Innovator Jignesh Shah always fought like a one-man army

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. Mr Shah went on to set up 10 world-class exchange companies under his flagship company FTIL (now known as 63 moons tech), in various asset classes, in just 10 years across India and abroad.

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 FTIL's 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.

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.