Wednesday 22 November 2017

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/