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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Agriculture sector attracts me : Jignesh Shah

 

Jignesh Shah is a maverick entrepreneur who defied convention and competition to create institutions such as MCX, Singapore Mercantile Exchange, Dubai Gold and Commodity Exchange, IEX. These have been bought by global investors such as the NYSE Group and the Government of UAE.

Talking about his future plans, Jignesh Shah said that this time he wants to focus on the start-up ecosystem, since he believes that startup ecosystem wouldn’t be restricted to any exchange or marketplace at all. He said his focus will be more on nurturing and inspiring entrepreneurs on varied scales including agriculture, genetics and robotics in which he would play the role of a mentor because he feels that it will be a diverse structure with an understanding of entrepreneurship.

Shah is known for his innovative zeal, entrepreneurial aggression, and a distinct vision which can scale up markets, be it start-ups or any other industry with the focus on creating huge employment and value for all stakeholders.

We created 10 lakh jobs through our exchanges during a period of ten years (2003-2013). But entrepreneurship is 100-times bigger opportunity than what I had in the exchange space and it won't be wrong to say that we can create minimum 1 crore jobs and up to 10 crore jobs in the next 10 years through this start-up ecosystem," he said.

Asked to explain what kind of 'ecosystem' he wishes to create and what areas those startups would work in, 52-year-old Shah, who hails from Gujarat and started his career as an engineer before setting up Financial Technologies in his early 20s, said it would not be limited to the areas of technology and financial markets. 

"It can be in agriculture, which attracts me the most today, it can be in genetics and it can be in robotics also. There won't be any constraints," he said.

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

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

 

Expectations from India are not only from within the country, but even in the context of global growth and development a lot is expected from our country. Prime Minister Narendra Modi said that the private sector must continue to believe in the India story, assuring that he will do his best to make India a better place to do business. Viewed in a global context, investors can be assured that India is the best destination in the world, assures Modi.

According to Modi this country and people of India have everything in them to achieve higher goals and higher objectives. He expressed his confidence that 1.3 billion people comprising millions of farmers, lakhs of industrialists, hundreds and thousands of young entrepreneurs and start-ups, women, through their collective endeavour, will take us there. 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.

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. 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. Before our Prime Minister, Narendra Modi, introduced his ‘Make in India’ campaign, Jignesh Shah was already following a strategy that reflected its ideologies.

His 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 (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.

Also Read : 63 moons tech created a wave in exchange markets

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Jignesh Shah: Powering trade for brokerages - every step of the way

Over the last decade, the contours of the financial markets are expanding with the advent of new technology, innovations in products and fast changing customer expectations. The Indian financial services sector comprises a good blend of domestic and foreign participants. Opening up of the financial markets has resulted in competition and greater efficiency.

Jignesh Shah, whose name is synonymous with ‘Innovations’ in the Indian financial markets, has made the brokerage technology solution ‘ODIN’ the 'de facto' name in the capital markets . The evolution has spanned over Brokerages & Exchanges across continents, right from Africa, to Middle-East, to South-East Asia.

With a history of innovations and pioneering solutions, his flagship products have been powering Brokerages to deliver seamless trading solutions to millions of investors. The robust technology stack, backed by deep domain knowledge has enabled his company 63 moons technologies to deliver a comprehensive multi-exchange, multi-asset, and multi-segment offering suite across front, mid & back office. The high-performance stack has high integrability, scalability and is rapidly deployable globally.

Jignesh Shah's foresight and complete belief in capabilities of technology and the impact it can deliver drove him to deploy the best in automation, artificial intelligence, cloud computing, machine learning & natural language processing, to bring a whole host of innovations, helping Brokerages rethink the future. The resulting solutions are driving a rapid shift towards mobility, analytics, stricter compliance, actionable research, robotics, process automation, leaner organizations, and catering to changing customer expectations & demographics.

63 moons is one of the few companies that caters to every step of the trading life cycle including 

- Online on-boarding of clients with KRA or Adhaar integration, remote IPV, bio-metric verification and digital signing of documents, EKYC

- Componentized, scalable Broking software with high-performance Order Management Systems and comprehensive Risk Management Solutions for high throughput, ultra low-latency trading

- Intelligent desktop trading applications, web trading portal and market-leading mobile trading application, catering to offline and online trading needs of multiple user types

- Advanced charts, arbitrage watch, VOA, screeners, expiry strategy, news and other tools, enabling informed decision making for varied investment styles

- Comprehensive suite of back office, post-trade transaction processing and digital document signing solutions, for end to end transaction settlement

- Specialized on-demand IT infra & facilities management service with enhanced security, efficiency and accessibility

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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. 

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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.

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