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.

  

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.