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.

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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.

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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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India to become growth engine of world economy: PM Modi

 

Prime Minister Narendra Modi believes that India is passing through an era of “unprecedented social and economic changes” and would become the engine of world economic growth in the coming decades. India was the ideal investment destination in the world today because of the sweeping social and economic changes taking place in the country, he added.

The initiative ‘Make in India’ is a major new national programme of the Government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure in the country. The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector.

“My message to investors is ‘Make in India’, but not just for Indians but for the whole world,” the PM said. He said schemes like Ayushman Bharat would not just provide health insurance coverage to a huge population but would also open up huge opportunities for investors in the sector.

These developments have lifted the spirits of seasoned entrepreneurs and innovators like fintech czar Jignesh Shah who dreamt and worked on the Make in India model in the mid-1990s. Jignesh Shah’s entrepreneurial journey has exhibited and inspired millions of young entrepreneurs of India provoking them to work for India’s growth through start up models.

Jignesh Shah’s foresight with deep-rooted interest in domestic strength had a strong connection with the real economy and generation of newer jobs and growth opportunities. 63 moons technologies limited is the only group with holistic understanding of financial markets ecosystem and an ability of innovate and establish internationally acclaimed financial institutions that are India-centric.

In a short span of time, his flagship company, 63 moons technologies limited (formerly known as ‘Financial Technologies India Limited) has made a mark and has been named as one of the most powerful and influential companies in biz-tech innovations. A global leader in providing next generation technology innovations, platform and solutions for digital markets and marketplaces, the entry of 63 moons into the exchange space brought competition that benefited the stakeholders enormously.

Also Read: INSPIRATIONAL TALE OF TRUTH AND JUSTICE THAT IS JIGNESH SHAH

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INSPIRATIONAL TALE OF TRUTH AND JUSTICE THAT IS JIGNESH SHAH

 

India’s ace innovator and entrepreneur Jignesh Shah, who has been fighting since past six years for justice in NSEL payment default crisis, says he is truly committed to “rise like Japan did after the bombings of Hiroshima and Nagasaki”. Jignesh Shah was quoted as saying this in the backdrop of the Bombay High Court judgment that the NSEL is not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties stand quashed.

A Rs 5,600-crore payment crisis hit NSEL in July 2013, which was strategically created by his rivals, backed by then union finance minister, P Chidambaram and his minions. Jignesh Shah has alleged his role in the decimation of his FTIL group which gave stiff competition to Chidambaram’s pet exchange, NSE.

However, in the NSEL payment crisis, despite the entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with Jignesh Shah, all the actions singlehandedly have been taken against Shah and his empire by the then UPA government in which Chidambaram was the finance minister.

Subsequently, Jignesh Shah was repeatedly harassed and hounded by way of various executive actions based merely on accusations and without any evidence-led adjudication. However, one thing that never failed Shah was his incredible fighting spirit and his staunch belief in truth.

He has withstood the toughest onslaught almost single-handedly, and as an entrepreneur and a change agent in tech-driven enterprises, has steadfastly maintained immense faith in the law of the land and in the unbiased nature of the country’s judiciary.

As a result, regardless of the witch hunt, Jignesh Shah is finally emerging victorious as truth has eventually prevailed. The supreme court has set aside the forced merger of NSEL and 63 moons technologies, and the Bombay high court has quashed attachment of their properties under the MPID Act declaring that NSEL is not a financial establishment.

Shah, mentor and chairman of 63 moons, says the court’s judgments are a signature of God in the current trend of developments where truth is winning, and all kinds of lies are getting nailed.

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63 moons technologies: Growing with a sense of responsibility

 

Apart from striving to take business to global heights, 63 moons technologies  believes 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 markets ecosystem leading to financial inclusion and last mile connectivity to the end users who otherwise were not a part of the main stream 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 democratising the markets for the masses by bringing in transparency and efficiency. 

Independent assessment of the contribution of the exchange and ecosystemin creation of jobs, incomes and sustainable livelihoods.

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

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Creative disruptions by 63 moons technologies

 

Success through innovation means continuous disruption. Disruptive companies tend to grow manifold, changing the trajectory of consumers’ viewpoint of the brand and the marketplace.  They are vibrant, daring and authentic, and often are challengers. 

63 moons technologies too is all about creative disruptions. In every field or market segment it created or entered into, it disturbed the status quo and ushered in innovation and new-found growth. Perhaps, it is this trait and characteristic of the Group that made the vested interests harm it and undermine its contribution and significance. 

Founded multi-asset-class trading

The first one to introduce multi-asset-class single trading platforms in India. A game changer in financial markets trading that expanded the scope of markets. 

Generated markets where none existed

MCX was one of the three modern national electronic exchanges to be given licence for trading in commodity derivatives, but it very soon established global leadership in trading of gold, silver and energy contracts. In 2012, eight out of the 20 top metals contracts traded worldwide on exchanges came from the MCX stable. IBS Forex introduced by the Group was the first electronic forex dealing platform in the country.

