Innovator Jignesh Shah Rising and Shining
One of the fastest growing financial technology leader of India, Jignesh Shah has been instrumental in providing tech innovations, platforms and solutions for digital markets. His farsighted vision facilitated price discovery and transaction efficiencies across industry segments. By building user-friendly financial platforms and digital marketplaces in India and abroad, 63 moons technologies, under the leadership of Jignesh Shah, has been able to place India on the global map of financial markets. Jignesh Shah vision, besides disrupting the market with state-of-the-art financial products, has realised tech products that have been a key driving force in creating social impact by providing financial access to local communities, increased participation of local talent in the markets, generating employment opportunities across the country and also increasing the scope of self-employment and local entrepreneurship. After a payment default at Jignesh Shah’s venture, National Spot Exchange Ltd (NSEL) broke out in 2013, the road has not been easy for Jignesh Shah. This embattled businessman was forced out of all his exchanges and related businesses in the aftermath of the NSEL crisis and declared as not fit and proper based on an ill advice by the then commodity regulator FMC. Despite, the courts and the probe agencies defined that the entire default money is lying with the defaulters, not even a single action have been taken against them. However, things have now started changing for Jignesh Shah, after a long gap of six years, and top courts of the country are now quashing all the false accusations that were pressed against his companies in the wake of the payment crisis. In the crisis, Shah and his companies were targeted by vested interests of top brokers despite all investigative agencies establishing a clear-cut money trail to the 24 defaulters and not a paisa of the default was found with Shah, NSEL or the parent company, FTIL. Now, Shah is quite hopeful that the NSEL crisis can be resolved within 4-6 months if the right path is being followed to recover the entire amount from defaulters. Being a first-generation entrepreneur, Shah strongly believes that India, which has a very favourable atmosphere under Prime Minister Narendra Modi can do wonders in the field of entrepreneurship and job creation. He has dedicated his energies to the startup industry now.