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 Shows Resolve To Work For Water Conversation

After more than a decade of battling rivals, star innovator and fintech maverick, Jignesh Shah, is shining again. Finally, it can be said that truth is prevailing and Jignesh shah and his flagship company, 63 moons tech, is getting justice.

As they say, true leaders are always committed to collective aspirations of the societies and nations they come from, and that’s exactly what is happening in Jignesh Shah’s case. Several vested interests tried to single him out Shah by plotting and conspiring against him and they did succeed in their nefarious designs to a large extent but truth has once again proved to be stronger than fiction.

In the changed scenario, when topmost courts of the land are quashing the unwarranted and misplaced actions forced at the behest of his rivals, Jignesh Shah is seen gearing up for his second innings. Shah feels there is a great opportunity in setting up digital ecosystems for helping social sector enterprises raise funds and for products aimed at promoting water conservation.

Jignesh Shah has been quoted as saying that "There is an urgent need to further the causes like water conservation, but my idea is to do them in such a manner that it is commercially viable for all stakeholders rather than making them look like charity work or something that has been forcefully imposed. Given the conducive political environment in place today.”

He is the first entrepreneur/innovator who has shown the vision to turn social causes into financially viable propositions that are carried out by one and all benefitting the entire nation in more ways than one. After all, essential things like water conservation are the need of the hour and hence have to be more than a slogan.

The Shah With Unending Spirit

In a short span of time, entrepreneur/innovator Jignesh Shah’s flagship company, 63 moons technologies limited has made a mark and has been named as one of the most powerful and influential companies in biz-tech innovations. A global leader in providing next generation technology innovations, platform and solutions for digital markets and marketplaces, the entry of 63 moons into the exchange space brought competition that benefited the stakeholders enormously.

This success, however, was not taken in a positive stride by his competitors who led a one-sided war and persecution, in which 63 moons and its founder were held responsible. For the last six years, the market regulator and the investigating agencies refused to look at the National Spot Exchange Limited (NSEL) crisis from a 360 degrees perspective.

However, all the lies are being nailed one after the other with the recent court orders. In April 2019, the Supreme Court set aside a Bombay High Court judgment approving the merger of crisis-hit NSEL with a parent company, 63 moons, in public interest under Section 396 of the Companies Act.

Also, NSEL, 63 moons and Jignesh Shah were persecuted under the MPID Act despite the said act not being applicable to a markets dispute. The NSEL in December 2018 had filed a writ petition before the Bombay High Court, questioning the Maharashtra Government for its inaction against the brokers and trading members in attaching their assets. The high court issued a notice to the state government asking it to seize the assets of the accused brokers. In August, the high court ruled that NSEL is not a financial institution and hence notifications attaching properties under it stand quashed.

A big victory for 63 moons, its employees and stakeholders even as Jignesh Shah continues to fight against his adversaries with his utmost faith in the judiciary.

Jignesh Shah’s Inspirational Tale Of Truth And Justice

India’s ace innovator and entrepreneur Jignesh Shah, who has been fighting since past six years for justice in NSEL payment default crisis, says he is truly committed to "rise like Japan did after the bombings of Hiroshima and Nagasaki". Jignesh Shah was quoted as saying this in the backdrop of the Bombay High Court judgment that the NSEL is not a financial establishment and hence notifications for attachment of the company's assets, including bank accounts and properties stand quashed.

A Rs 5,600-crore payment crisis hit NSEL in July 2013, which was strategically created by his rivals, backed by then union finance minister, P Chidambaram, who is in Tihar jail now on corruption charges in the INX Media case. Jignesh Shah has alleged his role in the decimation of his FTIL group which gave stiff competition to Chidambaram’s pet exchange, NSE.

However, in the NSEL payment crisis, despite the entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with Jignesh Shah, all the actions singlehandedly have been taken against Shah and his empire by the then UPA government in which Chidambaram was the finance minister.

Subsequently, Jignesh Shah was repeatedly harassed and hounded by way of various executive actions based merely on accusations and without any evidence-led adjudication. However, one thing that never failed Shah was his incredible fighting spirit and his staunch belief in truth.

He has withstood the toughest onslaught almost single-handedly, and as an entrepreneur and a change agent in tech-driven enterprises, has steadfastly maintained immense faith in the law of the land and in the unbiased nature of the country’s judiciary. 

As a result, regardless of the witch hunt, Jignesh Shah is finally emerging victorious as truth has eventually prevailed. The supreme court has set aside the forced merger of NSEL and 63 moons technologies and the Bombay high court has quashed attachment of their properties under the MPID Act declaring that NSEL is not a financial establishment.

Shah, mentor and chairman of 63 moons, says the court's judgments are a signature of God in the current trend of developments where truth is winning, and all kind of lies are getting nailed.

