Jignesh Shah’s life is no less than a Bollywood script. His rise as ‘The Exchange Man of India’ empowered millions to lead a proud life. He proved his mettle by creating beacons of growth for the Indian economy such as MCX. The way NSEL case has panned out shows forces going out of the way to frame him on flimsy grounds.
From the time he started to show his growth and formed a grip over the exchange market, efforts were made to pull him down and hamper his growth. All his efforts were seemingly going in vain due to multiple incidents, canards and rumours that targeted him.
i. There was immense pressure on Shah to sell his share to a certain bank, keeping in mind the loans that had been taken. On the contrary, repayment was done in time.
ii. MCX had to undergo an income tax raid. Even after not finding anything against Shah or MCX, this raid was used as an alibi to disallow him to set up other exchanges.
iii. FTIL was blacklisted on the basis of a complaint that dates back to almost 10 years and was sorted out too.
iv. Traders working with FTIL had to undergo a hard time. Approvals for trading to those brokers who preferred Jignesh Shah’s exchange products had to face the brunt of delay, indirect threats and fear of penalties.
v. There were umpteen efforts to stall MCX public issue by pushing detractors to file frivolous complaints.
vi. Shah was refused for MCX SX license for equity market segment which was won only through Supreme Court’s intervention.
vii. MCX proposed several times for a unified regulatory agency for spot, futures and warehousing segments in Indian commodity market system which was never taken in consideration. However, when NSEL case created a spur, it was made to look like MCX was avoiding regulations!
A man who went on to take India’s exchange platform to a different level, regarded as one of India’s greatest visionary, credited with projects that offered employment to millions caught in a web of inexplicable investigative moves springs up multiple questions–is there a plot to this, is it a conspiracy which if decoded may stun the nation as those behind it are bared?
From the time he started to show his growth and formed a grip over the exchange market, efforts were made to pull him down and hamper his growth. All his efforts were seemingly going in vain due to multiple incidents, canards and rumours that targeted him.
i. There was immense pressure on Shah to sell his share to a certain bank, keeping in mind the loans that had been taken. On the contrary, repayment was done in time.
ii. MCX had to undergo an income tax raid. Even after not finding anything against Shah or MCX, this raid was used as an alibi to disallow him to set up other exchanges.
iii. FTIL was blacklisted on the basis of a complaint that dates back to almost 10 years and was sorted out too.
iv. Traders working with FTIL had to undergo a hard time. Approvals for trading to those brokers who preferred Jignesh Shah’s exchange products had to face the brunt of delay, indirect threats and fear of penalties.
v. There were umpteen efforts to stall MCX public issue by pushing detractors to file frivolous complaints.
vi. Shah was refused for MCX SX license for equity market segment which was won only through Supreme Court’s intervention.
vii. MCX proposed several times for a unified regulatory agency for spot, futures and warehousing segments in Indian commodity market system which was never taken in consideration. However, when NSEL case created a spur, it was made to look like MCX was avoiding regulations!
A man who went on to take India’s exchange platform to a different level, regarded as one of India’s greatest visionary, credited with projects that offered employment to millions caught in a web of inexplicable investigative moves springs up multiple questions–is there a plot to this, is it a conspiracy which if decoded may stun the nation as those behind it are bared?
