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.

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.

Jignesh Shah: A Victim Of A Conspiracy

The founder of 63 Moons Technologies Limited, formerly known as Financial Technologies (India) Limited, Jignesh Shah is one of the most successful entrepreneurs in the country. The net worth of Mr. Shah is estimated to be 610 million dollars. Starting from a scratch, the man built his empire with strong determination and will power. He once worked at the Bombay Stock Exchange (BSE). Through sheer hard work, he climbed the ladder of success and made it to the millionaire list of India. To date, his exchange, Financial Technologies (India) Limited (FTIL) remains as one of the most successful initiatives in the Indian financial markets.

When the Indian stock market was manipulated and controlled by only a few individuals in power, they earned enough profit owing to the monopoly. However, when Jignesh Shah came up FTIL, the monopoly of the market was shattered. FTIL designed multiple solutions for various sectors and helped them to grow and develop immensely. Further, Shah launched many exchanges both in India and overseas after the success of FTIL. These exchanges brought in many opportunities and facilitated many international trade routes.

In his path of developing the nation and empowering the people of the nation, Jignesh Shah created enormous job opportunities for the youth. However, his efforts were not welcomed by everyone in the same way. He faced many barriers curated by the people who took advantage of the monopoly in the market. National Spot Exchange Limited (NSEL), one of Shah’s exchanges, faced a huge payment default of Rs 5600 crore in 2013. Subsequently, many investors, defaulters, brokers and administrators came under the radar of probe agencies. Soon after the news broke out, the regulatory bodies barred NSEL from launching any further contracts that eventually lead to its abrupt shutdown.

Including Jignesh Shah, some of the key people of the exchange were brought in for questioning. The Economic Offences Wing of Mumbai Police asked Jignesh Shah repeatedly to visit the police station and help to track down the money. However, after visiting nearly 21 times, he was detained under the ground of non-cooperation on May 7th.

Jignesh Shah’s arrest was a shock as no substantial evidence is found against him to date. Later, a whistleblower revealed that people from the top administration ordered Jignesh Shah’s arrest. Although the identity of the person is unknown, sources tell he had connections with Dr. K. P. Krishnan. Gradually, more information came to light. Right before Shah’s arrest, the EOW boss Rajvardhan Sinha and a lieutenant of Dr. K. P. Krishnan had a meeting. What brought him all the way to Mumbai? What were they discussing? What was suddenly Jignesh Shah arrested? Many questions remain unanswered.   

Everything You Need To Know About Jignesh Shah

The chairman of 63 Moons, Jignesh Shah, is one of the unsung pillars of the Indian FinTech sector. His strategies and initiatives brought in immense development in the FinTech industry and generated several new openings for India’s growth. Many of Shah’s exchanges have received global acclamation and gave India a new recognition as well.

After working at the Bombay Stock Exchange (BSE), Jignesh Shah launched his flagship product Financial Technologies (India) Limited (FTIL), currently known as 63 Moons Technologies Limited, to the world in 1988. It offered many services and solutions, especially to the banking sector that attained immense growth and development over the years owing to them. His dream of creating new-generation markets and segments that are people-centric and have a comprehensive market structure motivated him towards being an entrepreneur. After establishing a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets, he wanted to extend India’s reach. His flagship product, FTIL follows an eco-system where the optimum focus is given on generating job opportunities for the Indian youth that are not only of high standards but environment-friendly as well. The ideology was first introduced in India by our Prime Minister Narendra Modi in his ‘Make in India’ campaign. However, FTIL is following it much before the Modi government came into power.

Chaos broke out in 2013 when one of Shah’s exchanges faced a huge payment crisis of Rs 5600 crores. Many investors lost their money and protested against National Spot Exchange Limited (NSEL). Subsequently, many brokers, investors and key decision makers came under the suspicion of probe agencies and were being questioned. Without any conclusive evidence, Shah was harassed repeatedly and taken into custody later. Additionally, NSEL was forbidden from signing any new contract and eventually shut down. To date, various mysteries have unfolded but the case remains unsolved.