Financial Market Wizard Jignesh Shah Keen On ‘Startup’

Prime Minister Narendra Modi had kickstarted the ‘Startup India’ initiative with a clear objective of creating more job opportunities in the emerging Indian economy and with a vision to create more wealth in the hands of stakeholders. ‘Startup India’ was introduced to capture the imagination of young Indians, inspiring many to dream of being an entrepreneur. Unfortunately, this initiative was not given the desired impetus by the officers in charge during the previous regime.

However, the things seem to have changed for the better in Modi 2.0 With Mr Modi’s competent leadership and strong vision, engineer-turned-financial market expert, Jignesh Shah, feels positive that India can achieve a lot in the start-up ecosystem. Shah, who not only set up 10 exchanges across six continents in a span of ten years but also created 10 lakhs jobs through his ventures like MCX, strongly feels that if startup ecosystem in the country is advanced in the right direction, it can create 10 crore jobs over the next decade.

Start-up Industry has a lot of potential, but it will be able to see long term success, if the first-generation entrepreneurs like, Jignesh Shah is able to provide the desired impetus and momentum to this industry with his robust leadership.

Earlier, Jignesh Shah had developed his idea and realised his vision of 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.

He says he will now act as a catalyst and mentor to millions  of Indian entrepreneurs to boost the start up ecosystem creating wealth and employment for the country’s young aspirants. Undoubtedly, Jignesh Shah can yet again do the same miracles with his far-sighted vision and can prove to be the best example of not only Make in India but also Startup India.

Jignesh Shah: The Man Who Rose Like A Phoneix

From being a rookie engineer to a billionaire even before he hit the age of 40 years, tech innovator, Mr Jignesh Shah, has been great motivation to a number of youth in India and outside. Somebody who began with his own company in 1995, setting up as many as 9 world-class exchanges all over the world, was nothing short of spectacular for his contemporaries.

However, seeing his rapid rise, certain vested interests worked around the corner to bring him down using illegal, unjust and unfair means. This nexus of politicians and bureaucrats went beyond harming him and his exchange empire of the 63 moons group.

His flagship company, 63 moons technologies limited, then known as FTIL was dragged into an artificially created Rs 5,600 crore payment default crisis at one of its subsidiaries, the National Spot Exchange Limited (NSEL). Time has been a witness to all the concentrated actions that have been taken against the company and its founder Mr Jignesh Shah without any adjudication at all.

However, the tide changed and finally the wheels of justice started rolling. In April 2019, the Supreme Court set aside the Bombay High Court judgment approving the forced merger of crisis-hit NSEL with parent company, 63 moons, in so-called public interest under Section 396 of the Companies Act stating that there was no public interest involved in passing the order.

In August 2019, the Bombay High Court, too, quashed attaching assets of Mr Jignesh Shah’s company 63 moons technologies in the NSEL case as it ruled NSEL was not a financial establishment. Mr Jignesh Shah’s entrepreneurial journey shows that if you are right and the truth is on your side, no force, however evil, can defeat you ultimately. His rise from the ashes after the annihilation of his group company reminds you of the proverbial rise of the Phoenix!

Jignesh Shah: The Tide Is Turning In Favour Of Truth

One of the most powerful and influential companies in the exchange spaces is 63 moons technologies limited. Under the leadership of Mr Jignesh Shah, the company has made a mark in the exchange markets and proved itself as a world leader. Needless to say, 63 moons has been able to comfortably write its success story despite severe competition from some well-established market players.

However, it seems that Mr Jignesh Shah was punished for being a visionary and bringing about a change in the market ecosystem. The market regulator and the investigating agencies refused to look at the other side and directed actions against the exchange, its parent company and Mr Jignesh Shah in the payment default crisis at one of the subsidiaries of the company—the National Spot Exchange Limited (NSEL).

However, with certain recent developments, all lies around the NSEL crisis have been nailed with the court orders. In April 2019, the Supreme Court 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.

In another judgment, in August 2019, the Bombay High Court also quashed the attachment of assets of 63 moons in the NSEL case. It’s now quite evident that finally, the tide is turning in favour of truth which is being seen as a big victory for Mr Jignesh Shah, 63 moons, its shareholders and employees.

While the assets of NSEL and its promoters were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine. The NSEL in December 2018 had filed a writ petition before the Bombay High Court, questioning the Maharashtra Government for its inaction against the brokers and trading members in attaching their assets.

Jignesh Shah To Create One Crore Jobs In New Avatar

Jignesh Shah’s story is really inspiring and motivates a lot of youth across the country, his journey is more than exciting, challenging and worth taking inspiration from. Jignesh Shah was targeted by vested interests who perceived him as a threat.

