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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