Jignesh Shah, a luminary of Indian entrepreneurship, envisioned transforming India into the “Manhattan of the East”, a transformative force in the global finance ecosystem alongside the top economic centres. It is said that it takes 10 years to establish 1 exchange but Jignesh Shah, with his drive and acumen, built a network of 10 world-class multi-asset class exchanges around the globe in a span of just ten years, setting a stepping stone for the financial infrastructure of the country. His journey, which is rooted in the ethos of building from the grassroots, stands as the precursor to the “Make in India” success story.
The success of the institutions and exchanges on the world stage is a testament to his innovative spirit, resilience, and a dream to elevate India’s global stature. This blog explores his impressive achievements and the lasting strokes of innovation by Jignesh Shah 63 moons on the bustling painting called India’s Financial landscape.
The Dreamer’s Blueprint: Jignesh Shah’s Vision
Jignesh Shah was born with an entrepreneurial spirit that he turned into a ground breaking vision. Shah envisioned an India where its financial Infrastructure could stand shoulder to shoulder with New York or London, featuring smooth, tech-driven exchanges that everyone could access. “India can be the financial capital of the East,” he declared, dreaming of a country where farmers, traders, and industries could flourish through interconnected markets.
His aspirations realised in the form of the founding of Financial Technologies India Ltd. (FTIL), now known as Jignesh Shah 63 moons technologies Ltd. His goal went beyond just establishing financial solutions; he aimed to build a comprehensive ecosystem that empowered everyone involved, whether they were in rural areas or bustling cities, big businesses or small enterprises. Jignesh Shah’s entrepreneurial drive was rooted in the belief that India could take the lead in global finance through home-grown innovation, setting the stage for the “Make in India” movement that would later gain popularity in the country.
A Decade of Disruption: Building 10 Exchanges
Jignesh Shah’s most impressive accomplishment was setting up 10 world-class exchanges between 2003 and 2013, making his company Jignesh Shah 63 moons the only entity in India to establish 10 world class exchanges covering all the asset classes including equity, debt, currency, commodities and energy, both in India and around the world, a feat that truly highlighted his strategic genius. These included:
1. Multi Commodity Exchange (MCX): Became the world’s second-largest commodity exchange and #1 in gold and silver, created more than 1 million jobs and India’s first commodity exchange to go public.
2. Indian Energy Exchange (IEX): India’s premier power exchange, #1 in electricity futures, addressing energy shortages with transparent trading.
3. MCX Stock Exchange (MCX-SX): A stock exchange offering from Jignesh Shah 63 moons group, it climbed on top in global league tables in just 2 years in trading currency derivatives, against the stiff competition from the monopoly of BSE and NSE.
4. Dubai Gold and Commodities Exchange (DGCX): A Middle Eastern hub for commodity futures established as a joint venture between the Government of United Arab Emirates and the Jignesh Shah MCX.
5. Singapore Mercantile Exchange (SMX): A Pan-Asian commodity and currency exchange that popularised coffee and other commodity trading.
6. Bourse Africa Ltd. (2008): A multi-asset exchange for African markets.
7. Bahrain Financial Exchange (BFX): A pioneering multi-asset international financial exchange based in the Kingdom of Bahrain.
8. National Spot Exchange Ltd. (NSEL): A platform for spot trading in agricultural commodities
9. Global Board of Trade (GBOT): Mauritius-based exchange for commodities and currencies.
This impressive array of exchanges, crafted from grassroots, highlighted Jignesh Shah’s ability for thinking on a global scale while still being grounded in local roots and requirements, crafting tech-driven financial solutions that suit the needs of the local demography. His innovative technology, developed through Jignesh Shah 63 moons, allowed these exchanges to function at a fraction of the cost compared to their western counterparts, while providing the same sophisticated services and solutions comparable to them. Shah’s Public-Private Partnership (PPP) model encouraged teamwork with governments and institutions, paving the way for scalability and meaningful impact.
The First Make in India Story
Jignesh Shah’s establishment of these exchanges was the heart of India’s original “Make in India” movement, a grassroots effort aimed at creating world-class institutions through home-grown innovation. Unlike the financial models brought in from abroad, Shah’s exchanges were specifically designed to meet India’s distinct needs, empowering farmers, small traders, and various industries. Take Jignesh Shah MCX, for example; it transformed commodity trading by allowing farmers to protect themselves against price fluctuations, while IEX made affordable electricity accessible to energy-deprived states.
Shah’s influence went well beyond just trading platforms. Initiatives like NBHC offered warehousing and credit services, generating rural employment and enhancing agricultural earnings. His tech platforms, including ODIN, which captured a whopping 80% of India’s broking market, and Ticker, provided real-time data that helped stakeholders make informed choices. MCX continued to fuel India’s growth journey by creating more than 1 million jobs and contributing 1% to India’s GDP, showcasing Shah’s commitment to inclusive growth.
Jignesh Shah’s exchanges were more than just financial instruments; they were catalysts for social change. Take the Gramin Suvidha Kendra, for instance, this initiative empowered farmers to make informed decisions about when to sow and sell their crops. By merging technology with accessibility, it truly captured the essence of nurturing India from the ground up.
Global Ambition, Local Roots
Jignesh Shah had a vision that went beyond borders, aiming to establish India as a key player in the global financial ecosystem. His international exchanges, DGCX, SMX, BFX, and GBOT, helped weave India into the fabric of world markets, with MCX’s gold futures setting a global standard. These initiatives expanded 63 moons’ global footprint, highlighting Shah’s knack for navigating intricate international terrains.
However, Jignesh Shah always kept India at the centre of his efforts and innovations. His exchanges focused on local stakeholders, from spice traders in Kerala to cotton farmers in Gujarat. By developing electronic trading pathways across Africa, the Middle East, and Southeast Asia, Jignesh Shah made sure India took the lead in emerging markets, earning him accolades like the ‘Young Global Leader’ title from the World Economic Forum and the ‘Indian Express Innovation Award’ from Dr. A.P.J. Abdul Kalam.
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Resilience and Legacy
Jignesh Shah’s journey was filled with its fair share of hurdles, but his foundational contributions to India’s financial landscape have stood the test of time. After relinquishing all of his executive positions at Jignesh Shah 63 Moons, he took on the role of coach and mentor, empowering the global leaders of future India within the company.
Shah’s legacy shines as a true testament to entrepreneurial spirit. The fact that he managed to create 10 exchanges in just a decade, each one a beacon of innovation, showcases a brilliance that dared to dream big. “Every step we take is copied in months,” he once remarked, highlighting his relentless drive for disruption. By nurturing a top-notch ecosystem from the ground up, Shah created India’s very first “Make in India” narrative, empowering countless individuals and seamlessly connecting India to global markets.