Post 2013, Shah is facing multiple obstacles in his path of shaping the country. With strong determination and will, he is fighting for justice. He once said in an interview, “When the truth is on your side, you have to withstand all pressure. I have full faith in the judiciary, and I am convinced of getting justice,”

Currently, the persevering businessman has shifted his focus and taken up the audacious task of mentoring start-ups. Besides JS Innovation Lab, he is associated with one more group called the Startup Networkz. Both organizations are showing immense growth and development. According to the recent updates, JS Innovation Lab is enabling “‘digital IP (Intellectual Property) routes’ by setting up 36 innovation labs in partnership with leading educational institutes.” On the other hand, Startup Networkz is busy organising conferences for potential entrepreneurs. They are looking for individuals with interesting and unprecedented strategies and ideologies that can influence growth and development.  

The Indian Fintech Sector Under The Shadow Of Jignesh Shah

The business tycoon, Jignesh Shah, is one of the main reasons behind the development of the Indian FinTech industry. His contributions had an immense impact on the growth and development of the financial sector and unveiled a different side of India in front of the world. Also, the banking sector experienced tremendous growth owing to the various solutions provided by this sector during the emergence of computerization in India. With his flagship product Financial Technologies (India) Limited (FTIL), currently known as 63 Moons Technologies Limited, he brought in a revolution in the financial sector of India.

Shah’s journey started in 1988 when he launched FTIL in the hope of developing the nation. His dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. He wanted to establish a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend India’s reach. While enriching himself as a by-product, he wanted to empower the nation by providing job opportunities to millions of people. His idea of developing the nation was by providing employment to its citizens that were not only of high-standards but environment-friendly as well. Before our Prime Minister, Narendra Modi, introduced his ‘Make in India’ campaign, Jignesh Shah was already following a strategy that reflected its ideologies.

Shah once belonged from a bourgeois family, but with his impeccable will-power and through sheer hard work, he made his way to the list of billionaires of India. His exchanges designed various solutions that provided assistance to various sectors of society. Numerous share market software were designed that facilitated trading and settlement of Multi-Asset and Multi-Currency products and allowed exchanges to operate in both local and cross-border markets without any complication. Further, it designed technology IP (Intellectual Property) with domain expertise and strong techno-functional teams for generating transparent and efficient next-generation financial markets and helping out various businesses. Apart from that, FTIL introduced a highly versatile, scalable and robust system known as Exchange Technology Framework Product Suite (ETFPS) designed to cover each and every aspect from the trading to settlement in the exchange operations as well. ODIN was another initiative resulted in tremendous success. It attained unattainable results after capturing the second largest market share in the trading terminal segment. Through a single application, one could trade in Multi-Exchanges, Multi-Segment Dealing Desk and Risk Management System. Various other features in advanced technology facilitated higher accessibility, ensured speedy performance, and provided advanced risk management.

  

Bombay High Court Backs up Jignesh Shah

The passport of Jignesh Shah, founder of Financial Technologies India Limited (FTIL), was previously confiscated by CBI because of his alleged involvement in the NSEL case that resulted in a payment default of Rs 5600 crore. During his bail, it was suggested by the CBI officials that if given the opportunity, the respondent may try to flee the country. The Bombay high court stood in favor of CBI and allowed the confiscation of Jignesh Shah’s passport.

In September 2017, Jignesh Shah filed a report in a special CBI court seeking the return of his passport but that was also rejected.  

On 5th June 2018, reviewing the case of Jignesh Shah, Justice Prakash Deu Naik found the impounding of the first generation entrepreneur’s passport ‘illegal and contrary to law’ under the Passport Act, section 10 (3). According to it, CBI only has the authority to seize the passport but not impound it. Impounding of the passport can only be done by the Passport authority.     

On behalf of Chairman Emeritus and Chief Mentor of 63 Moons Technologies Limited, advocate Amit Desai filed an application in the Bombay High Court. The passport was impounded in March 2014. Since CBI had already filed a charge sheet and many new developments were already made in the case, the restrictions that have been imposed on him should be lifted. Advocate Amit Desai pointed out that CBI may have the authority to seize a passport under section 102 of the Criminal Procedure Code, but does not have authority to impound it under section 10 (3) of the Passport Act.  

