Jignesh Shah: The Visionary Entrepreneur Who Transformed India’s Financial Markets Landscape

​Jignesh Shah: Pioneer of Financial Markets Infrastructure

The transformation of India’s financial landscape over recent decades stands as a testament to the pioneering force of fintech, masterfully orchestrated by Jignesh Shah, the esteemed founder and mentor of 63 moons Technologies, formerly Financial Technologies India Ltd. (Jignesh Shah FTIL). Revered as the “visionary of modern financial markets”, Shah, born to a Gujarati iron and steel merchant, inherited a keen business intellect that fueled his aspirations for entrepreneurial eminence. This blog sheds light on his incredible journey of dreams and indomitable spirit.

The first AVATAR of the Maverick

Jignesh Shah's career began as a project manager at the Bombay Stock Exchange (BSE), where he dreamt of transforming BSE into a beacon of inclusive growth through cutting-edge technology, a vision unprecedented at the time. Shah spearheaded the creation of BOLT, BSE’s online trading platform, igniting a revolution in Indian stock trading.

Jignesh Shah's trips to the high-tech exchanges of Hong Kong, Tokyo, and NASDAQ with colleague Dewang Neralla fueled his imagination and made the myriad challenges plaguing India's financial markets crystal clear. He understood the lack of technological advancement needed for a change and established 63 moons, previously known as Financial Technologies India Limited (Jignesh Shah FTIL). His aims included the creation of powerful, IP-driven, and technology-enabled platforms that would guarantee equal opportunity access to financial services, irrespective of geographic location. Jignesh Shah FTIL's vision was the precursor to a host of best-in-class national and international financial institutions which subsequently integrated India into contending global economies.

With his sharp intellect and bold determination, Jignesh Shah never hesitated to make the daring leaps that defined his path. His knack for identifying market gaps and his visionary approach to bridging them with technology were exemplified by the disruptive innovation of ODIN, a cost-effective broking solution that enabled trading of securities in India. With its 80% market share, ODIN became the success driver of all the exchanges of the country, such as NSE, BSE, CSE…

Revolutionising Trading in his second AVATAR

It is said that it takes at least 10 years to establish an exchange, but Jignesh Shah falsified this theory by establishing 10 exchanges in the span of 10 years. His multifaceted entrepreneurship story is narrated by the successes of world-class exchange solutions such as Multi Commodity Exchange (Jignesh Shah MCX), MCX Stock Exchange (MCX-SX), Indian Energy Exchange (IEX), Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX), Bourse Africa, Bahrain Financial Exchange (BFX) and many more… The crown jewel of them being MCX. In 2003. Jignesh Shah’s determination and leadership empowered MCX to emerge as the second largest exchange in terms of trading commodities in the world and the number one in terms of trading gold and silver, and in 2012 it became India’s only publicly listed exchange. This landmark achievement demonstrates Jignesh Shah’s prowess towards building competitive global platforms that empower traders and businesses. The success of his exchanges gave him a nickname, the TZAR of exchanges.

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Shah’s model of innovative Public-Private Partnership (PPP) was critical in cementing MCX as one of the pillars of India’s financial infrastructure and created more than 1 million jobs, cementing its legacy as the Manhattan of the East.

Global Impact and Social Responsibility

Jignesh Shah’s influence rippled far beyond India, forging electronic trading networks across Africa to Southeast Asia. Shah linked India to global markets, boosting its financial prestige, generating millions of jobs, and contributing nearly 1% to India’s GDP.
Beyond commerce, Jignesh Shah’s commitment to social good shone through his corporate social responsibility efforts. Programs like Gramin Suvidha Kendra, partnered with India Post, and Pragati, alongside Rotary International, uplifted underprivileged communities with education and training. Jignesh Shah FTIL’s belief in markets as engines for social progress defined his visionary approach to entrepreneurship.

Jignesh Shah’s Foray into New-Age Technologies

Jignesh Shah’s visionary leadership propels 63 Moons Technologies into transformative domains, cybersecurity, legal tech, and Web 3.0, forging a robust, future-ready digital economy that elevates India’s global technological stature. Shah underscores cybersecurity’s vital role, declaring, “If data is oil and AI is the brain, then cybersecurity is the oxygen,” while pioneering solutions like 63 Sats to shield users from cyber threats. Equally, his trailblazing efforts in legal tech streamline justice through innovative platforms with QI Legal, and in Web 3.0, with his venture 3.0 Verse, he champions decentralised systems, cementing his legacy as a multifaceted industry pioneer.

With India’s cybersecurity market projected to reach ₹1 lakh crore by 2029 and Web 3 being the future currency of tomorrow. Shah steers 63 Moons to the forefront through strategic partnerships throughout the globe. His leadership fosters a mentorship model, empowering capable leaders to thrive under his guidance, ensuring 63 Moons shapes the technology of tomorrow.

Awards and Recognition for Jignesh Shah

Jignesh Shah FTIL’s contributions have been widely recognised by prestigious organisations. He was named a 'Young Global Leader' by the World Economic Forum and awarded the title of 'US-India Businessman of the Year'. His recognition in CLSA's 'Top 20 Indians' list and Forbes' list of the wealthiest Indians until 2010 highlighted his impact. The 'Indian Express Innovation Award', bestowed by former President Dr A.P.J. Abdul Kalam, acknowledged his contributions to transforming India's financial markets. These honours exemplify Jignesh Shah's lasting legacy as a pioneering entrepreneur.

The Legacy of Jignesh Shah

Jignesh Shah's path exemplifies the strength of vision, perseverance, and creativity. He has transformed trading by introducing IP-based solutions and continually expanding the limits of possibility. His talent for establishing premier institutions such as Jignesh Shah MCX and advancing India's digital economy has solidified his reputation as a pioneer. Under his guidance, 63 Moons Technologies remains at the forefront of fintech, cybersecurity, and Web 3, reflecting his dedication to the 'Make in India' initiative.