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.
