The Tale of Jignesh Shah: A Visionary who had a Dream

The business tycoon of India’s exchange market, Jignesh Shah is a visionary whose contributions towards the society are commendable. Owing to his efforts, the Indian capital market witnessed a transformation and received global acclamation. When the Indian exchanges were facing difficulties to survive in the market, the zealous entrepreneur, with his unique ideologies and strategies, opened up various opportunities for the market to flourish. 

According to Forbes, he is one of the richest persons in India. However, he was not always the man he is today. Jignesh Shah belongs to a middle-class family and is an engineering graduate. After completing his degree, he was working at the Bombay Stock Exchange (BSE), an online trading platform, where he fathomed the various patterns and nuances of the market. Being a visionary, he knew that the only way he could attain his dream was by becoming an entrepreneur. Soon, he left his job at the BSE and came up with the fin-tech company Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited.  

Jignesh Shah wanted to create new-generation markets and segments that are people-centric and have a comprehensive market structure. His aim was the welfare of the country and creating millions of job opportunities for the youth that will create an enormous amount of wealth in the country and eventually empower millions. Before Prime Minister Narendra Modi’s ‘Make in India’ campaign, Jignesh Shah-led FTIL had curated an ecosystem that followed its ideology. According to it, more emphasis should be given to job generation and skill enhancement. At the same time, they should have high-quality standards and be environment-friendly.

Currently, Jignesh Shah’s 63 Moons Technologies Limited is the biggest financial distribution network in India. It's flagship product ODIN has around one million licenses across 600 cities and created 25 lakh jobs that benefited nearly 1 crore households. Besides that, his other exchanges like Multi Commodity Exchange (MCX), Indian Energy Exchange (IEX) are respected exchanges in their respective fields. Foreign Exchanges like Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX), etc. have facilitated India’s routes to international trades.        

Jignesh Shah’s FTIL- A Job Generation Machine

The Founder, Chairman Emeritus, and Chief Mentor of 63 moons technologies limited, Jignesh Shah, is an innovator who opened up various opportunities for India. He wanted to bring development in the country, while, at the same time, enriching him and his flagship product as a subsidiary, and also creating millions of job opportunities for the Indian citizens to help the society. He developed a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets that later became the instruments to change the contours of exchange trading in India and other emerging economies from Africa to Asia.  

 The ‘Make in India’ campaign is a crucial initiative by our Prime Minister Narendra Modi that aims towards creating a million jobs and a million opportunities. This initiative was launched soon after he came to power, on September 25, 2014. The goal was not just generating jobs but also, skill enhancement and improving the standard of living while minimizing the impact on the environment. Before this campaign was launched, JigneshShah’s Financial Technologies India Limited (FTIL) was already narrating an ecosystem that followed the ‘Make in India’ ideology.   

FTIL (Financial Technologies India Limited): There were many Trading terminals of FTIL spread across the nation. Each of these terminals had employed around 2 to 3 people. FTIL’s ODIN ran about 3.5 Lakh (350,000) terminals at one given time, creating nearly 7 Lakh (700,000) jobs.

MCX (Multi Commodity Exchange): MCX had an impact on the rural areas. Not only it created numerous jobs in the Exchange industry and trading-related activities but also spun off a number of jobs in the Commodity Market Value Chain. The various jobs available were in Distribution, Grading, Assaying, Valuing, Warehousing, Finance, Risk Management and related activities.

NBHC (National Bulk Handling corporation): NBHC is India's leading provider of integrated commodity and collateral management services. Over the years, it has created substantial job opportunities in the rural areas. Also, NHBC’s efforts helped to cut off the middleman and maximise the farmers’ profits by providing them with the best possible price.

IEX (Indian Energy Exchange): IEX provides electricity at better pricing and has better distribution strategies. IEX’s efforts have helped a lot of small-scale industries to sustain, thus, opening up more job opportunities.

Eco-system verticals: Initiatives of Jignesh Shah likeTicker and Atom have generated job opportunities across the value chain. Financial Technologies Knowledge Management Company (FTKMC) was set up for knowledge enhancement and skill development that trains youngsters and professionals to make them capable of finding better-paying jobs.