Jignesh Shah, the Indian pioneer of multi-asset exchange ecosystem, always fought like a one-man army

1
Jignesh Shah, the Indian pioneer of multi-asset
exchange ecosystem, always fought like a one-man
army
2
(No Transcript)
3
Innovator Jignesh Shah, who is known as a
Commodity King of India, Czar of Exchanges and a
brilliant entrepreneur, began to succeed in
unshackling the spirit of enterprise in the
Indian markets, however, ran into several
challenges created by a nexus of vested
interests, which included politicians,
bureaucrats, crony capitalists and rival empires.
4
Mr. Shah went on to set up 10 world-class
exchange companies under his flagship company
Financial Technologies India Limited (FTIL) (now
known as 63 moons technologies limited), in
various asset classes, in just 10 years across
India and abroad.
5
However, FTIL faced hostility from institutions
as it began to rise. To shake the confidence of
Jignesh Shah and the strong empire that was built
by him, Forward Markets Commission (FMC), the
then commodities market regulator, directed one
of FTILs subsidiary, NSEL, to stop trade and
settle all the existing contracts which led to
outstanding transactions and resulted in a
payment default crisis which has not been solved
till date. It has been alleged by Jignesh Shah
that this crisis which was artificially created
by vested interest happened on the directions of
P Chidambaram.
6
Despite these daunting situations, Jignesh Shah
always stood like a one-man army, and has
remained as zealous as he was before NSEL payment
default and has continued the same spirit of
innovation without retrenching a single
employee. He and his companies received two
major legal victories, 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 63 moons Technologies, the parent company of
Shah-led group, and before that the Supreme Court
set aside a government order to merge NSEL with
63 moons.
7
Thank you!