Jignesh Shah: The man behind Evolution of Financial Markets in India

At a time when the Indian financial market infrastructure needed solutions for global integration, along with bridging the rural-urban divide, it was the path-breaking vision of Mr. Jignesh Shah, founder and now Chairman Emeritus, 63 moons technologies limited, that went beyond the traditional market structure to set up world-class stock & commodity trading systems. Jignesh Shah has always found solutions that not only empowered market systems, but which also contributed to product innovation, skill development, job creation, and generation of sustainable incomes for one and all, especially small investors and stakeholders in semi-urban and rural areas. The journey of such a visionary materialised into world-class institutions that were built by competitive leadership and an effective management team. 

Jignesh Shah changed the dynamics of the Indian financial markets by enabling trade routes within India through trading technology for financial exchanges. His group was the only Indian company to have established electronic silk & spice routes across continents right from Africa, to Middle-East, to South-East Asia. 

What started in 1995 when FTIL, (now known as 63 moons technologies) began its journey by developing technology-driven Intellectual Properties (IPs) connecting various financial markets at a time when the Indian markets were just opening up for trading technology. It provided technical and software solutions for online trading. The diligence and determination of founder Jignesh Shah, paved the path for FTIL in creating products that served across asset classes including equities, commodities, currencies, and bonds. 

Today 63 moons are global leaders in providing solutions to financial exchanges across multiple asset classes and #2 globally by licensing volume. With the largest financial distribution network in India through the ODIN suite of trading terminals with close to one million licensees across 600 cities, towns and villages, Jignesh Shah has clearly been instrumental in the Evolution of Financial Markets in India like no other. 

Read More

With pioneers like Jignesh Shah, Agri Grid may have limitless opportunities

Agriculture in India is the one industry that is capable of creating more value and jobs single handedly than any other industry! And that is saying a lot considering India is one of the leading providers of IT services, technology, services (especially ITES/BPO) and has the potential to become the manufacturing centre of undeniable scales. Yet agriculture and the tertiary industries around its ecosystem has the ability to dwarf all these industries in comparison. 

Recently there has been a marked increase in the interest VC s are showing in agri based start-ups as well. One such person putting his money where it matters is Jignesh Shah- more popularly known as the “Exchange Man”. After having successfully setting up 10 exchanges in 10 years, making some of them the biggest exchanges in the world today. He not only believes, but most definitely knows having seen the industry closely for over two decades the value it holds. He feels that even just one project based on the Agri industry -  for example the proposed Agri-Grid via e-Nam that would bring the entire agriculture and commodities ecosystem into one integrated market platform has enough potential to create 10 crore new jobs! 

The management of this large ecosystem platform of Agri-Grid and associated data will be valuable in making the decision to trade in spot, forward; store, harvest commodities, global trading etc. Thus a central repository in the form of a robust secured encrypted data management system (through use of block chain technology), will be the heart of the whole network. 

The network can connect users by apps, web platform, tele-callers etc. The economic size of the consolidated market place and support infrastructure will be so significant that it will attract global investment interest in the much deprived agriculture sector. Hence, linkages with banking and financial markets are an integral part of the whole system.

Read More

The big victory for Jignesh Shah & 63 moons

Mr. Jignesh Shah is the founder of 63 moons technologies group that is a global leader in providing next generation technology innovations, platform and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.

At a time when the Indian financial market infrastructure needed solutions for global integration and capacity building, along with bridging the rural-urban divide, it was the path-breaking vision of Mr. Jignesh Shah that went beyond the traditional market structure to set up world-class trading systems in India.

Many vested interests tried to pull Mr. Jignesh Shah down by conspiring against him but couldn’t succeed in the long run. Mr. Jignesh Shah was targeted by top bureaucrats working for then finance minister P Chidambaram who had his own vested interests in the rival National Stock Exchange (NSE).

Mr. Jignesh Shah’s corporate rivals perceived him as a direct threat and hence conspired to throw him out from the markets. For this, they decided to target NSEL where they managed to create a payment crisis of and then used this to attack Mr. Jignesh Shah and his parent company, 63 moons. For six years, vested interests lodged a vicious campaign against Mr. Jignesh Shah by misguiding the media, investigative agencies and even government authorities.

However, truth finally emerged victorious when in April 2019, the Supreme Court struck down the forced merger of NSEL with 63 moons. In August 2019, the Bombay High Court also ruled that the National Spot Exchange Ltd (NSEL) is not a financial establishment and hence notification for attachment of company’s assets including bank accounts and properties under MPID (Maharashtra Protection of Interest of Depositors) Act stand quashed.

It is a big victory for Mr. Jignesh Shah, his company 63 moons, its shareholders and employees. As they say, truth finally wins, no matter what!

Read More

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.

 

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

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. 

Read More

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