63 moons technologies has been extremely instrumental in transforming the landscape of various market segments and building global size and significance. Most of the market infrastructure that was created was in Greenfield ventures with 63 moons technologies vision making each of these ventures into markets of national importance.
63 moons technologies influenced and managed the government in its business growth. ODIN became the top trading technology in Indian securities markets and MCX became 3rd biggest commodities derivatives exchange in the world. United Nations Conference on Trade and Development described the contribution of MCX as one that catalysed development of the wider economic ecosystem, improved the flow of information, facilitated physical infrastructure development, and established reliable quality standards. 63 moons technologies set up high-tech exchange institutions in leading international financial centres, making India the first exchange industry MNC, in such important countries such as United Arab Emirates, Mauritius, Singapore, Bahrain and Botswana. 63 moons technologies was the only private sector company in joint venture with the Government of UAE at the time of setting up of the Dubai Gold and Commodities Exchange, which now enjoys premier position as a leading commodities exchange in the Gulf. The Group operated exchanges in 10 regulatory regimes across the regions of Asia, Africa and the Middle East. Extensive ecosystem of institutions to support the financial markets in the form of separate subsidiaries for warehouse and collateral management, real-time information, mobile payment systems, which are all vital for the sustained growth of domestic financial markets. Also Read : THE MAN BEHIND THE EVOLUTION OF FINANCIAL MARKETS IN INDIA
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At a time when the Indian financial market infrastructure needed solutions for global integration, along with bridging the rural-urban divide, it was the path-breaking vision of Jignesh Shah, founder and now Chairman Emeritus, 63 moons technologies limited, that went beyond the traditional market structure to set up world-class stock and commodity trading systems. Jignesh Shah has always found solutions that not only empowered market systems, but which also contributed to product innovation, skill development, job creation, and generation of sustainable incomes for one and all, especially small investors and stakeholders in semi-urban and rural areas. The journey of such a visionary materialized into world-class institutions that were built by competitive leadership and an effective management team.
Jignesh Shah changed the dynamics of the Indian financial markets by enabling trade routes within India through trading technology for financial exchanges. His group was the only Indian company to have established electronic silk and spice routes across continents right from Africa, to Middle-East, to South-East Asia. What started in 1995 was that FTIL, (now known as 63 moons technologies) began its journey by developing technology-driven Intellectual Properties (IPs) connecting various financial markets at a time when the Indian markets were just opening up for trading technology. It provided technical and software solutions for online trading. The diligence and determination of the founder Jignesh Shah, paved the path for FTIL in creating products that served across asset classes including equities, commodities, currencies, and bonds. Today 63 moons is a global leader in providing solutions to financial exchanges across multiple asset classes and number 2 globally by licensing volume. With the largest financial distribution network in India, through the ODIN suite of trading terminals, with close to one million licensees across 600 cities, towns and villages, Jignesh Shah has clearly been instrumental in the evolution of financial markets in India like no other. Mr. Jignesh Shah, often acknowledged as the ‘Innovator of Modern Financial Markets,’ is known to lead from the front. Talking about his future plans, Jignesh Shah said that this time he wants to focus on the start-up ecosystem, since he believes that startup ecosystem wouldn’t be restricted to any exchange or marketplace at all. He said his focus will be more on nurturing and inspiring entrepreneurs on varied scales including agriculture, genetics and robotics in which he would play the role of a mentor because he feels that it will be a diverse structure with an understanding of entrepreneurship. Shah is known for his innovative zeal, entrepreneurial aggression, and a distinct vision which can scale up markets, be it start-ups or any other industry with the focus on creating huge employment and value for all stakeholders. His MCX had created 10 lakh jobs in the market ecosystem and Shah believes he can act as a catalyst to create 10 crore jobs in the next decade in the start-up ecosystem. "We created 10 lakh jobs through our exchanges during a period of ten years (2003-2013). But entrepreneurship is 