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.

Critical Lessons From Jignesh Shah’s Continued Efforts Towards Path Breaking Innovation

Jignesh Shah, founder 63 Moons, has been facing adversity head on with his innovative solutions to marquee problems. His efforts have been linked to the financial technological revolution in India, with many investors considering him to be a thought leader extraordinaire. His current ongoing journey has been flagged by various legal challenges along with working with tech innovators to develop critical solutions. 

Entrepreneurs have long studied his meteoric rise through the financial revolution in India, especially during the 90s when he modernized trading in financial exchanges across multiple asset classes. Being the pioneer in the “Make in India” movement, he’s created new growth in key markets across India, Africa, Middle East and South East Asia. 

While most investors remember his efforts in the launch of the Multi Commodity Exchange of India Limited (MCX), many are learning from his ongoing battles with the allegations being made against him. 

I – Perseverance is the Key 

One of the major keys to success has been perseverance for the former FTIL promoter. He’s been working directly with the authorities through the NSEL INR 5600 crore case and appealed key orders that don’t comply with legal boundaries. He’s been instrumental in leveraging the legal framework designed for every citizen of the country, through deep research, hard work and a focused attitude. 

II – Innovation Can Solve Complex Problems

Entrepreneurs can solve complex challenges when they rely on innovation. Using a blend of sophisticated technologies and having an innovative mindset can help you resolve any issue along your journey. Jignesh Shah faced adversity throughout his early days while forming revolutionary platforms and is using innovation even today to drive the JS Innovation Lab partnering with leading institutes and tech centres. 

III – Face Tough Challenges Head-on

As Jignesh Shah moves towards his next chapter in 63 Moons, we’re reminded of his headstrong resolve and focused approach when it comes to challenges. He’s successful emerged from the Supreme Court ruling against the enforced merger of NSEL and 63 Moons (formerly FTIL). He’s also faced issues head-on when it came to challenging the ruling of the high court and filing an INR 10000 Cr damage suit against malicious actions undertaken. The journey of an innovator is always shaped by their strength during challenging scenarios. 

IV – Transparency is an Important Tool 

Throughout his illustrious career, Jignesh Shah has been transparent to the investment community and the regulators governing the industry. His transparency has helped strengthen his resolve and provided him greater returns. Transparency with the public and the media has also given him critical support that has helped him overcome challenges along the way. For entrepreneurs, this is the most important lesson. 

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 Orchestrated Downfall

One would think that pioneering the creation of ten new generation regulated multi asset financial markets in the same number of years would guarantee Jignesh Shah the title of a visionary. However, with recent allegations that directly attack him and the foundations he laid, it led to quite the opposite results.

Jignesh Shah took on institutional forces like the National Stock Exchange and the hidden forces behind it. He established himself and his exchange board NSEL as a frontrunner in the security exchanges sector. He took on his competition almost single-handedly and trumped them on the basis of performance and hard work, rather than other murkier ways that were executed by some of his counterparts. With the arrest of Shah in regard of the Spot Exchange crisis on just provisional evidence came as a shock to the whole industry and led to the inevitable fall of the ‘Czar of Exchanges’ as Shantanu Guha Ray calls him in his book ‘The Target’.

The book is a detailed and extensive understanding of both Jignesh Shah’s exponential growth and the dilemmas he faced even before he was accused of being involved in the Spot Exchange crisis. Target’s foreword, written by eminent political personality Suhel Seth states that “Shah’s companies were original IP-based innovations that did not involve any subsidy from the government or the banks for land, labour or taxes. For Shah, “excellence” was the only currency.” This shows his complete dedication towards his work and unwavering faith in what he was doing. To be part of the ‘Make In India’ plan initiated by the government, let alone being one of the few ones leading the programme is a huge deal and Shah’s involvement in it showed the impact he had on the country’ financial sector.

While the cases are still on-going in the courts, Shah has not shown any iota of fear or doubt, which can come with only years of experience and a strong belief over oneself. Whatever the outcome, no one can ever deny that his revolutionary ways have paved the future for how financial markets operate not just in India, but across other nations as well.

Related Article: http://www.pdrizmir.org/return-jignesh-shahs-passport-orders-bombay-high-court/ 

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: 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/