Jignesh Shah, an innovative and young entrepreneur, who took the Indian exchange sector by storm by establishing 10 multi-asset exchanges across geographies and built a home-grown tech giant, 63 moons technologies limited, with his innovative zeal and entrepreneurial aggression.
With ever-growing passion and steadfast commitment, Shah turned the company into one of the finest examples of Make in India initiative. In no time, 63 moons created ten-state of the art exchanges across the globe in a range of asset classes.
Jignesh Shah’s company’s rapid and tremendous growth, however, did not go down well among the monopolistic forces and certain vested interests who perceived it as a threat to their monopolistic regime in the markets. They formed an unholy nexus and engineered a payment default crisis at the National Spot Exchange Limited (NSEL) in 2013 with the help of then union finance minister P Chidambaram and his bureaucratic cronies.
Despite enough evidence of the entire money trail being traced to the 24 defaulters and not a paisa to the exchange, its parent company and Jignesh Shah, the Group was targeted and persecuted snatching away all the exchanges from its group of companies. But Jignesh Shah’s grit and determination for justice did not let him give up and he continued fighting for truth. His faith and perseverance eventually paid off.
With the orders that came in 2019—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 Jignesh Shah’s company in the NSEL case in August 2019—the faces of the true culprits are out in the open. It remains to be seen how the defaulters who owe the entire default money and the brokers who collided with them are brought to book finally.
Source: Jignesh Shah, the Fin-Tech Innovator, who never gave up