100-times bigger opportunity than what I had in the exchange space and it won't be wrong to say that we can create minimum 1 crore jobs and up to 10 crore jobs in the next 10 years through this start-up ecosystem," he said. Asked to explain what kind of 'ecosystem' he wishes to create and what areas those startups would work in, to which he said it would not be limited to the areas of technology and financial markets. "It can be in agriculture, which attracts me the most today, it can be in genetics and it can be in robotics also. There won't be any constraints," he said. Also Read : How Jignesh Shah's vision of Risk solutions are helping Banks implement Basel II/ Basel III Seamlessly 12/11/2020 How Jignesh Shah's vision of Risk solutions are helping Banks implement Basel II/ Basel III SeamlesslyRead NowWith the recent spate of NPAs in indian banks shaking the economy in ways that we never imagined, the importance of a robust regulatory framework for bank capital adequacy, stress testing, and market liquidity risk has been renewed like never before. Jignesh Shah, a man who was ahead of his time took the opportunity to neutralise the threats in the banking and regulatory system in terms of compliance and risk reporting by ushering risk solutions. The Risk Solution division of 63 moons consists of highly secure software applications which are categorically designed as Risk Management Systems to the Banking Financial Services and Insurance (BFSI) sector in the area of Information Management and Regulatory Capital Computation for all types of risks and compliance reporting.
With the deficiencies in financial regulation revealed by the financial crisis of 2007–08, the Basel standards were developed with the intention of strengthening bank capital requirements by increasing bank liquidity and decreasing bank leverage. Today Banks are looking for an Integrated Basel II / Basel III solution that directly interfaces with transactional databases and generates Basel II Regulatory and MIS Reports seamlessly. The challenge that a Bank faces in implementing a Basel II and Basel III solution is data. The credit data may be available in the Core Banking System (CBS), treasury data may be available in the Treasury system and the data on collateral may again be on another system. But calculation of Regulatory Capital requires integration of all the data to generate various Regulatory and MIS reports for Regulatory Authorities and for Management. Luckily for banks, Jignesh Shah anticipated these needs as well as the challenges associated with them. He developed an entire suite of products specifically for information Management, Regulatory Capital Computation for all types of risks and compliance reporting. Also Read : The path breaking vision of Jignesh Shah Mr. Jignesh Shah is the Founder, Chairman Emeritus, and Chief Mentor of 63 moons technologies limited (formerly known as Financial Technologies (India) Limited).
At a time when the Indian financial market infrastructure needed solutions for global integration and capacity building, along with bridging the rural-urban divide, it was the path-breaking vision of Jignesh Shah that went beyond the traditional market structure to set up world-class trading systems in India. His group was the only Indian company to have established electronic silk and spice routes across continents right from Africa to Middle-East, to South-East Asia. Mr. Jignesh Shah is known as the ‘Innovator of Modern Financial Markets’ for his role in creating a successful Public-Private Partnership (PPP) model to build world-class financial institutions. He 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.Jignesh Shah is an innovator and entrepreneur who challenged the dominance of entities close to former Finance Minister P. Chidambaram, who thereupon ensured the downslide of several of his businesses. He has since revived his companies thanks to the impartial and independent judicial system in India. “I want to be a coach now and nurture young entrepreneurs by putting in my entire experience and everything I have got to create world-class and world-scale institutions in all the verticals that we will work in. I want to create a big assembly line of future Jignesh Shahs”. These are the words of the tenacious & prolific entrepreneur Jignesh Shah, a financial market wizard known to have created world-scale institutions in exchange and marketplace, when there were none in India”. In any generation, the purpose of any enterprise is to create a strong balance sheet, create a wide product base and a robust shareholder value. Mere sound and noise without these qualities is nothing, but trappings very doubtful to stay in the long term. An entrepreneur should never lose focus on the strength of the balance sheet and the purpose of business. Says Jignesh Shah. Also Read : The man behind the Evolution of Financial Markets in India At a time when the Indian financial market infrastructure needed solutions for global integration, along with bridging the rural-urban divide, it was