Some great milestones achieved by 63 moons

63 moons technologies limited (formerly known as FTIL Group) was among the first companies in the mid-90s to make financial market trading products from India and its ODIN suite of products has a second largest market share in Trading Terminal segment globally.

Built with painstaking attention by the promoter company FTIL to ensure quality and best-in-class infrastructure, the companies attracted industry leaders from across the world and good valuation during the acquisition process. MCX, set-up by FTIL, is the second largest commodities exchange in the world in a short span of 10 years and is also recognized for multiple innovations in the world.

IEX, set-up by FTIL, went on to become India’s No. 1 energy exchange and among the leading exchanges globally. NBHC, set-up by FTIL, also ranked India’s No.1 private sector warehouse management Company and among the top leaders in the segment in Asia. SMX and DGCX, international exchange ventures set-up by FTIL in Singapore and Dubai, are the leading exchanges in Asia and the Middle East.

Read Also - 63 Moons Rings In Digital Disruption In Financial Technology

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63 moons technologies: A key contributor to India’s growth

63 moons technologies, led by innovator founder, Mr. Jignesh Shah, established strong connect with physical markets and the real economy. Commodities exchange and its ecosystem have created a huge network of players in the real economy with opportunities for gainful business and sustainable incomes.

Exchanges and ecosystem ventures were job-oriented,

revenue-generating, employment intensive and creating newer types of

jobs and vocations. A national study showed creation of a million jobs by

MCX alone with its extensive connect with real economy players.

The 63 moons Group has significantly contributed to the tax revenue without seeking any subsidies or tax reliefs like the IT sector. The operations of the exchanges and ecosystem institutions generated a number of taxes,

such as sales tax, income tax, VAT, STT, and CTT.

Gramin Suvidha Kendra, set up in collaboration with India Post to expand

the reach and access to the commodity exchange extended benefits to

farmers and other producers in the rural areas.

Created capacity in organized markets, making much-needed

transformation of the real economy. All the exchanges and ecosystem

institutions of the Group were in the organized sector.

63 moons have extended the scope for competition in Indian financial markets, thereby contributing to efficiency.

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All about an innovator and global institution creator

The buzz around fintech has gained substantial attention from traditional financial institutions, startups, venture capitalists, and regulators. A wide gamut of fintech sub-sectors have emerged and have been adopted by key players of the financial sector globally. The Indian financial services sector has embarked upon its digital journey and is catching up fast with its global peers in terms of adoption.

Today, technology is disrupting practically every aspect of our daily lives on its way to discovering the most convenient, cheapest and efficient way of getting things done.  The transformation can be clearly seen in the way we travel, shop, eat, entertain ourselves and take care of our health. Every sector is increasingly investing in technology.

The digitization of the enterprise is also opening up whole new markets, creating ecosystems that often extend across multiple sectors. It was with this vision that Jignesh Shah set up 63 moons technologies (formerly financial technologies (India) Ltd.), to provide technology solutions and domain expertise for digital transactions and financial markets across all asset classes.

With the launch of MCX in 2003, 63 moons pioneered in multi-asset class trading solutions and platforms across the globe. The company built robust and reliable technology products that enabled the faster spread of stocks market activity across the country within a short time. MCX was a financial product company that would not just restrict itself to trading systems for equity, but create products that would attack all high transaction density markets, whether commodity, equity, currency or bond.

It was established with the vision to create modern and state-of-the-art commodity exchange in India to help price risk management and efficient price discovery process. It was the first ever modern national commodity exchange set up in the post-reform India. When at its peak, MCX did an average daily volume of more than Rs. 100000 cr which was a record for any exchange in India.

India is on the verge of financial revolution. The total investment that the fintech industry has witnessed it has boomed in 2015-17. There is still considerable momentum in the industry and we will continue to see this trend continuing hereafter

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63 moons’ ground-breaking innovations in Fintech space

FinTech is a fast-moving trend; it focuses on emergent technological innovation in the financial sector. Historically applied mostly at investment banks and hedge funds, FinTech is now exploding with new ideas and startups in digital payment systems, cloud-based techniques for behavioral analytics, risk management, etc.