Senior Advocate Amit Desai added, “Special judge has committed a grave error in rejecting the application for the return of passport and further issuing directions to the respondents to forward the passport to the passport authority, to adjudicate on impounding of passport of Shah.’’     

       

Hiten Venegaokar, the CBI counsel, appealed saying that the condition of the case is too sensitive and there is a huge possibility that Shah might abscond once the passport is returned to him.        

The worth of Jignesh Shah

A leading name in the Financial services industry in India today – Jignesh Shah did not enter the business through nepotism. The boy from Kandivali who pursued his Bachelors in Engineering and worked at Bombay Stock Exchange Limited’s BOLT - an online electronic trading platform, is a self-made man. He gained sufficient knowledge about the stock market there and left to make a mark. Later in 1988, he introduced FTIL (Financial Technologies India Limited) to the world. Soon after this Shah started came up with innovations like the MCX, ODIN and BOURSE AFRICA which took the world by storm and Shah became a leading businessman and not only in India.

The entrepreneur had the vision to create new-generation markets and segments that are people-centric and are based on a comprehensive market structure. He wanted to work for the well-being of his country. He created numerous jobs for the Indian population long before the ‘Make in India campaign. 

To create an efficient and transparent price discovery process in the market and generate jobs, incomes and self-employment opportunities across India was his ultimate goal. A quintessential 360-degree financial market infrastructure where all the ventures flow to the people across India.  He wanted to make the whole world notice and respect the remarkable Indian Exchange Industry. India needed state-of-the-art exchanges of global scale and Jignesh Shah took it upon himself to create it. He envisioned providing training lakhs of people to increase employment in the country, and digitalizing the whole transaction process chain across various platforms and introduce India globally.

Jignesh Shah is a hard-working man who never looked out for any government doles and tax exemptions and always paid his loans, payments, debts on time. A true market evangelist who contributed to the government and other local bodies, and introduced new segments which generated more revenues for the government. Through his business, he established his pursuit of public good. He wanted to see India grow and develop, and present it in a very prestigious manner in front of the world and he did.

Jignesh Shah and Company move to Supreme Court against the merger order

Financial Technologies India Limited (FTIL), now 63 moons technologies chaired by Jignesh Shah has approached the Supreme Court. The forced merger of NSEL with FTIL which was upheld by the Bombay High Court has been contested by the company at the apex court. Scheduled for 16^th February, the special leave petition (SLP) will be admitted in the court. This is the last of 12 weeks given to the company to move to the court.

 

A spokesperson stated in a mail, “Our chairman Mr. Venkat Chary had said earlier that we will be moving the Supreme Court before the expiry of the 12-week stay period granted by the Bombay high court on the merger order. Accordingly, we have moved the Supreme Court and filed the SLP. We have full faith in the judiciary and continue to believe that the truth and justice shall prevail.” 

The National Spot Exchange Limited (NSEL) which was suspended from the market from trading in 2013. Erstwhile promoted by Jignesh Shah’s FTIL, the merger was initiated by the Ministry of Corporate Affairs (MCA).

Justice M. S. Sonak affirmed that the merger is not forced since NSEL was a wholly owned subsidiary and these two entities are not entirely unrelated. Current chairman Mr. Venkat Chary, however, has argued that this will be the end of the ‘Limited Liability’ concept. The order was upheld in public interest according to the court. According to the statement by the judge, the government deemed the companies fit for merger owing to the extraordinary case of a collapse of the stock exchange.

If the order goes through, it will be the first time in India when two private companies will be merged in public interest under the Companies Act. A verdict in favour of the MCA’s merger order will mean that FTIL will have to assume responsibility for the payment default that amounts to Rs. 5600 crore. It is, however, unclear if that would be correct since no involvement by Jignesh Shah or his company has been found in the case.

