It takes nerves of steel to be an entrepreneur like Jignesh Shah

The unmatched success of 63 moons technologies limited under the leadership of its founder, entrepreneur/innovator, Mr Jignesh Shah, has been eyed with much envy by a coterie of vested interests, who tried every trick in the world to bring down his empire.

The annihilation of 63 moons was a strategically planned conspiracy of P. Chidambaram, the then finance minister which was tasked to his trusted lieutenants—K.P. Krishnan, the then Joint Secretary in his ministry and Ramesh Abhishek, the then Chairman of the market regulator Forward Markets Commission (FMC). The coterie had set itself to destroy Mr Jignesh Shah’s growing empire by recommending the government to stop trades at one of company’s subsidiary—National Spot Exchange Limited (NSEL). This led to an abrupt closure and created a payment crisis.

However, the truth finally prevailed when Mr Jignesh Shah and 63 moons recently witnessed two historic moments in its fight for justice. The Bombay High Court order recently quashed attaching of assets of 63 in the NSEL case by ruling that NSEL is not a financial establishment. NSEL, its parent company and Mr Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute.

In another judgement in April 2019, the Supreme Court set aside the Bombay High Court judgment approving the merger of crisis-hit NSEL with its parent company, 63 moons technologies limited, in public interest under Section 396 of the Companies Act. The apex court ruled that there was no public interest involved in issuing the order.

Read More

New Ideas & Innovative Start Ups Enthuse Modi, Shah

Prime Minister Narendra Modi launched the ambitious ‘Startup India’ programme to boost digital entrepreneurship at the grassroots level and announced income tax exemption to startups for the first three years. He also promised faster patent registrations and quicker exits for companies. norms will be relaxed for public procurement of startups. Startups have flourished in India, thanks in part to Prime Minister Narendra Modi's policies. The government is promoting entrepreneurship under the Startup India initiative, which has simplified the patent application process and helped with fundraising. Large companies are trying to keep up with the accelerating pace of innovation in business, and startups are a good source of new ideas and vigour. Newer companies are often better able to adapt to rapid technological change and bring new perspectives to the market.

Fintech innovator Jignesh Shah is highly excited about PM Modi's vision and initiatives in the Start up segment. Jighesh Shah has fully supported PM Modi in these ventures. Jignesh Shah's contributions have had an immense impact on the growth and development of the financial sector.  Jignesh Shah's dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. He wanted to establish a public-private partnership model to build world-class financial institutions and modern IP-centric financial markets to extend India’s reach. Jignesh Shah wanted to empower the nation by providing job opportunities to millions of people. His idea of developing the nation was by providing employment to its citizens that were not only of high-standards but environment-friendly as well.

Jignesh Shah, founded 63 moons technologies with his innovative zeal and entrepreneurial aggression, turned it into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years. The company has been constantly striving and advocating to bring India at a level playing field with international counterparts. The reforms that Jignesh Shah has been advocating for, once implemented would have brought India at par with its international peers.

Read More

Jignesh Shah: When the going gets tough, the tough get going

No matter whether you are a technocrat or a bureaucrat, professionals of all hues often find inspiration in lessons of various kinds, be they from history, politics or poetry. As they say, life's battles do not always go to the strongest man but the man who ultimately wins is the man who thinks he can! The case of fintech entrepreneur Jignesh Shah is no different.

Mr. Jignesh Shah, often acknowledged as the ‘Innovator of Modern Financial Markets,’ is known to lead from the front. He is known for his passion and the man has overcome many a hardship to achieve this glorious path in his life as well as battling the tough terrains that came on the way. Over the years, he has never taken an easier path and has always worked hard for his way forward. With such a strong history to back him up, one cannot doubt the missionary zeal that Mr. Jignesh Shah has.

After setting up 10 exchanges across six continents in a span of ten years, the engineer-turned-financial market wizard now sees 100-times bigger business potential in a 'startup ecosystem' which he feels can create up to 10 crore jobs over the next decade.

