Jignesh Shah: Driving Force Of Indian Financial Markets
Famed fintech entrepreneur Jignesh Shah is known as the ‘Innovator of Modern Financial Markets’ for his role in creating a successful model to build world-class financial institutions. Jignesh Shah has created modern IP-centric financial markets, which have been instrumental in changing the contours of exchange trading in India and emerging economies from Africa to Asia. However, Shah's rivals, in connivance with the erstwhile market regulator, Forward Market Commission (FMC) ensured that his FTIL group was forced to exit from all its exchange businesses. The blatant unfair game played by the regulator remains as a blot on the conduct of its regulatory jurisprudence. However, the recent development of the Bombay High Court order quashing the attachment of assets of Jignesh Shah’s flagship company 63 moons in the National Spot Exchange Limited (NSEL) case, has proved the proverb right that sooner or later, truth always comes to light. The HC ruled 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 (Maharashtra Protection of Interests of Depositors in Financial Establishments) Act stand quashed. NSEL, its parent company, FTIL (later known as 63 moons), and Jignesh Shah were persecuted under the MPID Act. This was done under the pressure mounted by brokers backed by the then top ministers in the UPA government and their favourite bureaucrats. While the assets of NSEL and its promoters were hastily attached under the provisions of MPID, the same brokers cried foul when it was time to taste their own medicine. Another landmark order of the Supreme Court dated April 2019 had set aside the Bombay High Court judgment upholding the forced merger of crisis-hit NSEL with its parent company, 63 moons technologies limited, saying it was ultra vires of public interest as defined in the Companies Act. These judicial victories now pave the way for the second innings of Jignesh Shah who will now be seen in the role of a mentor for millions of young entrepreneurs of India trying to make their dreams come true in the Start up ecosystem.