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Tuesday, October 3, 2023

Jignesh Shah: The Man Behind ‘Made In India’ Exchanges

Almost in a span of a decade, Jignesh Shah created ten state of the art exchanges across continents in a range of asset classes, under the aegis of established 63 moons technologies limited, formerly known as, Financial Technologies. No wonder, Shah came to be known as the Exchange Man as well as the Commodity King of India.

A young entrepreneur, Jignesh Shah, with his innovative zeal and entrepreneurial aggression, passion and zeal, he turned the company into one of the finest examples of ‘Make in India’.

With the orders of the Supreme Court setting aside the forced merger of 63 moons with NSEL in April 2019, and the quashing of the attachment of assets of Mr. Jignesh Shah’s company in the NSEL case in August 2019 by the Bombay High Court—truth has finally prevailed. With Mr. Jignesh Shah’s ultimate faith in the country’s judicial system by complying with the investigative agencies and their procedures, the company is gradually and steadily winning the race against the real preparators of the NSEL crisis, the defaulters to whom the entire money trail of Rs.5,600 crore has been traced and the big brokers who conducted several dummy trades on NSEL. 

Jignesh Shah’s rapid progress, however, did not go down well among the monopolistic forces, who perceived it as a threat to their vested interests. Thus, was formed an unholy nexus that premeditated a payment default crisis at the National Spot Exchange Limited (NSEL) in 2013. And the rest as they say is history. Despite enough evidence of the entire money trail being traced to the 24 defaulters and not a paisa to the NSEL, FTIL and Mr. Jignesh Shah, the Group has been always targeted and hounded with full vengeance. However, truth seems to have prevailed albeit after six years of crisis for Shah and his companies.

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