PM Modi’s vision makes entrepreneurs like Jignesh Shah confident of new India

“Come make in India. Sell anywhere, [but] make in India.” Prime Minister Narendra Modi said while introducing his vision of Make in India initiative with the primary goal of encouraging multinational and domestic companies to manufacture their products in India to the public. And it seems that the world is more than ready to embrace this vision, which is already set on a path to become a reality. PM Modi said that the Government in India has always been seen as a regulator and not a facilitator. 

This initiative intends to change this by bringing a paradigm shift in the way Government interacts with various industries. It will focus on acting as a partner in the economic development of the country alongside the corporate sector. This initiative  also seeks to facilitate job creation, foster innovation, enhance skill development and protect intellectual property.

And entrepreneurs and innovators like fintech evangelist Jignesh Shah are happy to back PM Modi's vision of making India a global power. Jignesh Shah being a native entrepreneur created a global business sitting in India. He founded 63 moons technologies over two decades ago with his zest and passion. Then known as Financial Technologies, 63 moons has been a global leader in providing next generation technology innovations. 63 moons is one of the top few tech companies that are capable of bringing high-tech technology revolutions vehemently advocating for a level playing field with international counterparts.

Jignesh Shah's foresight with deep-rooted interest in domestic strength had a strong connection with the real economy and generation of newer jobs and growth opportunities. 63 moons technologies limited is the only group with holistic understanding of financial markets ecosystem and an ability of innovate and establish internationally acclaimed financial institutions that are India centric. The company has been constantly striving and advocating to bring India at a level playing field with international counterparts.

With ace innnovators like Jignesh Shah joining PM Modi's efforts to make India a global hub for industry and start ups, looks like better days are here for India's young and budding entrepreneurs.

JIGNESH SHAH 2.0 AND HIS ‘START UP’ DREAM

Fintech maverick, Jignesh Shah who once built a series of exchanges in India and abroad shown his interest in Indian startup industry which is still in the emerging phase. A man who created over a million of jobs, Jignesh Shah sees a huge potential in a startup ecosystem and strongly feels that if startup ecosystem in the country would be advanced in a right direction then 10 crore jobs can be easily created over the next decade.

Jignesh Shah is confident now that the time has come to start his second innings as the Narendra Modi government is taking lot of initiatives for boosting up the start-up industry. Entrepreneurship is also flourishing in India after the comeback of Modi government. Jignesh Shah is quite hopeful about generating a lot of job opportunities in the next 10 years through the startup ecosystem.

Earlier, Jignesh Shah had set an unprecedented pace within just the first few years of creating a well-developed infrastructure of financial ecosystem, that too, within a decade. Through sheer patience and perseverance in creating robust infrastructure, he effectively combined his intellect and expertise in information technology into founding Financial Technologies (now known as 63 moons technologies) and a string of many world-class exchanges across India and abroad.

Under regulatory orders, Jignesh Shah had to leave the exchange space when a payment default of Rs 5,600 crore in 2013 surfaced at one of his venture National Spot Exchange Ltd (NSEL). However, no agency could prove even a single paisa of wrongdoing on his part, nor on part of his companies.

Jignesh Shah spells out high dreams for entrepreneurs of India

Asserting that India had stopped working in a routine, bureaucratic manner, Prime Minister Narendra Modi has invited entrepreneurs to invest in the country for easy business. PM Modi said that India is proud of all the enterprises that have ventured out and distinguished themselves globally and added that he was eager to give a picture of some positive changes happening in India.

Noting that his assertions made India one of the world’s most attractive economies for investment PM Modi said: “For investment and easy business, come to India. To innovate and starting up, come to India. To experience some of the best tourist sites and warm hospitality of people, come to India. India awaits you with open arms.” “Ease of Doing Business is rising and so is ‘Ease of Living.’ FDI is rising. Our Forest Cover is rising. The number of patents and trademarks are rising. Productivity and efficiency are rising. Pace of infrastructure creation is rising,” Modi said.

Significantly enough, one of the finest innovators and entrepreneurs of India, Jignesh Shah, wanted has decided to dedicate his experience and talent to PM Modi's cause and vision of Start up  India. Jignesh Shah desires to bring a change in his country and that is why he had created an exchange markets  eco-system on the lines of the ideology of the ‘Make in India’ campaign by PM Modi. His motive was to create more job opportunities for the youngsters of India, which were both of highstandards and environment-friendly. This brilliant strategy of Jignesh Shah has created over millions of job opportunities across the country in the past decade.

Jignesh Shah is known as a tech 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. He had the vision to create new-generation markets and segments that are people-centric and are based on a comprehensive market structure. He desired to work for the well-being of his country.