the path-breaking vision of Mr. Jignesh Shah, founder and now Chairman Emeritus, 63 moons technologies limited, that went beyond the traditional market structure to set up world-class stock & commodity trading systems. Jignesh Shah has always found solutions that not only empowered market systems, but which also contributed to product innovation, skill development, job creation, and generation of sustainable incomes for one and all, especially small investors and stakeholders in semi-urban and rural areas. The journey of such a visionary materialised into world-class institutions that were built by competitive leadership and an effective management team. Jignesh Shah changed the dynamics of the Indian financial markets by enabling trade routes within India through trading technology for financial exchanges. His group was the only Indian company to have established electronic silk & spice routes across continents right from Africa, to Middle-East, to South-East Asia. What started in 1995 when FTIL, (now known as 63 moons technologies) began its journey by developing technology-driven Intellectual Properties (IPs) connecting various financial markets at a time when the Indian markets were just opening up for trading technology. It provided technical and software solutions for online trading. The diligence and determination of founder Jignesh Shah, paved the path for FTIL in creating products that served across asset classes including equities, commodities, currencies, and bonds. Today 63 moons are global leaders in providing solutions to financial exchanges across multiple asset classes and #2 globally by licensing volume. With the largest financial distribution network in India through the ODIN suite of trading terminals with close to one million licensees across 600 cities, towns and villages, Jignesh Shah has clearly been instrumental in the Evolution of Financial Markets in India like no other. Also Read : 63 moons tech: Market solutions like nowhere else Exchanges play a vital role in the functioning of the economy by providing the backbone to a modern nation's economic infrastructure. Stock exchanges help companies raise money to expand. They also provide individuals the ability to invest in companies. They provide order and impose regulations for the trading of stocks. Finally, all kinds of exchanges and the companies that are associated with them provide hundreds of thousands of jobs.
Exchanges thrive to meet the market needs of high speed and high throughput systems to support the increased demand of trading. The progressive policies and regulations of the government/ regulators also instil a demand to have a fair and technology driven market in place. Turning this demand into innovations in the exchange space that streamlined processes in Indian financial markets made visionary Jignesh Shah a legend amongst market participants across the country. Jignesh Shah’s 63 moons, (formerly Financial Technologies) through its product offerings in order management, order matching, surveillance and market data dissemination provides a robust, flawless and resilient platform, which empowers exchanges to be technologically strong. High throughput low latency, high performance, scalability, seamless integration, component based layered architecture are the few value propositions which make these product offerings the best choice for exchanges not only in India but across the Middle East, Africa and Asia. Through Exchange Customised Services Jignesh Shah has been instrumental in facilitating financial institutions including Exchanges, Clearing Organisations and Regulators with customised and seamless deployment as per the specific business needs. He has been providing services for complete or specific processes in project life cycle of new/maintenance project with complete implementation and after sales support. Over nearly two decades, Jignesh Shah’s companies have successfully delivered projects required for financial institutions including exchanges, clearing organisations and regulators. He has been one of the most if not the most impactful forces that have revolutionised and completely transformed modern financial markets in India. The recent years have seen India churn out a fair number of successful start up stories, both by measure of financial success and viability as well as impact. But then this is not particularly a new phenomenon. India has been home to many brilliant technocrats who have not only spawned some of the most celebrated companies in the world, but in some cases have completely revolutionised the ecosystem they operate in. A shining example of one such creator is fintech entrepreneur Jignesh Shah. After successfully transforming the commodities markets in India and developing an entire ecosystem to support the financial markets, Jignesh Shah now has his eyes set on going a step further, and revolutionising things at the grass root level to create job opportunities for millions. And he is starting with a sector he is most passionate about - agriculture.