Somehow, the visionary Jignesh Shah could discern this as an opportunity in an uncharted area and used his technology innovation to set up a first technology-driven company with a focus on financial and exchange markets (FTIL).

It’s the vision of the innovator Jignesh Shah that elevated 63 Moons Technologies Limited (formerly known as FTIL Group) into the inventor of electronic, organized, and regulated financial markets for new asset and investor classes. Such markets were economically unviable to be served by traditional markets at that time.

OODIN, MCX, NBHC, DGCX, MCX SX, IEX, atom, Ticker…. are a few ventures pioneered by Shah which became global leaders in financial and technological innovations and contributed to the eco-system and the organized markets.

One of the main contributions of 63 Moons Technologies Limited was to channelize the unorganized markets and bring about transparency & cost-effectiveness in markets, thus enabling substantial revenue generation which otherwise was getting lost in the organized markets.

• All his contributions have had a tremendous impact on the business ecosystem.
• All the ventures are extremely job-oriented, revenue generating and employment-intensive.
• Commodities exchange and ecosystem have created a huge network of multiple players in the economy with plenty of opportunities for profitable business and sustainable incomes.
• According to a study by Tata Institute of Social Sciences (TISS), MCX alone generated more than a million jobs in the commodities ecosystem.
• The Grahmin Suvidha Kendra was set up with a focus on rural areas, to expand the reach and access of the commodity exchange benefits to farmers and other producers in the rural areas.
• The international exchange Institutions put India on the world map of global finance.

63 Moons Technologies Limited is the first Indian organization that has been invited by governments in international financial centers such as Dubai, Mauritius, Bahrain, Africa and Singapore for setting up multi-asset class market exchanges.

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Jignesh Shah- a technology evangelist

Jignesh Shah, a go-getter, always knew what he wanted unlike many who lead a good but aimless life. He knew he wanted to do engineering and he did. He knew he wanted to set up his own business and he did. He knew he wanted to do something game-changing in the Indian fintech sector and he did. Jignesh Shah was a visionary who thought ahead of his time. With the dream to make India the finest commodity trading hub, he set out on a road less traveled. His tremendous qualities are his ability to be customer and quality focus, down to the minutest of detail.

He could make anything a commercial success. He started off as an aspiring entrepreneur and became a business magnate in the Indian ecosystem. Shah’s spectacular rise seems nothing less than a Bollywood movie script. A few names to his credit are Multi Commodity Exchange (MCX) to Dubai Gold & Commodities Exchange (DGCX), Bourse Africa, Indian Energy Exchange (IEX), to Bahrain Financial Exchange (BFX), and Singapore Mercantile Exchange (SMX). The list is never-ending.

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Phenomenal Achievements of 63 moons Technologies

Jignesh Shah is a pioneer of FinTech innovations. His company is credited with introducing end-to-end solutions that support high-density transactions in the Indian financial markets. He set up FTIL in 1995 to provide technology solutions and domain expertise for digital transactions and financial markets across all asset classes. FTIL's conceptualization led to a brilliant technological innovation in Intellectual Property (IP) and helped propel trade on next-generation financial markets including equities, commodities, electricity, currencies, and bonds, among others through 63 Moons Technologies.

Jignesh Shah launched the Multi Commodity Exchange (MCX), India's premier commodity derivatives exchange that became the second largest commodities exchange in the world in a short span of 10 years.

At MCX, Shah used ODIN, a financial market trading product that he had conceptualized and created and Odin went on to capture the second largest market share in Trading Terminal segment globally. His Indian Energy Exchange (IEX) was India's No.1 electricity exchange and a leader among world energy exchanges. Shah created similar wonders when the group’s National Bulk Handling Corporation (NBHC) became India's No.1 private sector warehouse management company as well as a leader in Asia.

The SMX, DGCX, BFX and Bourse Africa, the international exchange ventures set up by the group in Singapore, Dubai, Bahrain and Africa respectively, became leading exchanges in Asia, Africa, and the Middle East.

