Fintech innovator, Jignesh
Shah, who is known as 'India's Exchange Man' for successfully launching ten
exchanges across six continents, including MCX in 2003, has been fighting a
prolonged legal battle on multiple fronts ever since NSEL payment crisis in
2013. Although, he is emerging out victorious, the genesis of the crisis--so
far not widely known--is in the public domain now.
Once Shah's flagship FTIL
started giving tough competition to rival NSE, he and FTIL became the target of
the then Finance Minister, Chidambaram who had his vested interests in the NSE.
It emerged later that the NSEL crisis was a planned conspiracy of P.
Chidambaram and executed by his trusted lieutenants, K.P. Krishnan, the then
Joint Secretary (Capital Markets) in the Finance Ministry and Ramesh Abhishek,
the then Chairman of the FMC. It was mainly Abhishek who cast the dice to
destroy Shah’s growing empire by erroneously recommending to the government to
stop NSEL trades. This unprecedented step led to an abrupt closure and created
the payment crisis.
However, the entire money
trail was established to the 24 defaulters who themselves accepted and promised
to repay but unfortunately all the executive actions were targeted against Jignesh Shah and his
FTIL Group.
After a long wait, two back
to back landmark judgements came in favour of Jignesh Shah and his company. One
of the latest victories for him came, when the Bombay High Court ruled that the
NSEL was not a financial establishment and quashed the attachment of assets,
including bank accounts and properties, of FTIL, now known as 63 moons
technologies. Similarly, earlier this year, the Supreme Court set aside a
government order to merge NSEL with 63 moons which was indeed a huge relief for
the company as well as its stakeholders.
Post these developments,
Jignesh Shah hopes that 63 moons will chart another growth trajectory for
India, albeit in an altogether business stream like Start up India, a pet
project of PM Narendra Modi.
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