After a payment default crisis of Rs. 5,600 crores in 2013 at his smallest venture National Spot Exchange Ltd (NSEL), which had a daily trading volume of Rs 200 crore as compared to more than Rs. 1.20 lakh crore a day at his biggest exchange MCX, Shah was forced out of all SEBI- Regulated Businesses under regulatory orders amid a multi-agency probe. This was despite that not a single paisa of the default money was traced to him, NSEL or the parent 63 moons technologies but the entire amount was traced to the 24 defaulting traders of NSEL.

However, even after seeing so much of downfall and being targeted, Jignesh Shah feels that the time has come to start his second inning as court orders are absolving him of all the charges one after another as no agency could prove even a single paisa of money trail to him or to his group and not a single wrongdoing on his part and nor on part of his companies. He feels that all the lies are being nailed down one after another through the courts.

Jignesh Shah now sees 100 times bigger business potential in the Start-Up ecosystem after having set up 14 exchange companies across 6 continents in a span of 10 years in his earlier stint and feels he can create 10 crore jobs over the next decade for the country’s youth.

This time, Jignesh Shah wants to focus more on mentoring and help youngsters with innovative ideas and help them to live their entrepreneurship dreams by providing them with a platform for institutionalization, globalization, and scaling up for their ventures.

Jignesh Shah was quoted saying in the newspapers,“I want to be a coach now and nurture young entrepreneurs by putting in my entire experience and everything I have got to create world-class and world-scale institutions in all the verticals that we will work in. I want to create a big assembly line of future Jignesh Shahs."

He said,"I created and nurtured a business that made India the world's second largest marketplace in commodities trading and we were on the top in all businesses our exchanges did. And this feat was achieved in a political environment that was not very conducive. Now the time is conducive with a strong political  leadership under PM Narendra Modi."

Jignesh Shah: Fighting Against All Odds

The payment default at the National Spot Exchange Limited (NSEL) was a premeditated crisis as is evident by recent developments now. It began when the then market regulator Forward Markets Commission (FMC) triggered a payment crisis by seeking sudden closure of a running exchange.

During the last six years, no actions were taken against the erring brokers, who were found to have indulged in numerous market abuses in mis-selling products and the defaulters who chose not to pay despite a clear-cut money trail to them. The whole of the focus of vested interests controlled by then finance minister P Chidambaram was on pinning down Mr. Jignesh Shah, founder and currently chairman emeritus, 63 moons technologies limited because his exchanges posed competition to Chidambaram’s pet exchange, the NSE.

Six years of persecution later, truth has finally prevailed. In August 2019, the Bombay High Court quashed attachment of assets of Mr Jignesh Shah’s flagship company 63 moons technologies in the NSEL case as it ruled that NSEL was not a financial establishment and hence notifications for attachment of the company’s assets, including bank accounts and properties under the MPID (Maharashtra Protection of Interests of Depositors in Financial Establishments) Act stand quashed.

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

Perhaps, never in the corporate history of this country, a conspiracy of such a high magnitude was created against a corporate house fearing its growth. It was Mr Jignesh Shah’s faith in the judiciary that justice finally came knocking on his doors! Long live truth, long live justice!

Strong-Willed Jignesh Shah Rises Above All Challenges

Mr. Jignesh Shah who is known as a young innovator and entrepreneur, founded 63 moons technologies over two decades ago, a company that was earlier known as Financial Technologies. With his innovative zeal and entrepreneurial aggression, he turned it into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years. 

This MAKE IN INDIA story of Jignesh Shah which was much ahead of times was looked upon as a threat by certain vested interests who in turn form an unholy nexus and created an artificial payment default crisis at one of the subsidiaries of 63 moons—the National Spot Exchange Limited (NSEL) in 2013. After lot of probe, it was found that the entire money trail of the default amount was traced to the 24 defaulting entities and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah. Unfortunately, all these facts were ignored, and Jignesh Shah’s empire was attacked with vengeance.

Despite being targeted singularly, Jignesh Shah is emerging victorious as he strongly believes that truth ultimately prevails! The Hon’ble Supreme Court set aside the forced merger of 63 moons with NSEL on 30th April 2019 i.e. almost after 6 years of NSEL crisis. While pronouncing the judgment, the Apex Court laid down the precise definition and the elaborate criterion for what constitutes ‘public interest’ ruling that there was no public interest in the merger order.

And, just few months after this huge victory, a big relief came in the form of another landmark judgment where 63 moons won MPID case in Bombay High Court on August 22, 2019. The Bombay High Court stated that NSEL is not a financial establishment and hence notifications for attachment of the company’s assets including bank accounts and properties under the MPID Act stand quashed.

Jignesh Shah has always maintained utmost faith in the Indian Judiciary and has always fully complied with all investigative agencies and strongly believes that truth prevails and triumphs.

63 Moons: A Testimony Of Truth Always Prevails

Inspiration and motivation play a very important role in every walk of life, and what better an example to look at than one of our best and gifted innovator/entrepreneur like Mr Jignesh Shah who founded 63 moons technologies!