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63 moons – Cutting- edge technology solutions

The exchanges and ventures created by Jignesh Shah of 63 moons technologies Group were highly competitive in global markets and were leaders in many of their segments thus bringing huge benefits to stakeholders. Not seen in many countries, Jignesh Shah created a vast expanse of ecosystem ventures to support the exchanges that enabled them to pursue growth and expansion within a short time.

Atom Technologies –

A pioneering idea that FTIL introduced to develop mobile payment solutions well before any of the digital payments began to take shape.

National Bulk Handling Corp-

A nationwide system of warehousing and collateral management with warehouse receipt financing and participation of banks.

Ticker Plant -

Customized real-time solutions to trading and business community with cost-effective data analytics.

Financial Technologies Knowledge Management Co.  -

A dedicated knowledge management facility to develop and disseminate domain knowledge and related expertise across various asset classes traded. Financial education and literacy and skill-set enhancement were one of the main thrust areas of FTIL.

All these massive institutions created by Jignesh Shah are of global standards in operations, scale, and significance and encouraged public financial institutions to be stakeholders.

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Mr. Jignesh Shah, a visionary ahead of his time

Mr. Jignesh Shah began with creating a digital platform for trading purposes, known as 63 moons technologies and thereafter he kept on setting up new entities in India as well as abroad, giving competition to the likes. The list of his achievements and recognition is never-ending. FTIL, MCX, IEX, DGX names which could give shudders to National STOCK Exchange.

The 63 moons group has extended the scope of competition in Indian financial markets, thereby contributing to efficiency. In an otherwise dormant and stagnant market, the innovations by the group promoted ventures expanded the depth and spread of the financial market's ecosystem leading to financial inclusion and last mile connectivity to the end users who otherwise were not a part of the mainstream financial markets.

The competition posed by the group has led to market efficiency, rapid market growth, expansion of new markets, technology innovations, product innovations, rural and retail participation, and easy access to the markets. The group has played a definitive role in democratizing the markets for the masses by bringing in transparency and efficiency.

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The Dawn Of Invention- 63 Moons Technologies

Jignesh Shah, the promoter of 63 moons technologies had a vision of changing the scenario of India’s finance sector. His brief stint with the Bombay Stock Exchange gave this Mechanical Engineer an impetus to develop a futuristic model that revolutionized the stock market with technology.

The result was for all to see. Shah’s 63 moons not only initiated online trading in India, but it also changed the way we perceive stock trading. It was 63 moons that enabled the Indian stock market to spread far and wide and reach out to millions of investors. That’s not all. 63 moons has given a lot of tech edge to its investors. Tailor-made affordable technologies dispense, real-time information that keeps the investors updated every single minute. 63 moons also ensure the payment processes are hassle-free.

A report prepared by MCX, in association with Tata Institute of Social Sciences have pointed that 63 moons has made a positive social impact too. 63 moons has created job opportunities, opened up financial access to local communities, and thus contributed to the growth of local entrepreneurship. It’s the passion of the innovator Jignesh Shah that has been driving Indian financial market to global level. Thanks to his efforts, India gained an edge in the global exchange markets.

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Jignesh Shah’s ground-breaking contributions

Building a successful exchange can take a lifetime, but Jignesh Shah, the visionary, set up multiple exchanges within 10 years across Asia, Africa, and the Middle East. Every exchange-related venture built by Jignesh Shah was with the aim of connecting the physical markets and the economy across all asset classes Jignesh Shah’s innovative ideas built cost-effective products and solutions in record time. He brought about efficiency in processes that facilitated building new market segments. Jignesh Shah believed in inclusive growth right from the grass-root to the top of the pyramid as he effectively bridged the urban-rural economic divide. He encouraged the development of knowledge and skills sets in financial market operations. Jignesh Shah took extensive efforts to promote financial education, financial literacy and cost-effective programs for the less privileged. He increased productive engagement through corporate social responsibility. He also contributed towards value and wealth creation for a large number of shareholders, clients, and investors

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63 Moons – A leader in technology

A leader in technology, 63 moons technologies Pvt Ltd played a remarkable role in the Indian financial and exchange system and enjoys the distinction of being the only entity in India to set up 10 world-class exchanges covering all the asset classes including equity, debt, currency, commodities and energy along with an extensive ecosystem of supporting institutions in India and abroad. It enabled tech-centric market systems that democratized markets and provided technology solutions and trading platforms to the Indian financial market infrastructure. The company is renowned all over the world for the innovative and ground-breaking work it has done in creation of state-of-the-art, modern and people-centric financial markets.