With him as a mentor in the start up ecosystem, India certainly has a bright future for its millions of entrepreneurs.

Jignesh Shah & 63 moons: Emerging victorious after a long battle

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.

Innovator Jignesh Shah’s Second Innings To Fire Up Start Up India

After more than a decade of battling rivals and regulators, Exchange Czar Jignesh Shah is rising and shining again. Finally, we can say that truth is prevailing and Jignesh shah is finally getting justice one after another. As they say that true leaders are always committed to rising and that’s what is happening in Jignesh Shah’s case, the ace innovator.  Many vested interests tried to single out Jignesh Shah and throw him out from the exchange space by plotting and conspiring against him but his belief in truth and perseverance has ultimately stood the test of time.

The Supreme Court has already set aside the forced merger of his 63 moons tech with one of its subsidiaries. Thereafter, the Bombay High Court in its recent judgment declared that attachment of assets of 63 moons is completely illegal and should not be done as its subsidiary NSEL was not a Financial establishment but was just a platform provided to buyers and sellers for the transaction of commodities.

As all lies against Jignesh Shah are being nailed one after another on the floor of the judiciary, Shah is more than confident that he can start his second innings, and wants to play the role of a mentor to young entrepreneurs.

Talking about his future plans and about his second innings, Jignesh Shah in a recent interview said that this time he wants to focus on the start-up ecosystem since he believes that the startup ecosystem wouldn’t be restricted to any exchange or marketplace at all. He said that his focus will be more on nurturing and inspiring entrepreneurs on varied scales including agriculture, genetics, robotics. This time he wants to play the role of a coach because he feels that it will be a diverse structure with an understanding of entrepreneurship.

Jignesh Shah: Discerning Propaganda From Reality

Ace innovator Jignesh Shah, the entrepreneur who founded the iconic Fntech FTIL, had effortlessly torn apart monopolistic regimes and established a democratic market for all investors by way of his innovative exchanges and IP-driven products, is in the news again. 

After the payment default crisis at his subsidiary, the National Spot Exchange Ltd (NSEL) payment default crisis surfaced in 2013, which he says was a conspiracy by then finance minister, P Chidambaram to favour his pet rival exchange, the NSE, Jignesh Shah is, for the first time, talking about 'what next' since all the lies spread about him and his companies are being nailed in the courts.

It is now emerging clearly that Jignesh Shah and his FTIL group was caught in a web of conspiracy with the intent of causing his downfall. As a result, the premediated NSEL crisis was blown out of proportion and it was alleged that 13,000 traders, who masqueraded as investors, had lost Rs 5,600 crore on NSEL.

Consequently,  unprecedented decisions were taken in haste, without any validated evidence against FTIL, which eventually brought down his exchange empire and destroyed FTIL and Shah’s innovations.  

But as said earlier, after a long wait, facts are coming out in public domain in the form of judicial vindications. Shah who has been besieged in several legal hurdles, is now, finally, gearing up gradually as court orders are quashing actions like the forced merger of his FTIL with NSEL. It is quite evident now that NSEL was not an investment vehicle, but a trading platform for buying and selling plantation and farm commodities and their products. The real culprits behind the crisis are defaulters, brokers and their clients, who masqueraded as investors. However, the law is yet to catch up with them. Only Shah and NSEL have been helping government machinery in the recovery efforts but only time can tell when the genuine victims of the NSEL crisis will get justice.

JIGNESH SHAH: STANDING UNSHAKEN

At a time when innovators across the world were turning towards e-commerce, a man in India was gearing up to take the exchange markets sector by storm. With his vision set on various tech-based innovations, his flagship company, 63 moons technologies limited, was able to prove its mettle in a short span of time.

Mr Jignesh Shah, currently chairman emeritus, 63 moons, through his sustained innovation successfully transformed the face of the Indian financial markets and helped the country realise its ‘Make in India’ even before the government conceptualised it.

However, these efforts went down the drain at the behest of some vested interests who launched a premeditated massive assault on the company and its founder. This assault came out in the form of a Rs 5,600 crore payment default crisis at one of company’s subsidiaries—the National Spot Exchange Limited (NSEL).

Fearing company’s rapid growth, the negative forces worked around the corner to bring Mr Jignesh Shah’s empire down. However, the world slowly took note of the six-year-long assault in the form of the two recent court orders. In August 2019, the Bombay High Court quashed attaching assets of Mr Jignesh Shah’s flagship company 63 moons technologies in the National Spot Exchange Limited (NSEL) case as it ruled that NSEL was not a financial establishment.

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