Mr Jignesh Shah, through his innovative zeal and entrepreneurial aggression, turned 63 moons into one of the finest examples of Make in India, creating 9 robust exchanges across the globe in a variety of asset classes including commodities, currency, equity, energy and bonds in as many years. 

But as they say, success is not digested by many and a similar happened with Mr Jignesh Shah. His group’s rapid growth in the markets was looked upon as a threat by certain vested interests who envied the company. These vested interests joined hands with their political godfathers to form an unholy nexus that created an artificial payment default crisis at one of the subsidiaries of 63 moons—the National Spot Exchange Limited (NSEL) in 2013.

The entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah. But all these facts were ignored, and 63 moons was ridiculed and attacked with vengeance. Despite the witch hunt, 

Mr Jignesh Shah and his company 63 moons are emerging victorious as truth eventually prevails!

Truth always prevails, and no one can supress it for long, and that is what happened when 63 moons won the MPID case in the Bombay High Court. The High Court stated that the NSEL is not a financial establishment and hence notifications for attachment of the company’s assets including bank accounts and properties under the MPID Act stand quashed.

Mr Jignesh Shah has always maintained utmost faith in the Indian Judiciary and has always fully complied with all investigative agencies. Thus, in the end, the legitimate fight that 63 moons and Mr Jignesh Shah put through over the last six years has been worth the effort Mr Jignesh Shah is on his way towards protecting shareholders' value and the larger democratic interest of Corporate India.

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. 

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.  

Jignesh Shah: The Visionary Entrepreneur

Jignesh Shah is among the biggest business tycoons of India. He is a visionary whose contributions towards the development of society are innumerable and commendable. Owing to his initiatives, the FinTech industry witnessed a transformation. He designed various solutions for the other sectors that helped them to grow and develop. When the Indian market desperately needed a change, the zealous entrepreneur, with his unique ideologies and strategies, opened up various opportunities for the market to flourish.

According to Forbes, he is one of the richest persons in India. However, he reached this status through sheer hard work and a strong determination. He is an engineering graduate and after completing his degree, he worked at the Bombay Stock Exchange (BSE), which is an online trading platform. During his time there, he fathomed the various opportunities and nuances in the stock market. Soon, like every visionary, he knew that the only way he could achieve his dream was by becoming an entrepreneur and left his job at the BSE. Later, he launched the fin-tech company Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited.

    

Jignesh Shah’s dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. His primary objective was the welfare of the country. By creating millions of job opportunities for the youth, he created an enormous amount of wealth in the country that eventually empowered millions of Indians. Before Prime Minister Narendra Modi had launched the ‘Make in India’ campaign, Jignesh Shah-led FTIL was already following an ecosystem that resembled its ideology. His company emphasized on job generation and skill enhancement. It focused on providing high-quality and environment-friendly jobs.

Currently, Jignesh Shah’s 63 Moons Technologies Limited is one of the finest financial distribution networks in India. Its flagship product ODIN created 25 lakh jobs that benefited nearly 1 crore households and has around one million licenses across 600 cities. Additionally, his other exchanges like Multi Commodity Exchange (MCX), Indian Energy Exchange (IEX) have witnessed tremendous success. Foreign Exchanges like Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX), etc. opened up various international trading routes for India.     

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 Tale of Jignesh Shah: A Visionary who had a Dream

The business tycoon of India’s exchange market, Jignesh Shah is a 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. 

According to Forbes, he is one of the richest persons in India. However, he was not always the man he is today. Jignesh Shah belongs to a middle-class family and is an engineering graduate. After completing his degree, he was working at the Bombay Stock Exchange (BSE), an online trading platform, where he fathomed the various patterns and nuances of the market. Being a visionary, he knew that the only way he could attain his dream was by becoming an entrepreneur. Soon, he left his job at the BSE and came up with the fin-tech company Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited.  

Jignesh Shah wanted to create new-generation markets and segments that are people-centric and have a comprehensive market structure. His aim was the welfare of the country and creating millions of job opportunities for the youth that will create an enormous amount of wealth in the country and eventually empower millions. Before Prime Minister Narendra Modi’s ‘Make in India’ campaign, Jignesh Shah-led FTIL had curated an ecosystem that followed its ideology. According to it, more emphasis should be given to job generation and skill enhancement. At the same time, they should have high-quality standards and be environment-friendly.

Currently, Jignesh Shah’s 63 Moons Technologies Limited is the biggest financial distribution network in India. It's flagship product ODIN has around one million licenses across 600 cities and created 25 lakh jobs that benefited nearly 1 crore households. Besides that, his other exchanges like Multi Commodity Exchange (MCX), Indian Energy Exchange (IEX) are respected exchanges in their respective fields. Foreign Exchanges like Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX), etc. have facilitated India’s routes to international trades.        

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.