63 moons have a good and running technology business, in which it is regarded as a pioneer and stands as a global leader even today. To empower the vision of “Start-up India” and “Digital India”, the group is on its way to carving the future through innovation and technology in the emerging Digital India space.

Each innovation and venture that the group has rolled out has been No. 1 in India and No. 2 in the World.  All exchanges and ecosystem ventures of the group have been revenue generating and employment intensive. The group has generated minimum 1 million jobs through its ventures directly and indirectly.

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ODIN, the main decision of each business house in India

ODIN, leader financier arrangement of 63 Moons innovations

keeps on being the primary decision of each financier house in India. The exchanging arrangement composed and created by the organization in 1998 rose as the biggest with a piece of the overall industry of more than 80% against hardened rivalry from national and universal organizations, for example, TCS, CMS, Reuters, and NSEIT.

ODIN is a multi-trade, multi-section front-office exchanging and hazard administration framework that empowers consistent exchanging on various markets.

Financier Technology Solutions is the pioneer in giving end-to-end answers for Brokers in Indian and International Markets. Our answers take into account the Equity, Forex, Commodity and Derivatives Markets, covering all phases of a Trade Life Cycle – Pre-Trade and Post-Trade. 

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63 Moons: The gathering that made a universe of trades!

Viewed as a pioneer and a worldwide pioneer in money related innovation segment, 63 Moons advancements assumed a vital part in the monetary innovation framework. It has the refinement of being the main association in India to set up 10 world-class trades and bourses covering all the advantage classes including value, obligation, cash, wares and vitality alongside a monstrous environment supporting establishments in India and abroad.

 It has engaged tech-driven market frameworks that democratized advertises and offered innovation arrangements and exchanging stages to the Indian money related market foundation. The organization is praised everywhere throughout the world for the earth-shattering, imaginative work it has done information of best in class, current and individuals driven money related markets.

Every single wander that the gathering has built up has been No. 1 in India and No. 2 in the World. The gathering has made least 1 million employments through its endeavors straightforwardly and in a roundabout way. A pioneer in innovation, the gathering keeps on pushing ahead with a dream to make the future through advancement and innovation in the developing Digital India space.

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63 Moons - An Insurgency in Fintech Space

Acclaimed as the 'Trendsetter of Modern Financial Markets', Jignesh Shah, an original business visionary, and trailblazer made various cutting edge world-class Exchanges and multi-resource exchanging frameworks and arrangements.

 His constant endeavors were constantly engaged towards making India a powerhouse in monetary innovation, trades, and related biological system advancement. Jignesh Shah gathering was the main Indian organization to have built up electronic silk and flavor courses crosswise over landmasses ideal from Africa, Middle East, to South-East Asia.

He assumed a conspicuous part in making cutting-edge advertise foundation for wares and monetary forms through his area ability, aspiration and far-sightedness with the vision of putting the Indian Markets on the World Map.His company is attributed with acquainting end-with end arrangements that help high-density exchanges in the Indian money related markets.

He set up FTIL in 1995 to give innovation arrangements and area mastery for computerized exchanges and money related markets overall advantage classes. FTIL's conceptualization prompted a splendid mechanical development in Intellectual Property (IP) and impelled exchange on cutting-edge budgetary markets including values, wares, power, monetary standards and securities, among others.

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A Revolutionary Vision That Steered Market Modernization | Jignesh Shah

Jignesh Shah, a visionary innovator, and entrepreneur saw boundless opportunities in unchartered areas and used his penchant for innovation to set up a technology driven company with a prime focus on financial and exchange markets.