After a payment default of Rs 5,600 crore in 2013 at his smallest venture National Spot Exchange Ltd (NSEL), which had a daily trading volume of Rs 200 crore as compared to more than Rs 1.20 lakh crore a day at his biggest exchange MCX, Shah was forced out of all Sebi-regulated businesses under regulatory orders amid a multi-agency probe. However, most of the cases like forced merger of NSEL with 63 moons, or applying MPID to NSEL case, have been quashed by the courts. The merger has been set aside by the Supreme Court and the Bombay high court in a recent judgment declared that attachment of assets of 63 moons technologies is completely illegal and should not be done as it was never a Financial establishment but was just a platform provided to buyers and sellers for transaction of commodities.

In this light, Shah says he is confident now that the time has come to start his second innings as court orders are absolving him of all the charges one after another as no agency could prove even a single paisa of wrongdoing on his part, nor on part of his companies.

Shah’s story is really inspiring. Although it was established way back that no money trail has been traced to NSEL, FTIL or Jignesh Shah but still he was targeted again and again because of the vested interests that wanted to finish his FTIL group completely because its innovative products posed a severe threat to their monopolistic regime. However, his journey has once again proved that patience and perseverence are previous values whose rewards have no measure.

Read More

Start ups and Jignesh Shah: There is no time like the present!

This is true for opportunities in the start-up ecosystem in India currently. And Jignesh Shah, the Chairman Emeritus of 63 moons technologies Ltd., a prolific fintechpreneur himself, also believes the same. After creating successful and strong ventures in exchange and marketplace in the first decade of the millennium, Jignesh Shah is now looking at mentoring wannabes in Indian tech start-up scene.

Thanks to focus & relentless efforts of Narendra Modi government on Make In India and Star-up India initiatives, India has emerged as the 3^rd largest start-up ecosystem in the world currently with local start-ups investing at a global stage. More than 40 Crore people will be trained under different skills over next 3 to 4 years under these initiatives. With such a conducive environment, something which Jignesh Shah believes was nonexistent in earlier regime, he sees 100 times bigger opportunity in the same and intends to be part of and contribute to it.

Jignesh Shah as an entrepreneur himself, with his vision of creating large scale institutions of global standards, has created some big milestones in past. Be it his first product ODIN for exchange business which covered 80%+ market share or creating the first multi commodity exchange MCX which went on to become 2^nd largest commodity exchange in the world basis the trading volumes, he is considered to be the flagbearer of the belief of making India a leading powerhouse in regional and world finance space. He has created more than 10 Lac jobs due to his these and other successful ventures both in India and abroad.

Now Jignesh Shah is looking at opportunities beyond exchanges and marketplaces. He is looking at prospects in IP based field in verticals of agriculture, genetics and robotics as well. And he believes that by aiding the current start-up scene in India in these fields will help generate huge employment openings, to the tune of 10 Crores jobs over the next 10 years. Being a first gen entrepreneur himself, Jignesh Shah believes a star-up ecosystem will thrive in the country if provided with right kind of mentorship and large funding for institutionalization, globalization & scaling up. And he is more than excited to contribute to that!

Read More

Ease of Doing Business: Jignesh Shah to work for PM Modi's dream

The ease of doing business regulation for startups is one of the latest priorities of the Narendra Modi government. No other country in the world has moved from 144 to 60s in the Ease of Doing Business rankings. "We want to make India the Number 1 Startup nation. We will do whatever it requires -- ecosystem , market , funding, handholding," PM Modi has said.

Over the last 48 months, state and central governments have done over 13,500 policy interventions following which the needle has moved from 144 to 63, he said. India has jumped 14 places to take the 63rd position on the World Bank''s ease of doing business ranking. The country was 77th among 190 countries in the previous ranking. In its Ease of Doing Business 2020 report, the World Bank commended the reform efforts undertaken by the country.

Luckily for India, innovators like Jignesh Shah who created new-generation markets and segments that are people-centric and have a comprehensive market structure, are joining in the movement with their expertise and skill. Shah, who established world-class financial institutions and modern IP-centric financial markets to extend India’s global reach, says he is ready in a mentor's role for millions of Indian entrepreneurs to realise PM Modi's vision of Start up India.