Related Article: http://hirharang.com/the-nsel-scam-a-conspiracy-against-jignesh-shah.html

The high flier – Jignesh Shah

It would not only be hard, but counterproductive to displace Jignesh Shah from the stage of commodity markets. For those who don’t know, Jignesh Shah is the Chairman Emeritus of 63 moons technologies, previously Financial Technologies India Limited (FTIL). From the perspective of a viewer, it seems like his purpose is to create extraordinary technologies in the realm of financial markets. Multi-commodity Exchange (MCX) is one of the prime examples of such innovations. It stands at commendable positions around the world in terms of trading silver and gold. Based in Mumbai, the 44 years old business has conquered businesses and operations not only in India but numerous countries abroad as well.

The entrepreneur is believed to have decided to enter the financial markets at the young age of 8. While it might not sound more than the ordinary, he created an empire worth a billion within a decade. Whenever it comes to solutions in the financial markets, FTIL is the name that comes to mind.  Their motto is simple – to provide appropriate and user-friendly services to the clients.

“Our rising volumes and benchmarking against global contracts are a result of our giving top priority to the needs and expectations of customers. While we have no reason to be complacent about our achievement, we would like to make it very clear that our geographical reach is not confined to any specific region,” said Shah in an interview.

The exchanges in FTIL’s catalog are not limited to India. Shah has set up exchanges in countries like Mauritius, Bahrain, Botswana, Dubai, and Singapore. In India, Shah is the person who took the commodity trading online. On his journey to the top, Shah has given endlessly to the country and. Financial Technologies India Limited (FTIL), now 63 moons technologies has created millions of direct and indirect jobs. It has paid crores of rupees in taxes to the government. Moreover, Jignesh Shah has supported the ‘Make in India’ and ‘Digital India’ initiatives and continues to do so. Multi-commodity Exchange (MCX) has given 1% of the nation’s Gross Domestic Product (GDP) over a period of 10 years.

After giving up his plans to move abroad, he worked with the Bombay Stock Exchange (BSE) on the project called Bombay Online Trading System (BOLT). Now, FTIL holds almost a third of the financial markets’ operations.

“I always had dreams of hiring the best and being able to afford pay scales that outmatched all others. Today I can afford to not compromise on salaries when it comes to hiring and retaining the best,” said Shah. "We have a global appetite for global commodities", Jignesh Shah says, "Today, MCX is the second largest exchange in silver in the world, the third largest in gold and the only one to trade Rs. 1,000 crore (Rs 10 billion) of crude a day. We have consciously chosen our basket of commodities, that had enough depth for us to dig our heels into, and allowed trading to the daily volumes of Rs 50,000 crore (Rs 500 billion)".

It is evident that Jignesh Shah is an inspiring achiever and aware of that. He strives to perform under pressure whilst giving the due to his country. It can be said that he is a high flier.

Jignesh Shah: The Explorer of Avenues

The endless innovations introduced by Jignesh Shah in the financial markets are admired through the country. Financial Technologies India Limited (FTIL), now known as 63 Moons has introduced numerous financial and stock markets technologies.

In recent news, the company added to its portfolio and launched 4 new products in its ODIN platform. ODIN is a revered for its database to connect stock exchanges and investors.  It is n NSE competitor and has a market share of 65per cent. Investors with Aadhar and Pan Numbers can instantly start trading. They need to register their signature electronically on ODIN eKYC which allows brokers to open electronic trading accounts.

Small brokers may a mobile trading application ODIN Wave. It competes well with large broking houses.

ODIN Value and ODIN Joytrader launched by the company add service covering and market research and allow investors to play games via joy stick while investing.

ODIN Voice: Uses one-time password (OTP) and voice recognition to seamlessly execute trade orders. It is an interactive trade execution platform and can take instructions in 14 languages. It will cut down costs for brokers by replacing operators and trading terminals.

"It is an example of how artificial intelligence based conversational user interfaces can completely disrupt the way people transact in the future. This brings together the power of AI, Cloud Computing, Natural Language Processing (NLP) and analytics to create a very simple and intuitive experience to an otherwise complex task of investments in the market," said Keshav Samant, President  & CEO, Brokerage Technology Solution, 63 moons.

