Jignesh Shah: The Czar of Exchangesby Ankita Sehgal Freelance Blogger, Lives in New Delhi
The founder of 63 Moons Technologies, Jignesh Shah, is one of the biggest business tycoons in India. He was born in a middle-class family but had become a billionaire by 2008. His unprecedented strategies and unique approach brought immense development in the country. As an entrepreneur, he wanted to create new-generation markets and segments that are people-centric and have a comprehensive market structure. Additionally, he dreamed of establishing a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend the reach of India. After working at the Bombay Stock Exchange (BSE) for a period of time, he launched his flagship product Financial Technologies (India) Limited (FTIL) in 1988.
FTIL is currently known as 63 Moons Technologies and has offered various solutions to numerous sectors. The organization launched ODIN, a Tech IP product that was developed at a far lesser cost than any of its competitors. It was launched globally and soon captured the attention of the market. The trading technology turned from an open outcry system to a fully automated screen based electronic system owing to ODIN. Besides swift order matching, it enabled people to trade on multiple markets through a single V-Sat. Further, ODIN created abundant job opportunities by running 3.5 lakh terminals at a given time.
ODIN was already dominating nearly 80 percent market share in the exchange solutions space but that did not stop Jignesh Shah from looking forward. When FTIL was at its peak, Jignesh Shah launched more exchanges both in India and abroad to extend his reach. Multi Commodity Exchange of India Limited (MCX), MCX Stock Exchange Limited (MCX-SX), and Indian Energy Exchange (IEX) are few major exchanges in India that received huge acclamation. Foreign exchanges such as Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX) and Bourse Africa Limited (erstwhile Global Board of Trade) opened up new international trading routes for India.
The czar of exchanges played a crucial role in developing the nation. He created an ecosystem where environment-friendly and high standard jobs are offered and prime focus is on skill enhancement. His efforts created millions of jobs for the citizens and hugely impacted the Indian population. Today, his contributions amount to nearly 1% of India’s total GDP.
Created on Mar 14th 2019 08:21. Viewed 258 times.
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