Start-ups to change the way Indian markets work: PM

 When Prime Minister Narendra Modi launched the ambitious program called Startup India, it was aimed at revolutionising and accelerating the startup revolution in India. There are a number of factors that attract foreign investors to India. However, the biggest factor is the consumer growth backed by the mobile revolution. Making big bets on Indian innovation has become a global point of interest. In recent years, the Indian startup ecosystem has taken off and has matured. Driven by factors such as availability of funding, consolidation activities by a number of firms, evolving technology space and a burgeoning demand within the domestic market has led to the emergence of startups. The numbers on startups speak volumes about the emergence of startups — it is projected that by 2020 there will be 11,500 firms from 3,100 startups in 2014. “The trend is revolutionary! And it’s going to change the way the markets are working today in India,” said Prime Minister Modi recently.

Like PM Modi, fintech innovator Jignesh Shah's efforts too have been to help budding entrepreneurs build a strong econonomy for the country. Jignesh Shah created new-generation markets and segments that are 
people-centric and have a comprehensive market structure. 63 moons technologies limited, under the leadership of Jignesh Shah has made a mark in the exchange markets and proved itself as a world leader. Needless to say, 63 moons has been able to comfortably write its success story despite severe competition from some well-established market players.

Jignesh Shah wanted to establish a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend India’s reach. While enriching himself as a
by-product, he 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.

 

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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.

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Entrepreneurship has always been 'strength of India': Jignesh Shah

After scrapping of Article 370, the Narendra Modi led BJP government is planning to improve the entrepreneur ecosystem in Jammu and Kashmir and so far two meetings have been held to assess the skilled workforce. Last year the Central government had released Rs 2.83 lakh crore to Rs 5.4 crore aspiring and ambitious young entrepreneurs. 

Continuing the reforms of govt Union Finance Minister Nirmala Sitharaman in her Budget 2020-2021 speech said entrepreneurship has always been the "strength of India," and proposed a slew of measures to ensure ease of doing business for Indian startups, including a seed fund to support early-stage startups and an investment clearance and advisory cell for entrepreneurs, among other measures. Calling India's growing crop of entrepreneurs "job creators", the Finance Minister noted that the young men and women of India are today giving up greener pastures to create new businesses and employment opportunities in India, ensuring further economic growth.

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. 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.

Jignesh Shah 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 "institutionalisation, globalisation 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 which narrates the ideology of the ‘Make in India’ campaign by Narendra Modi. His motive is to create more job opportunities for the millions of youngsters of India, which were both of high-standards and environmentally friendly, and that's a welcome move for India. 

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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.

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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.

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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.

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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!

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