Jignesh Shah’s Orchestrated Downfall

One would think that pioneering the creation of ten new generation regulated multi asset financial markets in the same number of years would guarantee Jignesh Shah the title of a visionary. However, with recent allegations that directly attack him and the foundations he laid, it led to quite the opposite results.

Jignesh Shah took on institutional forces like the National Stock Exchange and the hidden forces behind it. He established himself and his exchange board NSEL as a frontrunner in the security exchanges sector. He took on his competition almost single-handedly and trumped them on the basis of performance and hard work, rather than other murkier ways that were executed by some of his counterparts. With the arrest of Shah in regard of the Spot Exchange crisis on just provisional evidence came as a shock to the whole industry and led to the inevitable fall of the ‘Czar of Exchanges’ as Shantanu Guha Ray calls him in his book ‘The Target’.

The book is a detailed and extensive understanding of both Jignesh Shah’s exponential growth and the dilemmas he faced even before he was accused of being involved in the Spot Exchange crisis. Target’s foreword, written by eminent political personality Suhel Seth states that “Shah’s companies were original IP-based innovations that did not involve any subsidy from the government or the banks for land, labour or taxes. For Shah, “excellence” was the only currency.” This shows his complete dedication towards his work and unwavering faith in what he was doing. To be part of the ‘Make In India’ plan initiated by the government, let alone being one of the few ones leading the programme is a huge deal and Shah’s involvement in it showed the impact he had on the country’ financial sector.

While the cases are still on-going in the courts, Shah has not shown any iota of fear or doubt, which can come with only years of experience and a strong belief over oneself. Whatever the outcome, no one can ever deny that his revolutionary ways have paved the future for how financial markets operate not just in India, but across other nations as well.

Related Article: http://www.pdrizmir.org/return-jignesh-shahs-passport-orders-bombay-high-court/ 

The Enigma that is Jignesh Shah

Battling through hardships and obstacles, Jignesh Shah has reached to the absolute top which is something only a few people can do. Even fewer can boast of achievements like creating 10 new generation regulated multi-asset financial markets in just 10 years across India, Singapore, Dubai and Africa. Jignesh Shah’s resilience towards all the difficulties he has faced shows level headedness and an innate calmness that can come only from years of experience and hard work.

Journalist Shantanu Guha Ray analyses the enigma that is Jignesh Shah in his book ‘The Target’. “Jignesh Shah’s companies were original IP-based innovations that did not involve any subsidy from the government or the banks for land, labour or taxes. For Shah, “excellence” was the only currency.”

Jignesh Shah’s rise to success was resented by many and all his achievements and accomplishments were maligned, but all the investigations against him are baseless even though the envious are trying really hard to make it look otherwise.

In these trying times, Jignesh Shah has kept his cool and has waited so that justice prevails. Ray talks about his unique genius and his unswerving rationality. He even compares Shah with the lead character of Ayn Rand’s ‘Atlas Shrugged’ John Galt because both of them “had to fight against the system to make it understand the benefits of modernization and the advantages of growth” and just like Galt, “Shah, too, was at odds with the inadequacies of a system that did not allow freedom for innovation and instead placed hurdles in the way of the enterprising few.”

With all the recent developments that have been occurring, anyone in Shah’s shoes would have given up and resigned to their fate. But, as Ray put it in his book, his dedication and professionalism towards his work along with his extreme perseverance and coolness the workings of a genius and enigma. One of the biggest exponents of the ‘Make in India’ programme by Prime Minister Narendra Modi, Shah is truly the Czar of Exchanges.

The high flier – Jignesh Shah

It would not only be hard, but counterproductive to displace Jignesh Shah from the stage of commodity markets. For those who don’t know, Jignesh Shah is the Chairman Emeritus of 63 moons technologies, previously Financial Technologies India Limited (FTIL). From the perspective of a viewer, it seems like his purpose is to create extraordinary technologies in the realm of financial markets. Multi-commodity Exchange (MCX) is one of the prime examples of such innovations. It stands at commendable positions around the world in terms of trading silver and gold. Based in Mumbai, the 44 years old business has conquered businesses and operations not only in India but numerous countries abroad as well.

The entrepreneur is believed to have decided to enter the financial markets at the young age of 8. While it might not sound more than the ordinary, he created an empire worth a billion within a decade. Whenever it comes to solutions in the financial markets, FTIL is the name that comes to mind.  Their motto is simple – to provide appropriate and user-friendly services to the clients.

“Our rising volumes and benchmarking against global contracts are a result of our giving top priority to the needs and expectations of customers. While we have no reason to be complacent about our achievement, we would like to make it very clear that our geographical reach is not confined to any specific region,” said Shah in an interview.

