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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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.

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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. 

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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.

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JIGNESH SHAH: THE CZAR OF EXCHANGES

63 moons technologies limited, formerly FTIL, has made a mark in the field of technological innovations in financial markets and has been named as one of the most powerful and influential companies under the leadership of its founder Mr. Jignesh Shah. 

Climbing Mount Everest is the ultimate achievement for any climber, but when a company leaves a mark on its own without any support and writes a success story even after facing competition from well-established market players, it is nothing short of awe-inspiring.

63 moons is a global leader in providing next-generation technology innovations, platforms, and solutions for creating digital markets and marketplaces. The entry of 63 moons into the exchange space, under the mentorship of Mr. Jignesh Shah, brought competition that benefited the stakeholders enormously. 63 moons put up efficient alternatives virtually in every asset class that had a very positive impact on growth and productivity.

63 moons have been instrumental in creating and changing the landscape of various market segments and building global size and significance, all thanks to Mr. Jignesh Shah. Most of the market infrastructure that was created was in Greenfield ventures with 63 moons' vision of making each of these ventures into markets of national importance.

It is quite evident that the growth story of the erstwhile FTIL is about empowering people. As such, 63 moons have always emphasized on gainful economic opportunities for the youth and women.

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JIGNESH SHAH: IN PURSUIT OF INNOVATION AND PUBLIC GOOD

Talk about the innovations that have catapulted the Indian financial ecosystem to a zenith point, Jignesh Shah will be always be placed as the numero uno tech entrepreneur.  He not only created nationwide, efficient and transparent market places with the scientific price discovery process but also generated more than a million jobs in our economy.

Having the mettle to venture into the system when no other established players ‘wanted to the take the risk’, Jignesh Shah’s ventures not only brought in the much-needed transformation in the sector but also envisioned the Indian market at the epicenter of global markets by integrating it with the global exchanges.

A stellar example of value creation, his flagship company, 63 moons technologies limited or the former FTIL became the first major software product company in the country with leading proprietary products. The journey, which began with the launch of ODIN in 1995—a brokerage solution that helped the stock markets to spread across the nation—progressed with the set-up of nine multi-asset-class national and international exchanges, a national electronic payment service as well as a platform providing financial real-time content namely, MCX, MCX-SX, DGCX, IEX, BFX, SMX, Bourse Africa, Atom Technologies and Ticker plant.

And while doing so, 63 moons always promoted local talent and skills in the financial market because of its sheer belief in the power of the Indian enterprise. 63 moons have always focused on generating sustainable incomes and self-employment opportunities. The company’s model of ‘Social Business Entrepreneur’ has generated over a million jobs that have blended social interest with inclusive growth while assuring highest returns to the shareholders.

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