The founder of 63 Moons technologies limited – Jignesh Shah entered the financial market in 1988 with Financial Technologies India Limited (FTIL). The aim was to develop technological products and solutions that bring the various components of the markets together. Soon, the company invested in the exchange business after introducing its first commodity derivatives trading platform, i.e., the Multi Commodity exchange (MCX) in 2003 and kept on delivering similar exchanges in India and across the world.
Jignesh Shah is a first-generation entrepreneur who realized in the concept of ‘Make in India’ before it was even established. He is a self-made man who used his intelligence and grabbed on the opportunities at the right time. While working at Bombay Stock Exchange he learned how the stock markets work in India and across the world and after realizing the different veiled opportunities available, he plunged on to become an entrepreneur and came up with FTIL.
After FTIL, Jignesh Shah came up with a lot of other financial solutions. In 1998, he came up with their flagship product ODIN which turned out to be a leader among trading software in markets across the country. In 2003, 63 moons created MCX, the first only exchange in India to be listed on stock markets. In 2005, 63 moons came up with the following:
• NBHC: It provides India’s largest warehouse and collateral management facility
• DGCX: The first ever commodity derivatives exchange in Dubai
• ATOM: The first real-time disseminator for secure mobile payments
• TICKER: A real-time information system that provided cost-effective data and analytics to numerous businesses.
In 2007, Financial Technologies Knowledge Management Company (FTKMC) was established as an initiative to provide training to their employees. In 2008, Metropolitan Stock Exchange (MCX-SX) was established as an exchange for trading futures and options, currency derivatives and debt market segments. Later, the same year Indian Energy Exchange (IEX), an electronic system that synchronized derivatives and physical trading in commodities in Singapore with the Asian time zone was introduced.
In 2009, Bahrain Financial Exchange (BFX) was the 1st exchange from India to offer to trade in Sukuk and other Shariah-compliant financial instruments in Bahrain. The same year Shah also established a leading multi-asset exchange in Africa called BOURSE AFRICA.
In 2013, however, the NSEL payment default cast a shadow on all the aforementioned innovations. According to the CBI report, there was the involvement of brokers, investors, defaulters and key decision makers in the total worth of the scam resulted in Rs. 5600 crores. Ever since 63 moons technologies is facing huge drawback and it has also affected Shah’s reputation but he refuses to give up to corruption and vested interests.
Arun Singh