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.

  

Why Jignesh Shah-Led FTIL is a Significant Initiative

During the late ’80s, when the Indian FinTech sector was in need of more innovative initiatives to sustain, the first generation entrepreneur, Jignesh Shah, launched his flagship product Financial Technologies India Limited (FTIL) that completely changed its outlook. It provided solutions that were desperately needed for the emerging computerization in the banking sector. Besides that, FTIL created millions of job opportunities throughout the country that were not only of high standards but also, environment-friendly. In other words, the exchange curated an eco-system that resembled the ideologies of the ‘Make in India’ campaign before it was introduced by our Prime Minister in 2014. Today, FTIL stands as a pinnacle that opened up innumerable opportunities for the development of India.

Jignesh Shah, who was once an employee at the Bombay Stock Exchange (BSE), is known as the king of commodity exchange today. During his time at BSE, he wanted to create new-generation markets and segments that are people-centric and have a comprehensive market structure. His dream was 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. After working at BSE for some time, he left his job to pursue his dreams. Through strong determination and sheer hard work, he climbed the ladder of success and came up with FTIL in 1988.

FTIL developed numerous share market software that simplified the trading and settlement of Multi-Asset and Multi-Currency products that enabled any exchange to seamlessly operate in both local and cross-border markets. It offered technology IP (Intellectual Property) with domain expertise and strong techno-functional teams for creating next-generation financial markets that are transparent, efficient and helpful for the growing business challenges. Also, FTIL introduced a highly versatile, scalable and robust system known as Exchange Technology Framework Product Suite (ETFPS) that covered every aspect from the trading to settlement in the exchange operations.

In 2016, FTIL introduced its flagship product, ODIN, to the world. The initiative was a tremendous success that left the whole world in awe. It captured the second largest market share in the trading terminal segment. Now, through a single application, one could trade in Multi-Exchanges, Multi-Segment Dealing Desk, and Risk Management System. Also, many features were introduced in advanced technology that facilitated higher accessibility, ensured speedy performance, and provided advanced risk management. Besides providing FinTech solutions, it created approximately 25 lakh jobs in the country and helped in empowering the citizens of India. The total contribution made by FTIL to date amounts to 1% of the overall GDP.

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.