It’s this vision of Jignesh Shah that elevated 63 moons Technologies Limited (formerly known as FTIL) into becoming the ecosystem for electronic, organized and regulated financial markets for new asset and investor classes. Earlier, such markets were economically unviable to be served by traditional markets.

ODIN, MCX, NBHC, DGCX, MCX-SX, IEX, atom, Ticker etc. are a few ventures pioneered by JigneshShah that became global leaders in financial and technological innovations. These endeavors contributed to the eco-system and the organized markets in due course.

One of the main contributions of 63 moons technologies limited was to channelize the unorganized markets and bring transparency and cost-effectiveness in the markets, thus enabling a substantial revenue generation model which otherwise was getting lost in the organized markets. JigneshShah’s contributions had a tremendous impact on the business ecosystem.

Listed below are a few highlights of his vision. All the ventures are extremely job-oriented, revenue generating and employment intensive. Commodities exchange and ecosystem have created a huge network of multiple players in the economy with plenty of opportunities of profitable business and sustainable incomes. According to a study by Tata Institute of Social Sciences (TISS), MCX, ranked No 2 globally, alone generated more than a million jobs in the commodities ecosystem. The Gramin Suvidha Kendra was set up with a special focus on rural areas. It helped expand the reach and access of the commodity exchange benefits to farmers and other producers in the rural areas. The international exchange institutions enabled India to attain a remarkable position on the world map of global finance.

63 moons technologies limited is the first Indian company that has been invited by governments in international financial centers such as Dubai, Mauritius, Bahrain, Africa and Singapore for setting up multi-asset class market exchanges.

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Jignesh Shah’s efforts go beyond Financial Markets

Beginning with the creation of a third largest exchange in the world to set up projects involving corporate social responsibility, Jignesh Shah is a man who has left a mark with his vision for being ahead of the game. Multiple innovations mark Jignesh Shah’s journey as an entrepreneur.

Famous among his peers too often opt for unconventional choices, the man is one who may promote his laurels but would never rest on them. While most of us know his role in creating international exchanges, very few of us know about his initiatives in the social sector.

Gramin Suvidha Kendras is one such initiative between Multi Commodity Exchange and India Post. Spread over the four states of Maharashtra, Gujarat, Karnataka and Uttar Pradesh, the project aimed at providing information to the farmers on best practices in order to aid them in enhancing the value of their farming related activities. Mr. Shah himself was at the forefront of the project during its launch which aimed at making marginal farmer empowered.

The program had made farming economically sustainable by enabling informed decision making, helping farmers and generating market linkages thereby promoting inclusive growth and making farmers formidable stakeholders.

The initiative has earned FICCI Socio-Economic Development Foundation Award of 2009, NASSCOM Social Innovations Honours of 2010 and the 5^th BSE CSR awards. According to a study conducted by Tata Institute of Social Sciences on MCX and GraminSuvidha Kendra, 63 moons technologies limited generated more than a million jobs in the commodities ecosystem both directly and indirectly through this initiative.

Read more about Jignesh Shah's initiatives in promoting GSK (gram suvidhakendra)-a joint program by the Multi Commodity Exchange of India Ltd (MCX) and India Post.

In 2006, Jignesh Shah was awarded the U.S - India Businessman Award for his valuable contribution in integrating rural India with global markets.

For all his contributions which have been recognized on global platforms, Jignesh Shah today battles against those vested interests that have tried to devalue everything he has built. However, for a man of Mr. Shah’s caliber (he has built 10 exchanges), only one phrase applies – he is down, but not out.

For more information check 63 Moons.

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An Innovator halted by Vested intrest in his Tracks

It was in 1990 that a young man joined the Bombay Stock Exchange with dreams to make it big. He started off as an assistant manager on one of the biggest projects of his times, BOLT, and there was no turning back thereafter.

He traveled to 12 countries with a fellow colleague and learned the ropes of his trade. Four years later, he started his own software company that provided software solutions to capital markets.

He was the force behind ODIN which was a path-breaking front-end brokerage solution that today has a hold of over 80% of the world market. He was also the thrust behind the third-largest exchange in the world set up in a record time of 9 months. In the race of acquiring a license for this exchange, the man turned the tables every way possible and left its former employer- BSE.

