepreneurship.

Jignesh Shah said he will be active in the start-up ecosystem, which will not be just restricted to exchange and marketplace. It will be a majority of IP-based field and we will be nurturing and inspiring entrepreneurs on varied scales which will be agriculture, genetics, robotics, to name a few. He said his role will be more of a coach and company will be the catalyst rather than having a monolithic structure, it will be a diverse structure with an understanding of entrepreneurship.

Instead of body shopping, the new India would have an IP-based innovation drive, for which he said he will be a catalyst and this is what he hopes the future will bring. Bright ideas much needed for a new India.

Also Read: Make in India ticks right boxes in case of Jignesh Shah

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Make in India ticks right boxes in case of Jignesh Shah

Our Prime Minister Narendra Modi's ‘Make in India’ initiative, when it took off, had ticked all the right boxes. The policy promised to clear the red tape that shrouded any potential inbound investor, create world-class infrastructure required by modern manufacturing industry, and bring in policies that helped foster a climate of innovation and, importantly, protect the intellectual property that resulted from such innovation. So, we had a plan, it was workable and it was well-timed. Investors, should, logically, have been beating a path to India to set up mega manufacturing plants to supply the world. 

In some sectors, ‘Make in India’ appears to be doing exceedingly well. There are over 100-mobile phone manufacturers are operating in India including the market leader Samsung that upped one of its largest manufacturing set-ups from China and moved it to Noida in Uttar Pradesh. Apple and Xiaomi have also invested in Indian manufacturing capacities. All these shows the booming FDI investments flowing to India under the leadership of PM Narendra Modi.

PM Modi's vision and initiatives are being lapped up by the industry. Innovators like Jighesh Shah have fully supported Modi in these ventures. Jignesh Shah's contributions have had an immense impact on the growth and development of the financial sector. 

 

According to Shah, the idea is to make India a powerhouse of technology and related ecosystem. The idea was borne out of the untiring efforts of Jignesh Shah and his colleagues. Jignesh Shah, an engineer by education, an entrepreneur by aspiration, and an evangelist by interest for financial markets development, his numerous efforts and endeavours led to the advancement of the financial market infrastructure that India could take pride in, especially for the pathbreaking work that he has done in the financial market development and promotion of multi-asset class exchanges across multiple geographies.

Also Read: Jignesh Shah: Creator of ecosystem

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