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.  

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.   

Jignesh Shah: A Business Man or a Philanthropist?

The first generation entrepreneur, Jignesh Shah, is a self-made man who comes from a bourgeois family and made it to the list of the richest men in India. After finishing his Bachelors in Engineering, Shah worked at the Bombay Stock Exchange (BSE) where he learned more about the stock market. He knew that the only way he could achieve his dream of globalizing the market is by being an entrepreneur. Soon after leaving the job at BSE, Shah landed with his flagship product Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited.

Jignesh Shah wanted to create new generation markets and segments which are people centric and have a comprehensive market structure. His Public-Private Partnership (PPO) model to build world-class financial institutions was a success. The modern IP-centric financial markets he had created became the tool to change the contours of exchange trading in India and other emerging economies from Africa to Asia. Jignesh Shah wanted the Indian financial market to stand tall among other nations and with his ground-breaking initiatives he brought in a revolution which made India an epitome. After the phenomenal success of Financial Technologies Limited India, Shah came up with more initiatives like ODIN, MCX which completely changed the face of India.    

Jignesh Shah wanted to bring a change in his country and that is why he had created an eco-system which narrates the ideology of the ‘Make in India’ campaign by Narendra Modi. His motive was to create more job opportunities for the youngsters of India, which were both of high-standards and environmental friendly. This brilliant strategy of Shah has created over millions of job opportunities across the country.

Shah has also invested himself in various CSR activities like ‘Gramin Suvidha Kendra’ in association with India Post and ‘Pragati’ with Rotary International which focuses on empowering the unprivileged communities with education and training. 

Over the years,  Jignesh Shah has received a series of awards for his contributions towards the society. Institutional Investor had featured him among the 'Top 30 Global Innovators in e-finance' in 2008. He was also listed among the 'Dominant Financial & Futures Industry Leaders for 2008' by Futures Industry Association (FIA), Washington and was awarded the ‘Indian Express Innovation Award’ presented by the then President, Late Dr. A. P. J. Abdul Kalam. Other achievements like getting chosen among the ‘Top 20 Indians’ by CLSA and honoured with the ‘US-India Businessman of the Year’ award also proves his competency.