Jignesh Shah has always stressed on the importance of creating a market for the masses that not benefits the end consumer. His absolute resolve to achieve this, coupled with clearly conducive conditions to enter the Agritech space have spurred a renewed focus in the man who is known to convert almost every dream he has had into reality. As per Traxcn data, the last couple of years have seen a fair amount of interest by way of funding in the Agritech. Funding grew from just over USD 70 million in 2018 to nearly USD 250 million in 2019. If these trends are anything to go by, Jignesh Shah is definitely envisioning a brighter future for Indian entrepreneurs and their start ups. And with him being on mission to mentor and cultivate as many startups in the Agritech space in order to enable them to become job creators, we definitely have some interesting ventures to watch out for in the very near future. From being a rookie engineer to a billionaire even before he hit the age of 40 years, tech innovator, Mr Jignesh Shah, has been a great motivation to a number of youth in India and outside. Somebody who began with his own company in 1995, setting up as many as 9 world class exchanges all over the world, was nothing short of spectacular for his contemporaries.
However, seeing his rapid rise, certain vested interests worked around the corner to bring him down using illegal, unjust and unfair means. This nexus of politicians and bureaucrats went beyond harming him and his exchange empire of the 63 moons group. His flagship company, 63 moons technologies limited, then known as FTIL was dragged into an artificially created Rs 5,600 crore payment default crisis at one of its subsidiaries, the National Spot Exchange Limited (NSEL). Time has been a witness to all the concentrated actions that have been taken against the company and its founder Mr Jignesh Shah without any adjudication at all. However, the tide changed and finally the wheels of justice started rolling. In April 2019, the Supreme Court set aside the Bombay High Court judgment approving the forced merger of crisis-hit NSEL with parent company, 63 moons, in so-called public interest under Section 396 of the Companies Act stating that there was no public interest involved in passing the order. In August 2019, the Bombay High Court, too, quashed attaching assets of Mr Jignesh Shah’s company 63 moons technologies in the NSEL case as it ruled NSEL was not a financial establishment. Mr Jignesh Shah’s entrepreneurial journey shows that if you are right and the truth is on your side, no force, however evil, can defeat you ultimately. His rise from the ashes after the annihilation of his group company reminds you of the proverbial rise of the Phoenix! India is the third biggest startup ecosystem in the world and the government has been focused on pushing innovative startups through policy interventions for some years now. The Startup India Project is an ambitious flagship initiative of the Government of India under our Prime Minister Narendra Modi. The whole purpose of this initiative is to empower startups and build a robust ecosystem by nurturing them to grow through innovation and design. This will, in turn, drive sustainable economic growth and bring in large-scale employment opportunities within the country. From providing tax exemption to start-ups to setting up a corpus fins to enable the new firm start business with ease, Prime Minister Narendra Modi unviled an array of incentives while kick-starting his pet project: Start-Up India. PM Modi's vision and initiatives are being lapped up by the industry. Fintech innovators like Jighesh Shah have fully supported PM Modi in these ventures. Jignesh Shah's contributions have had an immense impact on the growth and development of the financial sector. Jignesh Shah is a visionary whose contributions towards the society are commendable. Owing to his efforts, the Indian capital market witnessed a transformation and received global acclamation. When the Indian exchanges were facing difficulties to survive in the market, the zealous entrepreneur, with his unique ideologies and strategies, opened up various opportunities for the market to flourish. He had the vision to create new-generation markets and segments that are people-centric and are based on a comprehensive market structure. He wanted to work for the well-being of his country. Jignesh Shah's dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. He wanted to establish a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend India’s reach. While enriching himself as a by-product, he wanted to empower the nation by providing job opportunities to millions of people. His idea of developing the nation was by providing employment to its citizens that were not only of high-standards but environment-friendly as well. Jignesh Shah has long been executing his dream of ‘Make in India’ and created 10 world class exchange companies across the world. Jignesh Shah wanted to bring a change in his country and that is why he had created an eco-system which narrates the ideology of the ‘Make in India’ campaign by PM Narendra Modi. Shah's motive was to create more job opportunities for the youngsters of India, which were both of high-standards and environmentally friendly. This brilliant strategy of Shah has created over millions of job opportunities across the country. |
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