Jignesh Shah, founded 63 moons technologies with his innovative zeal and entrepreneurial aggression, turned it into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years.

While enriching himself as a by-product, Jignesh Shah wanted to empower India by providing job opportunities to millions of his countrymen. His idea of developing the nation was by providing employment to its citizens that were not only of high-standards but environment-friendly as well.  More innovators like him should come forward to extend a helping hand to our young and aspiring entrepreneurs who can do wonders in the start up ecosystem.

Read More

PATH-BREAKING VISION OF INDIAN TYCOON JIGNESH SHAH

Financial market wizard Jignesh Shah is one of the most prominent entrepreneur of India, leading 63 moons technologies limited. 63 moons is a first-generation enterprise that created new standards and benchmarks on potential and possibility of financial markets development. Jignesh Shah is the brain behind advanced financial solution such as ODIN. He has pioneered 18 different technological innovations and institutions between 1995-2012. Jignesh Shah has been one of the initial flag bearer of 'Make in India' through his various projects on spot exchanges and trades, putting India on the world map.

Being an inspiration for the new generations, Jignesh Shah has always strived to made new paths for the young people. After building nine world-class exchanges in India and abroad, Jignesh Shah sees 100-times biggest potential in startup ecosystem. 

Earlier, Shah through his multiple ventures had created over one million jobs during a period of ten years and now sees 100-times bigger business potential in a 'startup ecosystem' which he feels can create up to 10 crore jobs over the next decade. 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 "institutionalisation, globalisation and scaling up" of their ventures.

Referring to Prime Minister Modi's strong leadership, Jignesh Shah feels that as compared to earlier days, now India has far better conducive environment where entrepreneurship and job creation both can flourish together at a much larger scale. 

Read More

DHFL Crisis: Bombay HC Restrains Promoters From Travelling Abroad

The Bombay High Court on Thursday restricted Dheeraj Wadhwan and Kapil Wadhwan, promoters of the crisis-hit Dewan Housing Finance Ltd (DHFL) from travelling abroad while hearing an application filed by 63 Moons Technologies Ltd seeking recovery of Rs.200 cr owed by DHFL.

Justice SJ Kathawalla refused relief to the brothers and said that the two will have to take permission from Court for leaving the country.

Senior Advocate Gaurav Joshi and Cyrus Adeshir appeared on behalf of the defendant brothers. They challenged the maintainability of the plaintiff's application and contended that trustees of the bond-holders already moved an application before the Debt Recovery Tribunal (DRT), Pune bench for recovery of dues on behalf of debenture holders.

They informed the Court that Dheeraj Wadhawan, also known as Baba Dewan amidst social circles in Mumbai is admitted in Lilavati Hospital allegedly suffering from a lung infection and the Kapil Wadhawan is in India and "is trying to sort out the problems."

It was further submitted that the defendants may have to travel abroad for raising funds. Appearing for the plaintiff, Senior Advocate DD Madon objected to this and submitted that the defendants may escape if allowed to leave the country.

The Jignesh Shah promoted 63 Moons had subscribed to the non-convertible debentures (NCD) of DHFL, after DHFL failed to repay the money, the plaintiff moved court.

  

Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon had moved the Bombay High Court seeking disclosure of all its assets and liabilities of DHFL. They also sought directions restraining DHFL from making any payments/disbursements to secured and unsecured creditors. High Court had ruled against DHFL in all the cases.

DHFL is currently under investigation for alleged financial irregularities by multiple agencies. Enforcement Directorate (ED) is examining an Rs.2186 crore loan given by DHFL to Sunblink Real Estate, a Non-Banking Finance Company (NBFC).  The money was allegedly used to acquire properties in the name of Iqbal Mirchi, a close associate of Dawood Ibrahim. Serious Fraud Investigation Office (SFIO) is also probing DHFL for alleged financial fraud.

Read More