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.

Also Read : Jignesh Shah optimistic about Indian youth

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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.

Also Read : Creative disruptions by 63 moons technologies

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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.      

Also Read :  Jignesh Shah applauds Modi’s vision on technology & innovation

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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.

Also Read: Jignesh Shah's story of evolution through organic growth

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Jignesh Shah applauds ‘Make in India’; says agri-based industry to uplift economy

 

When Prime Minister Narendra Modi announced the ‘Make in India’ programme in 2014, India was abuzz with hope that the country’s industrialisation and manufacturing prowess would pick up quickly. He called for a focused effort to make India a USD 5 trillion economy. Accoding to Modi the strong absorbent capacity of Indian economy shows the strength of basic fundamentals of the country's economy and its capacity to bounce back. 

The Prime Minister said that the sectors like tourism, urban development, infrastructure and Agri-based industry have a great potential to taking forward the economy and for employment generation. The Prime Minister said that this would also foster a positive mood and 'can do' spirit in the society," it said. India is a land with unlimited possibilities, he said and stressed that all stakeholders to do their bit to bridge the gap between reality and perception. 

Like PM Modi, fintech innovator Jignesh Shah's efforts too have been to help upcoming entrepreneurs build a strong economy of the country. Jignesh Shah created new-generation markets and segments that are people-centric and have a comprehensive market structure. Start-up Industry has a lot of potential, but it will be able to see long term success, if the first-generation entrepreneurs like, Jignesh Shah is able to provide the desired impetus and momentum to this industry with his robust leadership. He wants to make India a powerhouse in financial technology and exchanges and related ecosystem development. The idea was borne out of the untiring efforts of Jignesh Shah and his colleagues. 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 state of the financial market infrastructure that India could take pride in. His contributions had an immense impact on the growth and development of the financial sector and unveiled a different side of India in front of the world.

Also Read : Agriculture sector attracts me : Jignesh Shah

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Jignesh Shah's story of evolution through organic growth

 

After coming to power and assuming office in 2014,  Narendra Modi announced the Make In India initiative. The major objective of the initiative was to focus on job creation and skill enhancement in 25 sectors of the economy. But just about decades before this initiative, one first generation entrepreneur had the same vision, and over the course of a few years he managed to not only realize this vision, but far exceed it. The man who went on to be more popularly known as the "Exchange Man" of India is not only one of the most successful Make India Stories in recent times, but Jignesh Shah has inspired many more like himself to continue to dream and achieve.

Jignesh Shah's story evolution through organic growth began in the early 90's when he pioneered ‘Make in India’ technology for trading in financial exchanges across multiple asset classes. Today 63 moons, the company he founded is  #2 leader globally by licensing volume. 63 moons operates the largest financial distribution network in India through its ODIN suite of trading terminals with close to one million licensees across 600 cities, towns and villages.

Next Jignesh Shah set his sights on creating green field financial markets and ecosystem ventures across India, Middle East, Africa and SouthEast Asia. The result of his relentless pursuits led to the Multi Commodity Exchange of India Limited (MCX), Singapore Mercantile Exchange (SMX), Indian Energy Exchange Ltd. (IEX), Dubai Gold and Commodities Exchange (DGCX) and Bourse Africa Limited (erstwhile Global Board of Trade, Limited); which are amongst the most renowned institutions in their respective regions.

This organic growth story did not stop with just technology for trading and setting up of Exchanges. Jignesh Shah's vision also included transforming the entire commodity trading ecosystem. His aim was to revolutionise all the tertiary businesses that included warehousing, collateral management, bulk handling, information vending, digital payments as well as developing the spot market to ensure an underlying trading system for financial markets. With companies such as NBHC, Tickeplant, Atom and many others, Jignesh Shah's vision of evolution had reached the next milestone. Over the course of about a decade, Jignesh Shah's institutions went on to provide over a million jobs and opportunities, paid over 2000 crores in taxes and paid a dividend to its shareholders for 38 quarters straight. A true success story of evolution through organic growth.

Also Read : Modi assurance & Jignesh Shah’s vision unite as India dreams big

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