The exchanges in FTIL’s catalog are not limited to India. Shah has set up exchanges in countries like Mauritius, Bahrain, Botswana, Dubai, and Singapore. In India, Shah is the person who took the commodity trading online. On his journey to the top, Shah has given endlessly to the country and. Financial Technologies India Limited (FTIL), now 63 moons technologies has created millions of direct and indirect jobs. It has paid crores of rupees in taxes to the government. Moreover, Jignesh Shah has supported the ‘Make in India’ and ‘Digital India’ initiatives and continues to do so. Multi-commodity Exchange (MCX) has given 1% of the nation’s Gross Domestic Product (GDP) over a period of 10 years.

After giving up his plans to move abroad, he worked with the Bombay Stock Exchange (BSE) on the project called Bombay Online Trading System (BOLT). Now, FTIL holds almost a third of the financial markets’ operations.

“I always had dreams of hiring the best and being able to afford pay scales that outmatched all others. Today I can afford to not compromise on salaries when it comes to hiring and retaining the best,” said Shah. "We have a global appetite for global commodities", Jignesh Shah says, "Today, MCX is the second largest exchange in silver in the world, the third largest in gold and the only one to trade Rs. 1,000 crore (Rs 10 billion) of crude a day. We have consciously chosen our basket of commodities, that had enough depth for us to dig our heels into, and allowed trading to the daily volumes of Rs 50,000 crore (Rs 500 billion)".

It is evident that Jignesh Shah is an inspiring achiever and aware of that. He strives to perform under pressure whilst giving the due to his country. It can be said that he is a high flier.

Jignesh Shah: The Explorer of Avenues

The endless innovations introduced by Jignesh Shah in the financial markets are admired through the country. Financial Technologies India Limited (FTIL), now known as 63 Moons has introduced numerous financial and stock markets technologies.

In recent news, the company added to its portfolio and launched 4 new products in its ODIN platform. ODIN is a revered for its database to connect stock exchanges and investors.  It is n NSE competitor and has a market share of 65per cent. Investors with Aadhar and Pan Numbers can instantly start trading. They need to register their signature electronically on ODIN eKYC which allows brokers to open electronic trading accounts.

Small brokers may a mobile trading application ODIN Wave. It competes well with large broking houses.

ODIN Value and ODIN Joytrader launched by the company add service covering and market research and allow investors to play games via joy stick while investing.

ODIN Voice: Uses one-time password (OTP) and voice recognition to seamlessly execute trade orders. It is an interactive trade execution platform and can take instructions in 14 languages. It will cut down costs for brokers by replacing operators and trading terminals.

"It is an example of how artificial intelligence based conversational user interfaces can completely disrupt the way people transact in the future. This brings together the power of AI, Cloud Computing, Natural Language Processing (NLP) and analytics to create a very simple and intuitive experience to an otherwise complex task of investments in the market," said Keshav Samant, President  & CEO, Brokerage Technology Solution, 63 moons.

He also added that the existing ODIN users will enjoy these services for free or depend on their usage. These services are innovative at best and will create a huge social impact by integrating advisory services and provide them to the masses. This will be a great help to retail investors.

The list of platforms and technologies keeps growing under the vision of Jignesh Shah. He is certainly an explorer in the field of financial and stock market technologies.

Source URL: 

https://hubpages.com/business/Jignesh-Shah-The-Explorer-of-Avenues

This is how Jignesh Shah is aiding the Digital India programme

Acknowledged as the pioneer of financial and stock market technologies in India, Jignesh Shah continues to support the Indian society’s efforts of becoming a globally accredited economy. Through his company, Financial Technologies Limited (FTIL), now known has 63 Moons, he has provided up to 18 online technologies in the financial realm.

One of the auxiliary companies of Jignesh Shah’s 63 Moons – Atom Technologies will dissolve its services of the pre-paid card, in order to shift the operations in terms with the ‘Digital India’ initiative and focus on its ‘wallet’ feature for electronic transfers. The Reserve Bank of Indi (RBI) has annulled the certificate of authorization (COA) upon the request issued by Atom technologies via notification earlier this month.

The pre-paid card function, however, will be operational in other verticals like merchant aggregation and payment services across various channels like the point of sale, e-commerce, IVR as well as mobile.

The move has been substantiated in order to transform business and modify strategies to adapt with the changing economic market and payment forums. The prepaid account holders of the company have been notified in the matter regarding the cancellation of the license. Atom Technologies has invited the Pre-payment instrument holders to submit requests seeking closure of their accounts and avail the balance.

The ‘wallet’ business for transactions will help the government in keeping track of the flow of money which will, in turn, dismiss the failure to pay taxes and will eventually generate opportunities for the country to grow in various sectors.