He had created international exchanges in an era when no one knew what 'Make in India' was. It was the sight of his vision that Gramin Suvidha Kendra, an award-winning initiative that made farming sustainable for a marginal farmer, saw the light of day.

In 2005, he created an exchange, the course in this context, which has been a talking point for various reasons in the Indian ecosystem. For those of you who have still not guessed it-the man here is Jignesh Shah and the course is National Spot Exchange. The software company he started is known to us by the name of Financial Technologies India Limited and the colleague was Dewang Neralla.

Shah changed the way exchanges in India operated. Today, he is in the middle of fighting his way out of the much talked about NSEL issue. A large part of the industry stands by him when he is a lone voice against the executive overreach-the main issue in the NSEL-FTIL controversy.

The Innovator in him refuses to quit and he is confident of bouncing back with something new in his pipeline.   

For more information check 63 Moons.

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Battered by Political - Bureaucratic Nexus

The way the government and its agencies are handling the NSEL crisis, it appears as though the entire crisis is being dealt with an executive fiat rather a constructive approach to resolve the crisis and mete out justice to those who lost their money on the exchange platform in July 2013. Later in August, The Centre constituted a high-level committee chaired by Economic Affairs Secretary, ArvindMayaram, to look into the issue of NSEL failure and recommend measures to fill the gaps in the oversight of spot exchanges. The main issue was whether NSEL violated the Government exemptions for one-day forward trading and also the ban on all short sales.

The Mayaram Committee comprised secretaries of the MCA, DCA, the Department of Revenue, top representatives from the ED, the Directorate of Revenue Intelligence, SEBI, RBI, FMC, the Serious Fraud Investigation Office of the MCA, the Central Board of Direct Taxes and the Financial Stability and Development Council (FSDC) that is headed directly by the Union Finance Minister.

The Mayaram Committee seen as a ray of hope by NSEL and its parent company – 63 moons, to resolve the matter to some extent, however, played a biased role in giving its report to the PMO. The findings and recommendations of the report were solely targeted towards NSEL, completely ignoring the dubious role of the FMC, brokers, and defaulters. This clearly indicated that the committee was merely set up to dramatize the NSEL crisis to force 63 moons out of all exchange businesses. The Committee did not utter a word on (brokers & defaulters) who created and perpetrated the crisis or recommend any action to recover it from them. It referred to the public interest but did not recommend any measures towards recovering the money from the 24 defaulters who had admitted to the FMC in a public durbar and even agreed to pay back in a phased manner.

One critical fact that raises eyebrows is that normally high power committees like these are given three or more months to submit reports but the Mayaram Committee was told to do so within two weeks! It submitted its report on September 23, 2013, leaving a question mark as to how it could so quickly study the voluminous documents given to it by the FMC, NSEL, and other departments, undertake consultations with top officials from the various apex agencies, gather data, etc. The Committee recommended only one thing: action against NSEL, its directors, and promoters! This was despite the fact that it admitted that the NSEL crisis would not lead to any systemic impact.

The Committee submitted its report to the Finance Minister P. Chidambaram on the alleged irregularities at the NSEL. However, the report did not reveal key shortcomings and acts of omission and commission by the bureaucrats of DCA and FMC was claimed to be more of a cover up. Mr P Chidambaram had once said the NSEL crisis was a private dispute in an open market between two parties. It is difficult to understand that if that was the case, why was the Committee set up in the first place?

Instead of targeting NSEL and FTIL in all possible ways, the Mayaram Committee should have asked all the stakeholders of the crisis to come together and fix the responsibility as per their role and liability. This would have sent a strong signal that the government t is serious about solving the crisis and ensuring that the victims get their money.

Reference: http://www.nationalspotexchange.com/Truth_About_NSEL.htm

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Unfair Treatment at the Hands of Regulatory Agencies

While 63 moons and NSEL have been pursuing and satisfying commitments, within the framework available in the lawful sphere, to safeguard rescue and to attend to the interests of the affected constituencies, the behavior that was meted out to them by the various authorities has been pure unfair, in an excessive urgency, contravening and in contradiction of principles of justice that need to be applied to a firm operational towards disaster resolution.

