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.