Exchanges of global size

IEX was one of the most successful exchange stories in the world, becoming the second largest in the world and revolutionising electricity trading in India. MCX-SX topped the league tables in trading of USD-INR contracts within a short time after its establishment. The turnover itself reached record levels. 

International exchanges promoted by the Group such as DGCX and SMX have emerged as leading exchange institutions in the Middle East and South East Asia. 

Jobs, incomes and sustainable livelihoods, all Made in India

Each of the ventures was a big contributor to society. MCX created a large number of jobs in rural areas and self-employment opportunities for youths and women. Gramin Suvidha Kendra was established by MCX to spread price discovery process across the country.

Trendsetter

MCX was the first exchange from India to be listed on the capital markets. Its listing in 2012 emerged as the biggest listing in Asia Pacific in mid-size companies. 63 moons was the first Group to conceive Hub and Spoke model with the establishment of Bourse Africa in collaboration with different markets in the Africa region. 

Cost-effectiveness and customization

Ticker Plant, the real-time information vending company of the Group provided unbundled, customized, modular, and cost-effective services instead of bundled and high-cost real-time information provided by global companies.      

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Jignesh Shah applauds Modi’s vision on technology & innovation

Technology and innovation should be harnessed to transform governance, Prime Minister Narendra Modi said. The “Make in India” initiative is based on four pillars, which have been identified to give a boost to entrepreneurship in India, not only in manufacturing but also in other sectors. It recognizes ‘ease of doing business’ as the single most important factor to promote entrepreneurship. A number of initiatives have already been undertaken to ease the business environment. The aim is to de-license and de-regulate the industry during the entire life cycle of a business. 

India’s credibility is stronger than ever. There are visible momentum, energy, and optimism. Make in India is opening investment doors. Multiple enterprises are adopting its mantra. The world’s largest democracy is well on its way to becoming the world’s most powerful economy. The Prime Minister said that his vision of a ‘New India’ could only be built through the efforts of crores of ordinary citizens, and called upon young entrepreneurs to join in this effort.

Before our Prime Minister, Narendra Modi, introduced his ‘Make in India’ campaign, Jignesh Shah was already following a strategy that reflected its ideologies. He strongly believes that the Start-up ecosystem will not be just restricted to exchange and marketplace, rather, it will be a majority of IP based field in the verticals of agriculture, genetics, robotics. It is quite known in financial market circle that Mr. Jignesh Shah had developed his idea and realised his vision of a well-developed infrastructure of financial ecosystem, that too, within a decade.

Jignesh Shah is a visionary whose contributions towards the society are commendable. Owing to his efforts, the Indian capital market witnessed a transformation and received global acclamation. When the Indian exchanges were facing difficulties to survive in the market, the zealous entrepreneur, with his unique ideologies and strategies, opened up various opportunities for the market to flourish. He had the vision to create new-generation markets and segments that are people-centric and are based on a comprehensive market structure. He wanted to work for the well-being of his country.

His foresight with deep-rooted interest in domestic strength had a strong connection with the real economy and generation of newer jobs and growth opportunities. 63 moons technologies limited is the only group with holistic understanding of financial markets ecosystem and an ability of innovate and establish internationally acclaimed financial institutions that are India centric.

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Jignesh Shah optimistic about Indian youth

Indian economy is a developing mixed economy. The government is introducing several reforms to create possibilities for getting Foreign Direct Investment (FDI) and foster business partnerships. Some initiatives have already been undertaken to alleviate the business environment from outdated policies and regulations. This reform is also aligned with the parameters of World Bank's 'Ease of Doing Business' index to improve India's ranking on it.

The government has always been seen as a regulator and not a facilitator. This initiative intends to change this by bringing a paradigm shift in the way Government interacts with various industries. It will focus on acting as a partner in the economic development of the country alongside the corporate sector. Since the launch of Make in India in September 2014, FDI inflows have increased tremendously.

India's visionary entrepreneur Jignesh Shah has not only empowered the Indian financial market infrastructure on the lines of Tokyo and the US but his group has put India on the global map by setting up exchanges across continents right from Africa, to Middle-East, to South-East Asia. His strategies and initiatives brought in immense development in the FinTechindustry and generated several new openings for India’s growth.

Looking at the bright future of the youth, Jignesh Shah created and nurtured a business that made India the world's second-largest marketplace in commodities trading and we were on the top in all businesses our exchanges did. He now sees 100 times bigger business potential in the Start-Up ecosystem after having set up 14 exchange companies across 6 continents in a span of 10 years in his earlier stint and feels he can create 10 crore jobs over the next decade for the country’s youth. His journey is more than thrilling, challenging and worth taking inspiration from. At present, Jignesh Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalization, globalization and scaling up" of their ventures.

He wanted to bring a change in his country and that is why he had created an eco-system that narrates the ideology of the ‘Make in India’ campaign by Narendra Modi. His motive was to create more job opportunities for the youngsters of India, which were both of high-standards and environmentally friendly. This brilliant strategy of Shah has created millions of job opportunities across the country.

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