The manner in which the accident at NSEL was handled is a cause of concern. The way it was addressed by various agencies, including the regulatory authorities raises far more important issues that could cause anxiety and disquiet for those people who believe in free markets and fair justice. A complete and comprehensive review of the whole episode what contributed to the crisis and how it was managed subsequently – brings into light the importance of balance and maturity in handling crisis such as this, which unfortunately is in severe shortcoming in this case. In democracies and free markets, crises are not uncommon. If the authorities go into excessive overdrive, demolishing everything that is remotely connected with the issue in the name of resolution of the crisis, the image, and ability of India to emerge as a major and mature economic power will come into serious doubt and dispute.

There is so much of misconception, misinformation, misreading, misunderstanding, and misinterpretation around the whole crisis that it has made it into a sordid drama where players who should have taken the responsibility of finding a solution to the crisis went beyond their brief, leading to a complex situation arising.

The NSEL accident is not something that the world has not known in the past or that has never taken place. The context of the crisis is also not something so unusual. The question that only comes to mind is how and why there was so much hurry on destroying a vast ecosystem that has great potential to grow and contribute to India’s progress, which was carefully built over long years, in the name of solving a crisis just to fulfill the demands of a few high net-worth trading clients who themselves are also to be blamed, in the first place, for the crisis to happen?

The way it was dealt with raises more questions than answers. Here are a few that are quite puzzling and perplexing.

Reference: http://www.nationalspotexchange.com/Truth_About_NSEL.htm

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Investigative Agencies Go After The Defaulters In Nsel Case

Investigative Agencies have gone after the Defaulters in the National Spot Exchange Ltd (NSEL) case. The Economic Offences Wing (EOW) of the Mumbai Police has attached assets worth Rs. 5,000 crore of defaulters.  

“We have already secured recoveries worth Rs.1, 233.02 crores by way of decrees on admission against five defaulters and through injunctions from a total of 18 defaulters with outstanding of Rs.4, 515.93 crores. The EOW has attached assets worth around Rs.5,000 crore of defaulting trading members,” NSEL chief executive Prakash Chaturvedi said in a letter to shareholders. The NSEL case was unveiled when the exchange was unable to pay its traders in commodity pair’s contracts post-July 2013. 

In March, authorities issued public notices to sell properties of three defaulters —Swastik Overseas Corporation, Ferrochrome of Metkore Alloys & Industries, and Red Chilly & Black Pepper, part of Shree Radhey Trading. The Enforcement Directorate also attached assets worth around Rs.800 crore of defaulting traders, Chaturvedi added.Knight Frank has been assigned the responsibility of working as consultant by the Sessions court, to help bring prospective buyers for the sale of properties of Mohan India Group; one of the biggest defaulters. 

This is perfect for the approximately 11,000 NSEL traders who, according to the Sessions court, would get their dues paid once the liquidation of defaulters’ properties is expedited. Knight Frank’s global reach will allow individual and corporate clients to participate in high bids.  NSEL is being forced to merge with parent company 63 moons, of which Jignesh Shah is the promoter. However, it has claimed that two defaulters out of 24 have almost cleared their dues of Rs. 195.75 crore. It was also claimed that Rs. 542.99 crore has been disbursed, including a loan from FTIL. 

The Bombay High Court had set up a three-member committee to ensure smooth recovery and payback when NSEL was settling e-series contracts up to 98.48% by disbursing Rs. 298.52 crore to around 40000 E-series unit holders. NSEL has also revealed that it recovered Rs. 28.33 crore and just needs a nod from the high court committee to pay back to the legitimate trading clients.

Reference: http://www.nselrecoverygroup.com/defaulters/defaulters.html

For more information check 63 Moons.

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Why Target 63 Moons Management For NSEL Payment Default?

The then management of NSEL, which had the privilege of full functional autonomy, was saying as late as August 2013 that the commodities existed in the warehouses. The management at that time was the sole point of contact with FMC or DCA. The Board of NSEL never had any direct contact with the FMC or the DCA as also the latter has never approached or written to the Board on any concern that they might be having on the operations of the exchange.