"We continue our other lines of business of merchant acquiring through POS, Internet, IVR and mobile where we process more than USD 5 billion annualized with more than 100 million transactions annually across more than 50,000 merchants," said company MD and CEO Dewang Narella. He also stated that the demonetization and GST implementation will modify the entire base of 20 million merchants.

Started in 2006, Atom Technologies, a Mumbai based company has delivered unequaled end to end payment services through offline and online platforms. Pursuant to the ideals of Jignesh Shah, the company’s motto remains serving the public while ensuring growth of the country.

Pay heed to ‘The Target’: Jignesh Shah

Jignesh Shah, an exemplar of innovation and a flag bearer of the ‘Make in India’ campaign has created 18 unparalleled technological institutions that have put India in a solid position on the map of financial technologies.

Galt and Jignesh Shah fought against the system and both paid a heavy personal price – even suffered torture at the hands of the powerful – for prioritizing the interest of the collective mass. Neither ever strayed from their chosen paths, and strongly opposed the archaic ideas that revolved around some hackneyed beliefs that deny individual freedom. No wonder then, Galt and Shah became bywords for truly ‘free enterprise’, despite being pitted against some highly hostile environment.

As Shantanu Guha Ray, compares him to the controversial character of Ayn Rand’s book ‘Atlas Shrugged’ in his book ‘The Target’, he has become an idol in the stock trading world who has been defamed for personal gains by individuals as well as groups.

Few portals and institutions created by Jignesh Shah that have given without thought to the Indian populace are listed as follows:

ODIN:

Odin is considered to be one of the most significant trading technologies in India. It holds a million licenses across 2 lakh terminals in India. Odin is not only limited to India and is used abroad for exchanges developed under Financial Technologies.

Multi Commodity Exchange (MCX):

The Multi Commodity Exchange (MCX) is the leading entity in silver and gold futures globally and 2^nd largest in copper and natural gas futures. MCX is acclaimed for its span across 30 futures contracts. It is the first listed exchange in India.

National Bulk Handling Corporation (NBHC):

Integrated warehousing services, bulk handling, collateral management, testing and certification, commodity care and pest management are some of the valuable services provided by the NHBC. It deals in more than 150 commodities across 19 states.

Jignesh Shah has given unconditionally to the Indian society, but has received curt criticism and false allegations for the NSEL case. It is time that the Indian public paid attention to the story one of the biggest entrepreneurial pioneers in India.

Purchase The Target book: http://www.crossword.in/business-economics/target-shantanu-guha-ray/p-1341200-9178760135-cat.html

Jignesh Shah’s story unveiled in ‘The Target’

Jignesh Shah knew one thing for fact that fortune favours the brave. With his bravery he built the world around him full of fortunes. He has been a visionary for 18 FinTech platforms which caused revolution in the world of financial technology. The FTIL was established in the year of 1995 where an unchartered area was available for him and he gave up multiple opportunities to work abroad. The technical innovations were used by him and his partner to create the first technology driven finance company.

Shantanu Guha Ray is the author of two major controversial books Fixed! Cash and corruption in cricket and Mahi: Story of the most successful captain of India. He has come up with his new book, The Target This book addresses the advent and fall of Jignesh Shah and the controversies associated with him. In his book, Mr. Guha Ray mentions some of his famous encounters where he was appreciated in foreign countries.

‘At the launch in November 2005, the Prime Minister of Dubai, a man of very few words, looked at Shah and remarked into the public address system, ‘You came, you promised and you delivered.’

Over the years Jignesh Shah has been showered with multiple accolades such as US-India Businessman of the year 2005-06 by senator Mrs. Hillary Clinton in Washington DC, USA. Shah was also awarded with the Indian Express Innovation Award from the then president Late Dr. A.P.J Abdul Kalam.

In his book, Guha also mentions about his quick rise to success.

“As per the Forbes rankings in 2008, Shah – for, it was when Shah had reached his peak – was the world’s 1,014th richest person with a net worth of $1.1 billion. In 2009, MCX overtook the London Metal Exchange (LME) to become the sixth most active commodities bourse in the world and saw more than $1 40 trillion in trades. This was not all. Shah, using the state-of-the-art technology solutions set up over a dozen other exchanges across the globe stretching from Botswana in South-Central Africa to Singapore in South-East Asia.”

The book talks about the relation between business and politics in India which completely shunted Shah.

ED attaches Rs 414 crore of Laxmi Group companies in NSEL Case

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‘The Target’ deals with plunder of Jignesh Shah’s empire

Investigative agencies like Forwards Market Commission (FMC) are government bodies who are expected to give a fair chance to both the victim and the accused during their enquiry. Unfortunately for Jignesh Shah, the FMC played puppet in the hands of powerful politicians and bureaucrats to ruin the company most strategically.  The following excerpt from Shantanu Guha Ray’s ‘The Target’ will describe how the balance of justice shifts according to priorities.

