63 MOONS: HOW IT BUILT BUSINESSES TO GENERATE JOBS

63 moons technologies ltd and its multiple enterprises completely transformed the landscape of Indian financial markets in less than a decade to take it to global standards in operations and scale and size. Starting with the formation of 63 technologies, earlier known as Financial Technologies India Ltd, that pioneered multi-asset-class trading platforms in India that made Indian stock market industry indigenously dependent on technology and trading solutions, the visionary work expanded into creating some of the finest exchange infrastructure institutions that the world has seen in the recent times.

Mr Jignesh Shah, promoter 63 moons technologies, belongs to an unusual breed of businesspersons whose passion was only to put India on the top of enterprise; make the country’s financial markets the most significant one east of Suez; enable Indian businesses to transact across international financial centres; enable real economy players to harness the benefits of risk management through hedging and trading; create jobs, incomes and sustainable livelihoods in an all-inclusive manner and approach; contribute to the exchequer from the day one of operations of each and every enterprise; nurture talent; build expertise; and in all this endeavour create a brand for India that the nation can display with pride and passion.

All the establishments of the Group came from the singular purpose of creating value and jobs for the country. Most of its key enterprises were regulated by one or more regulators. Some of the best talent in the country and even from other countries were working for it.

When MCX, a commodities derivatives exchange that it built with great passion, listed in 2012, a year that was one of the toughest for stock markets – it mobilized subscriptions to the tune of US$ 7 bn for an offer for sale size of just $132 million making it a record in the Asia-Pacific region in that year. A feat that could never be matched by a 140-year-old stock exchange in India despite half a decade of its attempts to list.

Read More - 63 moons’ strong connect to real economy

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Ecosystem that added value to commodities

63 moons technologies ltd’ National Bulk Handling Corporation (NBHC) was established with a vision to provide logistical support to the commodities futures industry, the group set up NBHC in 2005 - the nation’s only Warehousing and Commodity Management solution entity with an ISO 22000:2005 certification.

The NBHC also promoted collateral management services in the form of warehouse receipt financing. It’s been India’s largest warehousing and collateral management facility in the private sector which helped farmers and producers of commodities with globally benchmarked practices of post-harvest production management and warehouse receipt based financing NBHC emerged as #1 agro-commodity and collateral management company in India and met requirements of farmers and processors with presence across 19

states and 900 locations. It had a  pan-India network of 35+ Quality Assurance laboratories which provided quality assaying expertise in 160+ Commodities

The enterprise cumulatively managed commodities of over 20 million Metric Tonnes valued at Rs. 42,000 crore, and facilitated cumulative Warehouse Receipt Financing for about Rs. 30,000 crore through 42 banks.it also facilitated procurement under minimum support price as an agent of Food Corporation of India and Government of India. Generated employment opportunities and sustainable income for a large section of rural and local communities.

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63 moons’ unmatched pursuit for excellence

63 moons technologies ltd is the world’s largest creator of greenfield exchanges east of Suez and put India on the global map of exchanges. It is a game changer in trading in financial markets, spreading the reach and intensity of stock trading in India. Its product is also endorsed by competitors

The Group has been facing intense competition in each of its endeavours to emerge successful and as market leader. Let’s have a look at some of its enterprises:

MCX

Within a short span of operations, MCX emerged as the third largest commodity exchange in the world next only to CME

IEX

IEX emerged as the No.1 exchange in India in trading of electricity futures and within four years it was the second largest globally

ODIN

FTIL created an IP called ODIN, the legacy of which is that even in pressing times today it has an 85% market share

NBHC

NBHC was the largest warehouse and collateral management facility in the private sector in India

NSEL

Contributed significantly to reducing intermediation costs by developing direct market linkages. It was a market leader

The growth story of 63 moons technologies is about empowering people. Technology solutions enabled even small brokers access to business opportunities. The benefits of MCX have flowed to people of India as the whole value chain consisted of local traders, agriculturists, processors, warehousing professionals and those offering support services. Its listing benefited lakhs of retail investors. MCX-SX created special membership for rural entrepreneurs. Members were offered financial education programmes and other professional development opportunities. Emphasis was laid on gainful economic opportunities for the youths and women.

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The technology that redefined financial markets

63 moons technologies developed a strong connect with physical markets and the real economy. It brought about 360-degree financial market development covering equities, bonds, currencies, and commodities with the extensive ecosystem to provide support of information, payment and settlement solutions, knowledge management and financial literacy and education. It created newer types of jobs and vocations.

The Group built new market segments and pioneered growth in several market segments in India, including commodities, currencies, and energy. It brought inefficiencies in practices and processes on a proactive basis.  63 moons opened a gateway for Indian businesses to explore opportunities in Asia, Africa, and the Middle East.

It developed an extensive financial markets infrastructure with Indian enterprise and entrepreneurship and made India a major international financial center.  The Group came out with cost-effective products and solutions in real-time information and mobile payments so vital for financial markets. 

63 moons take pride in bringing exclusive facilities for developing knowledge and skill-sets in financial markets operations and in its extensive contribution to promote financial education, financial literacy and special programmes for the less privileged. The Exchanges and ecosystem created under 63 moons led to millions of jobs, incomes and sustainable livelihoods and were involved in a productive engagement as a Corporate Social Responsibility.

Read more - Jignesh Shah’s efforts go beyond Financial Markets

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63 moons technologies: Growing with a sense of responsibility

Apart from striving to take the business to global heights, 63 moons technologies ltd believe in going the extra mile to give a little something back to their employees, the community, and the world at large. The Group has been extremely socially responsible and actively involved in the social good of the people.

It has made extensive contribution to promote financial education, financial literacy and cost special programmes for the less privileged. It launched a Post Graduate Certificate Program in Financial Markets jointly with Indira Gandhi National Open University.

ENHANCED FINANCIAL LITERACY

The Group 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.

Independent assessment of the contribution of the exchange and ecosystem

in the creation of jobs, incomes and sustainable livelihoods.

There has constantly been a productive engagement with Corporate Social Responsibility.

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