He also added that the existing ODIN users will enjoy these services for free or depend on their usage. These services are innovative at best and will create a huge social impact by integrating advisory services and provide them to the masses. This will be a great help to retail investors.

The list of platforms and technologies keeps growing under the vision of Jignesh Shah. He is certainly an explorer in the field of financial and stock market technologies.

Source URL: 

https://hubpages.com/business/Jignesh-Shah-The-Explorer-of-Avenues

This is how Jignesh Shah is aiding the Digital India programme

Acknowledged as the pioneer of financial and stock market technologies in India, Jignesh Shah continues to support the Indian society’s efforts of becoming a globally accredited economy. Through his company, Financial Technologies Limited (FTIL), now known has 63 Moons, he has provided up to 18 online technologies in the financial realm.

One of the auxiliary companies of Jignesh Shah’s 63 Moons – Atom Technologies will dissolve its services of the pre-paid card, in order to shift the operations in terms with the ‘Digital India’ initiative and focus on its ‘wallet’ feature for electronic transfers. The Reserve Bank of Indi (RBI) has annulled the certificate of authorization (COA) upon the request issued by Atom technologies via notification earlier this month.

The pre-paid card function, however, will be operational in other verticals like merchant aggregation and payment services across various channels like the point of sale, e-commerce, IVR as well as mobile.

The move has been substantiated in order to transform business and modify strategies to adapt with the changing economic market and payment forums. The prepaid account holders of the company have been notified in the matter regarding the cancellation of the license. Atom Technologies has invited the Pre-payment instrument holders to submit requests seeking closure of their accounts and avail the balance.

The ‘wallet’ business for transactions will help the government in keeping track of the flow of money which will, in turn, dismiss the failure to pay taxes and will eventually generate opportunities for the country to grow in various sectors.

"We continue our other lines of business of merchant acquiring through POS, Internet, IVR and mobile where we process more than USD 5 billion annualized with more than 100 million transactions annually across more than 50,000 merchants," said company MD and CEO Dewang Narella. He also stated that the demonetization and GST implementation will modify the entire base of 20 million merchants.

Started in 2006, Atom Technologies, a Mumbai based company has delivered unequaled end to end payment services through offline and online platforms. Pursuant to the ideals of Jignesh Shah, the company’s motto remains serving the public while ensuring growth of the country.

Pay heed to ‘The Target’: Jignesh Shah

Jignesh Shah, an exemplar of innovation and a flag bearer of the ‘Make in India’ campaign has created 18 unparalleled technological institutions that have put India in a solid position on the map of financial technologies.

Galt and Jignesh Shah fought against the system and both paid a heavy personal price – even suffered torture at the hands of the powerful – for prioritizing the interest of the collective mass. Neither ever strayed from their chosen paths, and strongly opposed the archaic ideas that revolved around some hackneyed beliefs that deny individual freedom. No wonder then, Galt and Shah became bywords for truly ‘free enterprise’, despite being pitted against some highly hostile environment.

As Shantanu Guha Ray, compares him to the controversial character of Ayn Rand’s book ‘Atlas Shrugged’ in his book ‘The Target’, he has become an idol in the stock trading world who has been defamed for personal gains by individuals as well as groups.

Few portals and institutions created by Jignesh Shah that have given without thought to the Indian populace are listed as follows:

ODIN:

Odin is considered to be one of the most significant trading technologies in India. It holds a million licenses across 2 lakh terminals in India. Odin is not only limited to India and is used abroad for exchanges developed under Financial Technologies.

Multi Commodity Exchange (MCX):

The Multi Commodity Exchange (MCX) is the leading entity in silver and gold futures globally and 2^nd largest in copper and natural gas futures. MCX is acclaimed for its span across 30 futures contracts. It is the first listed exchange in India.

National Bulk Handling Corporation (NBHC):

Integrated warehousing services, bulk handling, collateral management, testing and certification, commodity care and pest management are some of the valuable services provided by the NHBC. It deals in more than 150 commodities across 19 states.

