A man ahead of his time: regarded as the father of modern Indian financial markets, Jignesh Shah revolutionised the very nature of trading in India by planting the seeds of technology-driven solutions and exchanges through his ventures, starting with the inception of the Financial Technologies India Ltd. (FTIL). His journey started with an ambition of vitalising the inefficiency-laden financial ecosystems of the country. Jignesh Shah’s initial experience of playing a prominent role in developing infrastructure for BSE’s online trading journey, combined with his visits to foreign financial centres like NASDAQ and Tokyo, gave rise to his vision to revolutionise financial markets in India
The Genesis of Innovation: Jignesh Shah’s FTIL
Jignesh Shah founded Financial Technologies India Ltd. (FTIL), now known as 63 moons, driven by the vision of creating IP-driven platforms that provide equitable financial services to all. FTIL under Jignesh Shah became the tech-enabled colossus of the fin-tech industry and successfully demonstrated his capabilities as a technocrat. A paradigm of Jignesh Shah FTIL‘s inventive zeal was ODIN, a flagship broking solution that, against stiff competition, managed to garner more than 80% of the market share. Its cost-effective and disruptive technology became the primary engine of growth for different exchanges in India, including NSE, BSE, and CSE.
MCX: A Game-Changer Under Jignesh Shah’s Leadership
In 2003, the world witnessed the manifestation of Jignesh Shah‘s bold vision: the birth of the Multi Commodity Exchange (MCX). Jignesh Shah thought of MCX as a tech-driven, modern exchange to impart order and transparency in the chaotic and fragmented commodity markets India witnessed at that time. Unlike conventional exchanges, Jignesh Shah MCX visioned as a means to empower people, businesses, and traders by providing disruptive features like better risk management and scientific price discovery processes. This vision of realizing the unserved potential of commodities such as gold, silver, crude oil, and agricultural products propelled Jignesh Shah‘s MCX to global fame.
Jignesh Shah transformed the commodity market in India under his able leadership, which enabled MCX to achieve daily volumes of over ₹1,00,000 crore within a short time of its establishment. Jignesh Shah MCX, from those days, rapidly ranked second amongst the largest commodity exchanges of the world and number one in gold and silver commodity futures. Also contributing to this accelerated ascent was Shah’s forward-thinking PPP (Public-Private Partnership) model which gave rise to an explosion of new growth. Jignesh Shah created history once more in 2012 with the successful listing of MCX on the stock markets. MCX became the first Indian commodity exchange to go public. Thereby, the listing cemented the dominance of MCX.
The impact of Jignesh Shah’s MCX on the country’s economy was substantial, adding almost 1% to India’s GDP within a decade and contributing approximately ₹600 crore in state and central taxes. Shah’s focus on inclusive markets ensured that small traders and farmers had a stake in India’s growth, turning MCX into a growth model for other developing economies.
Economic Empowerment: The Impact of Jignesh Shah’s Vision
Jignesh Shah’s MCX was more than just a trading platform; it played a pivotal role in changing the Indian economy. A nationwide study conducted in association with the Tata Institute of Social Sciences (TISS), titled “A Million Jobs and a Million More Opportunities,” highlighted how MCX contributed to more than a million jobs and employment opportunities across various groups. Jignesh Shah’s efforts in uplifting rural communities are particularly commendable, notably through the National Bulk Handling Corporation (NBHC). NBHC offered farmers storage and credit options, creating jobs in rural logistics and boosting agricultural incomes. Following the footprints of Shah’s other successful ventures, NBHC also emerged as #1 agro-management and collateral management company of the country.
Beyond Borders: Jignesh Shah’s Global Legacy
Jignesh Shah extended his entrepreneurial prowess internationally, establishing multi-asset class exchanges in Africa, the Middle East, and Southeast Asia. These exchanges included the likes of Dubai Gold and Commodities Exchange (DGCX), Bahrain Financial Exchange (BFX), Singapore Mercantile Exchange (SMX), Bourse Africa and Global Board of Trade (GBot). Jignesh Shah’s MCX gold futures became a key standard worldwide, competing with the other global exchanges. His global collaborations, such as the joint venture with the Government of United Arab Emirates and MCX for DGCX and acquiring a license from the Monetary Authority of Singapore (MAS) for SMX, underscore his ambition and strategic insight.
Innovation and Resilience: The Enduring Spirit of Jignesh Shah
Jignesh Shah’s genius lay in his ability to innovate under pressure. As Dr. Madhoo Pavaskar, a consulting economist for MCX, noted, “Jignesh Shah believes in exponential growth. He dreams, thinks, speaks and does BIG”. His philosophy, “Every step we take is copied in 3–6 months,” reflected his relentless pace of innovation, ensuring that Jignesh Shah‘s MCX remained ahead of competitors.
Under Shah’s leadership, MCX experienced the world’s largest membership count of 2200 through a widespread network of 3.5 lakh trading terminals across 1500 cities and towns. His commitment to social good, through initiatives like Gramin Suvidha Kendra, extended MCX’s impact to underprivileged communities, creating educational and employment opportunities.
Currently, after relinquishing all his executive positions, He has taken on the role of coach and mentor at Jignesh Shah 63 moons, and through his entrepreneurial and strategic insights, continues to nurture future leaders. Jignesh Shah’s work as a thought leader continues to motivate a new wave of innovators, demonstrating how one person’s ideas can change a community, industry, and even the destiny of a country. As India’s influence as a formidable economy grows globally, Jignesh Shah’s legacy continues to shine bright.