Even the show cause notice issued to NSEL was addressed to the then Managing Director and CEO and the Board was never informed of the same. Neither the DCA nor FMC nor the Broking firms nor the management ever raised any red flag to the Board that could have alerted them to take any preventive action.

It is unfair to hold the Board of NSEL responsible for the crisis when they had no role to play in it.

Reference: http://www.nationalspotexchange.com/Truth_About_NSEL.htm

For more information check 63 Moons.

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Is It Right To Punish 63 Moons For Nsel Defaulters’ Crime – Is Government Blindfolded?

NSEL case is a direct reflection of the inefficiency and partiality that prevails in our system. This case has been making headlines since 2013, but for all the wrong reasons as the real culprits are still at large.

With various developments that this case has witnessed, the recent verdict of the court has left a major chunk of shareholders unsettled and baffled. A merger order between the two private entities has been served on the table, which is indigestible for the 63,000 shareholders of founder 63 moons, Jignesh Shah. who will be forced to pay Rs 5600 crore for the defaulters of NSEL, through no fault of their own.

The “subtle” attempt to tamper the cover of corporate jurisprudence is unjustifiable. The merger is an example of a crafty ruse that speaks out louder on a global level that Indian markets are the worst arena for investment. Having a tarnished image as infertile investment market when Make in India is at peak might prove a huge loss.

But more than this, letting the defaulters continue their business as usual and in the meantime, punishing 63 moons for their sins is something that can only be witnessed when the Government is blindsided by one version of the story. I think it is time now for the government to change its perspective and take necessary actions!

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Illegal Arrest of Jignesh Shah – Article 20 of the Indian Constitution

The Enforcement Directorate had arrested Mr. Jignesh Shah on 12th July 2016 under Article 20 of the Indian Constitution. The arrest is in violation of Article 20(3) of the Constitution of India.

• The Article states that no person accused of an offense shall be compelled to be a witness against himself. In any criminal investigation, interrogation of the suspects and accused plays a vital role in extracting the truth from them.
  
• From time immemorial several methods, most of which were based on some form of torture have been used by the investigating agencies to elicit information from the accused and the suspects. The privilege under clause (3) is confined only to an accused i.e. a person against whom a formal accusation relating to the commission of an offense has been leveled which is in the normal course may result in the prosecution.
  
• A person against whom a first information report has been recorded by the police and investigation has been ordered by the Magistrate can claim the benefit of the protection.

For more information check 63 Moons Reviews.

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Illegal Arrest – Section 19 Of PMLA Act 2002

The Enforcement Directorate had arrested Jignesh Shah on 12th July, 2016 under Section 19 of the Prevention of Money Laundering Act, 2002 (PMLA).

• The arrest is illegal and bypasses the process of law and court.
• The court had exempted Mr. Jignesh Shah from personal appearance on 7th July 2016. He was directed to appear on 18th July 2016.
• Mr. Jignesh Shah was called for interrogation on 12th July 2016. He was asked to stay back and eventually informed he would be arrested.
• Mr. Jignesh Shah was arrested on 12th July 2016 much before the next scheduled hearing of July 18.
• What was more surprising was the fact that charges presented by the ED were already there in the first charge sheet filed in the court. Do you arrest again to file a supplementary charge sheet?
• Post cognizance stage, any person already charged under sections 3 and 4 of the PMLA Act (As Mr. Jignesh Shah is), cannot be arrested except if the court issues a warrant.
• A person is arrested under Section 19 of PMLA when there are sufficient and reasonable grounds to believe he is guilty.
• The law of the nation does not permit an arrest of any accused after a complaint is filed against him in the court since the court is directly seized of the matter.
• Mr. Jignesh Shah had been earlier arrested in the NSEL case and later granted bail. The investigation was over and the facts which may have come to light are not new.
• Mr. Jignesh Shah had spent more than 100 days in custody and was granted bail by the High Court.

For more information check 63 Moons Reviews.

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