Jignesh Shah has given unconditionally to the Indian society, but has received curt criticism and false allegations for the NSEL case. It is time that the Indian public paid attention to the story one of the biggest entrepreneurial pioneers in India.

Purchase The Target book: http://www.crossword.in/business-economics/target-shantanu-guha-ray/p-1341200-9178760135-cat.html

Jignesh Shah’s story unveiled in ‘The Target’

Jignesh Shah knew one thing for fact that fortune favours the brave. With his bravery he built the world around him full of fortunes. He has been a visionary for 18 FinTech platforms which caused revolution in the world of financial technology. The FTIL was established in the year of 1995 where an unchartered area was available for him and he gave up multiple opportunities to work abroad. The technical innovations were used by him and his partner to create the first technology driven finance company.

Shantanu Guha Ray is the author of two major controversial books Fixed! Cash and corruption in cricket and Mahi: Story of the most successful captain of India. He has come up with his new book, The Target This book addresses the advent and fall of Jignesh Shah and the controversies associated with him. In his book, Mr. Guha Ray mentions some of his famous encounters where he was appreciated in foreign countries.

‘At the launch in November 2005, the Prime Minister of Dubai, a man of very few words, looked at Shah and remarked into the public address system, ‘You came, you promised and you delivered.’

Over the years Jignesh Shah has been showered with multiple accolades such as US-India Businessman of the year 2005-06 by senator Mrs. Hillary Clinton in Washington DC, USA. Shah was also awarded with the Indian Express Innovation Award from the then president Late Dr. A.P.J Abdul Kalam.

In his book, Guha also mentions about his quick rise to success.

“As per the Forbes rankings in 2008, Shah – for, it was when Shah had reached his peak – was the world’s 1,014th richest person with a net worth of $1.1 billion. In 2009, MCX overtook the London Metal Exchange (LME) to become the sixth most active commodities bourse in the world and saw more than $1 40 trillion in trades. This was not all. Shah, using the state-of-the-art technology solutions set up over a dozen other exchanges across the globe stretching from Botswana in South-Central Africa to Singapore in South-East Asia.”

The book talks about the relation between business and politics in India which completely shunted Shah.

Jignesh Shah: The other side of the Target

A common bollywood story has a hero and a villain. A drama has long been playing in the backdrop of politics and stock exchange market. This drama too had a protagonist and an antagonist, but the viewers are still confused about who is who. The curtain unveiled a few days back with a well investigated script ‘The Target’.

The story of Jignesh Shah has been on a road full of ups and downs. It seems he was too focussed on reaching the horizon, but again, the road of business never comes with the  sign ‘Bumps Ahead’. Shah was awarded US-India businessman of the year in 2006, little did he know that in the coming years life was about to take a U turn. In ‘The Target’ Shantanu Guha Ray mentions:

In less than a decade, DGCX had positioned itself as a global financial hub, adjudged ‘Exchange of the Year 2013’, trading in bullion, currency and metals in Dubai (historically an important centre for trading in gold and other commodities).

This was a historical milestone for India, but in Delhi no reactions were forthcoming from the government, even the bureaucrats did not talk about the ground-breaking move. On the contrary, the government sent out feelers through the Mumbai-based Reserve Bank of India (RBI), wanting to know what was happening in Dubai, and whether or not Shah and his men were flouting the rules.

On one side where Jignesh Shah and his company were trying to restore the glory of Indian economy, everything else back home  was going wrong. Ray further clarifies this:

That was strange, if not absurd. A country that awards instant stardom to an Indian, who becomes the CEO of a global company, had no words of appreciation for an innovator and entrepreneur, who had achieved global recognition for excellence in building world-class financial institutions and services through lucid, well-regulated and well-audited processes.

However ‘cinematic’ the story may seem, all the events and characters in it are real. A lot of it has remained untold for years, but new facts have been brought in light which help us know more about the other side of the coin.

source url: http://www.newsking.us/jignesh-shah-the-other-side-of-the-target/