The FMC had also stated in the same letter that there was a possibility that these defaulters may have diverted the funds, and have therefore violated the Prevention of Money Laundering Act (PMLA). In fact, the defaulters were found to indulge in cheating, forgery, theft, breach of trust, bank stock hypothecation, investing the default amount in purchasing benami properties and making the recovery process extremely complicated. But the FMC took no action against them at all.

Most of these defaulters have reportedly invested the default money in prime properties or elsewhere. For instance, although the EOW of Mumbai Police had arrested a defaulter, Ramesh Nagpal, Proprietor of Shree Radhey Trading Co, Saharanpur on March 1, 2016 for his inability to pay up his dues of Rs 34 crore, he had already purchased and gifted his son Sunny Nagpal, a four- bedroom flat in Kharghar, Navi Mumbai’s prime property area. Despite this fact, no action has been taken against similar other defaulters. Neither have the defaulting companies been merged nor have their bank accounts been sealed. Their managements have not been changed either.

The FMC did not take any action at all against the defaulters, despite the fact that the EOW of the Mumbai Police had established a clear money trail to the 24 defaulters also stating that no money trail was found to NSEL, FTIL or its non-executive directors.

The perfect aim at ‘The Target’, Jignesh Shah.

With Jignesh Shah on the aim of top politicians and bureaucrats because of his quick rise to the heights people seldom dream of, the beartrap made for him was inescapable. But what they didn’t notice was that they had left a trail of footprints to follow. Shantanu Guha Ray, a former tehelka journalist, stuck to his roots of investigative journalism and deduced the ultimate truth out of it.  Ripe with myriad anonymous conversations, Shantanu has managed to create the suspense yet veil the curtains off the facts.

Here is an example of such interesting excerpt from the book:

This one was narrated to me by a bureaucrat friend in Delhi, the person spoke on condition of total anonymity. Soon after the NSEL mess happened, a few civil servants – two from the MoF and one from the DCA – sat down together to ruminate and ponder over the problem. They even got an analyst who was an expert in markets, to specifically explain the minute details of the NSEL payment crisis.

So what did the brokers do in the NSEL crisis, asked one bureaucrat?

The expert crisply summed it up as the handiwork of dubious brokers. They did a lot of things that were fundamentally illegal. They created a structured product involving a contract for simultaneous buying and selling of commodities on the NSEL platform, thereby ignoring NSEL’s dictum to inform the clients of the risks involved in such simultaneous buying and selling of commodities. Worse, there was aggressive marketing and mis- selling apparently promising assured returns in violation of NSEL’s circulars. There were various instances of funding clients that should not have been done. Yet, for such dubious deals, to avoid income-tax, business income was illegally offset with questionable losses and expenses incurred on dubious deals.

A lot of tools were used to fire the guns, bureaucratic power, political clout, police and even internal commotion, but throughout the whole scenario the target remained unchanged, Jignesh Shah.

Jignesh Shah: The other side of the Target

A common bollywood story has a hero and a villain. A drama has long been playing in the backdrop of politics and stock exchange market. This drama too had a protagonist and an antagonist, but the viewers are still confused about who is who. The curtain unveiled a few days back with a well investigated script ‘The Target’.

The story of Jignesh Shah has been on a road full of ups and downs. It seems he was too focussed on reaching the horizon, but again, the road of business never comes with the  sign ‘Bumps Ahead’. Shah was awarded US-India businessman of the year in 2006, little did he know that in the coming years life was about to take a U turn. In ‘The Target’ Shantanu Guha Ray mentions:

In less than a decade, DGCX had positioned itself as a global financial hub, adjudged ‘Exchange of the Year 2013’, trading in bullion, currency and metals in Dubai (historically an important centre for trading in gold and other commodities).

This was a historical milestone for India, but in Delhi no reactions were forthcoming from the government, even the bureaucrats did not talk about the ground-breaking move. On the contrary, the government sent out feelers through the Mumbai-based Reserve Bank of India (RBI), wanting to know what was happening in Dubai, and whether or not Shah and his men were flouting the rules.

On one side where Jignesh Shah and his company were trying to restore the glory of Indian economy, everything else back home  was going wrong. Ray further clarifies this:

That was strange, if not absurd. A country that awards instant stardom to an Indian, who becomes the CEO of a global company, had no words of appreciation for an innovator and entrepreneur, who had achieved global recognition for excellence in building world-class financial institutions and services through lucid, well-regulated and well-audited processes.

However ‘cinematic’ the story may seem, all the events and characters in it are real. A lot of it has remained untold for years, but new facts have been brought in light which help us know more about the other side of the coin.

source url: http://www.newsking.us/jignesh-shah-the-other-side-of-the-target/