Mr. Jignesh Shah, the founder of 63 moons technologies group, is a global leader in providing next generation technology innovations, platform and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.
At a time when the Indian financial market infrastructure needed solutions for global integration and capacity building, along with bridging the rural-urban divide, it was the path-breaking vision of Mr. Jignesh Shah that went beyond the traditional market structure to set up world-class trading systems in India.
Many vested interests tried to pull Mr. Jignesh Shah down by conspiring against him but couldn’t succeed in the long run. Mr. Jignesh Shah was targeted by top bureaucrats working for then finance minister P Chidambaram who had his own vested interests in the rival National Stock Exchange (NSE).
Mr. Jignesh Shah’s corporate rivals perceived him as a direct threat and hence conspired to throw him out from the exchanges and financial markets. For this, they decided to target NSEL, where they managed to create a payment crisis and then used this to attack Mr. Jignesh Shah and his parent company, 63 moons. For six years, vested interests lodged a vicious campaign against Mr. Jignesh Shah by misguiding the media, investigative agencies and even government authorities.
However, truth finally emerged victorious when in April 2019, the Supreme Court struck down the forced merger of NSEL with 63 moons. In August 2019, the Bombay High Court also ruled that the National Spot Exchange Ltd (NSEL) is not a financial establishment and hence notification for attachment of company’s assets including bank accounts and properties under MPID (Maharashtra Protection of Interest of Depositors) Act stand quashed.
It is a big victory for Mr. Jignesh Shah, his company 63 moons, its shareholders and employees. As they say, truth finally wins, no matter what!