Jignesh Shah To Create One Crore Jobs In New Avatar

Jignesh Shah’s story is really inspiring and motivates a lot of youth across the country, his journey is more than exciting, challenging and worth taking inspiration from. Jignesh Shah was targeted by vested interests who perceived him as a threat.

After a payment default crisis of Rs. 5,600 crores in 2013 at his smallest venture National Spot Exchange Ltd (NSEL), which had a daily trading volume of Rs 200 crore as compared to more than Rs. 1.20 lakh crore a day at his biggest exchange MCX, Shah was forced out of all SEBI- Regulated Businesses under regulatory orders amid a multi-agency probe. This was despite that not a single paisa of the default money was traced to him, NSEL or the parent 63 moons technologies but the entire amount was traced to the 24 defaulting traders of NSEL.

However, even after seeing so much of downfall and being targeted, Jignesh Shah feels that the time has come to start his second inning as court orders are absolving him of all the charges one after another as no agency could prove even a single paisa of money trail to him or to his group and not a single wrongdoing on his part and nor on part of his companies. He feels that all the lies are being nailed down one after another through the courts.

Jignesh Shah now sees 100 times bigger business potential in the Start-Up ecosystem after having set up 14 exchange companies across 6 continents in a span of 10 years in his earlier stint and feels he can create 10 crore jobs over the next decade for the country’s youth.

This time, Jignesh Shah wants to focus more on mentoring and help youngsters with innovative ideas and help them to live their entrepreneurship dreams by providing them with a platform for institutionalization, globalization, and scaling up for their ventures.

Jignesh Shah was quoted saying in the newspapers,“I want to be a coach now and nurture young entrepreneurs by putting in my entire experience and everything I have got to create world-class and world-scale institutions in all the verticals that we will work in. I want to create a big assembly line of future Jignesh Shahs."

He said,"I created and nurtured a business that made India the world's second largest marketplace in commodities trading and we were on the top in all businesses our exchanges did. And this feat was achieved in a political environment that was not very conducive. Now the time is conducive with a strong political  leadership under PM Narendra Modi."

Jignesh Shah: Fighting Against All Odds

The payment default at the National Spot Exchange Limited (NSEL) was a premeditated crisis as is evident by recent developments now. It began when the then market regulator Forward Markets Commission (FMC) triggered a payment crisis by seeking sudden closure of a running exchange.

During the last six years, no actions were taken against the erring brokers, who were found to have indulged in numerous market abuses in mis-selling products and the defaulters who chose not to pay despite a clear-cut money trail to them. The whole of the focus of vested interests controlled by then finance minister P Chidambaram was on pinning down Mr. Jignesh Shah, founder and currently chairman emeritus, 63 moons technologies limited because his exchanges posed competition to Chidambaram’s pet exchange, the NSE.

Six years of persecution later, truth has finally prevailed. In August 2019, the Bombay High Court quashed attachment of assets of Mr Jignesh Shah’s flagship company 63 moons technologies in the NSEL case as it ruled that NSEL was not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties under the MPID (Maharashtra Protection of Interests of Depositors in Financial Establishments) Act stand quashed.

In April 2019, the Supreme Court also set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with the parent company, 63 moons, in public interest under Section 396 of the Companies Act.

Perhaps, never in the corporate history of this country, a conspiracy of such a high magnitude was created against a corporate house fearing its growth. It was Mr Jignesh Shah’s faith in the judiciary that justice finally came knocking on his doors! Long live truth, long live justice!

Strong-Willed Jignesh Shah Rises Above All Challenges

Mr. Jignesh Shah who is known as a young innovator and entrepreneur, founded 63 moons technologies over two decades ago, a company that was earlier known as Financial Technologies. With his innovative zeal and entrepreneurial aggression, he turned it into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years. 

This MAKE IN INDIA story of Jignesh Shah which was much ahead of times was looked upon as a threat by certain vested interests who in turn form an unholy nexus and created an artificial payment default crisis at one of the subsidiaries of 63 moons—the National Spot Exchange Limited (NSEL) in 2013. After lot of probe, it was found that the entire money trail of the default amount was traced to the 24 defaulting entities and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah. Unfortunately, all these facts were ignored, and Jignesh Shah’s empire was attacked with vengeance.

Despite being targeted singularly, Jignesh Shah is emerging victorious as he strongly believes that truth ultimately prevails! The Hon’ble Supreme Court set aside the forced merger of 63 moons with NSEL on 30th April 2019 i.e. almost after 6 years of NSEL crisis. While pronouncing the judgment, the Apex Court laid down the precise definition and the elaborate criterion for what constitutes ‘public interest’ ruling that there was no public interest in the merger order.

And, just few months after this huge victory, a big relief came in the form of another landmark judgment where 63 moons won MPID case in Bombay High Court on August 22, 2019. The Bombay High Court stated that NSEL is not a financial establishment and hence notifications for attachment of the company’s assets including bank accounts and properties under the MPID Act stand quashed.

Jignesh Shah has always maintained utmost faith in the Indian Judiciary and has always fully complied with all investigative agencies and strongly believes that truth prevails and triumphs.

63 Moons: A Testimony Of Truth Always Prevails

Inspiration and motivation play a very important role in every walk of life, and what better an example to look at than one of our best and gifted innovator/entrepreneur like Mr Jignesh Shah who founded 63 moons technologies!

Mr Jignesh Shah, through his innovative zeal and entrepreneurial aggression, turned 63 moons into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years. 

But as they say, success is not digested by many and a similar happened with Mr Jignesh Shah. His group’s rapid growth in the markets was looked upon as a threat by certain vested interests who envied the company. These vested interests joined hands with their political godfathers to form an unholy nexus that created an artificial payment default crisis at one of the subsidiaries of 63 moons—the National Spot Exchange Limited (NSEL) in 2013.

The entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah. But all these facts were ignored, and 63 moons was ridiculed and attacked with vengeance. Despite the witch hunt, 

Mr Jignesh Shah and his company 63 moons are emerging victorious as truth eventually prevails!

Truth always prevails, and no one can supress it for long, and that is what happened when 63 moons won the MPID case in the Bombay High Court. The High Court stated that the NSEL is not a financial establishment and hence notifications for attachment of the company’s assets including bank accounts and properties under the MPID Act stand quashed.

Mr Jignesh Shah has always maintained utmost faith in the Indian Judiciary and has always fully complied with all investigative agencies. Thus, in the end, the legitimate fight that 63 moons and Mr Jignesh Shah put through over the last six years has been worth the effort Mr Jignesh Shah is on his way towards protecting shareholders' value and the larger democratic interest of Corporate India.