The Rise, Fall & Rise Again of Jignesh Shah – A Timeline of Innovation
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Jignesh Shah, the founder of Jignesh Shah 63 Moons Technologies Limited (formerly Financial Technologies India Ltd), is a name synonymous with innovation in India’s financial and technological space. His journey — marked by spectacular success, sudden setbacks, and an inspiring resurgence — reflects the unpredictable nature of entrepreneurship in a rapidly evolving India.
The Rise: Creating a Tech-Led Financial Revolution
Early Career and Vision
Jignesh Shah began his professional journey as an engineer at the Bombay Stock Exchange (BSE), where he gained firsthand exposure to the inefficiencies and outdated systems plaguing Indian capital markets. Recognizing these deep-rooted challenges, he envisioned a financial ecosystem that was transparent, efficient, and technology-led — a bold concept in the late 1990s.
“He believed that India didn’t just need reforms—it needed a complete infrastructure overhaul, led by indigenous innovation.”
Founding of Jignesh Shah FTIL and Jignesh Shah 63 Moons
In 1998, Shah founded Jignesh Shah Financial Technologies (India) Ltd., now known as Jignesh Shah 63 Moons, with a mission to democratize access to financial markets. Through this venture, he laid the foundation for India’s first-ever digital ecosystem for financial exchanges, a move that would revolutionize how markets operated.
The platforms built under Jignesh Shah’s 63 Moons brought real-time trading, price discovery, and greater market participation to the forefront of India’s economic story.
This tech-led foundation enabled:
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Transparent operations across asset classes
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Real-time, accessible platforms for small traders
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A level playing field for all market participants
Building Global Market Infrastructure
Shah’s vision didn’t stop at domestic success. Under his leadership, Jignesh Shah 63 Moons spearheaded the creation of over 10 exchanges globally, spanning multiple asset classes and regions.
- MCX (Multi Commodity Exchange) – India’s largest commodity exchange
- IEX (Indian Energy Exchange) – India’s first energy marketplace
- DGCX (Dubai Gold and Commodities Exchange) – A key player in global commodities
These innovations not only placed India on the global fintech map but also empowered small traders and farmers by giving them access to real-time price discovery and risk management tools.
The Fall: The NSEL Crisis and Controversies
The NSEL Setback
In 2013, National Spot Exchange Ltd. (NSEL), another brainchild of Shah under the Jignesh Shah 63 Moons umbrella, was hit by a major crisis. A payment default worth ₹5,600 crore surfaced, sparking nationwide regulatory and media attention. Despite evidence pointing towards a few willful defaulters, the narrative quickly shifted toward blaming Shah personally.
This marked the beginning of a challenging era for Jignesh Shah and Jignesh Shah 63 Moons, as the entire ecosystem faced legal and reputational challenges.
Arrests and Legal Troubles
In the following months, Shah was arrested, and multiple charges were filed. His other ventures, despite being successful and unrelated to NSEL’s operations, faced collateral damage. Many of his flagship ventures were forcibly exited or taken over.
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Forced exits from some of his flagship companies
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Severe disruption of ongoing operations
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A massive blow to the image of Jignesh Shah 63 Moons Technologies
Media and Institutional Targeting
What followed was a period of intense media trial and regulatory hostility. Shah’s rise had disrupted traditional monopolies, and several analysts believe this disruption made him a target of powerful lobbies. His case highlighted the fragility of entrepreneurial freedom in India when pitted against systemic forces.
ALSO READ: How 63 Moons’ ODIN Impacted Over 1 Crore Lives?
The Rise Again: Fighting Back with Facts and Law
Legal Vindication and Clean Chit
After years of intense scrutiny and prolonged legal battles, several courts and regulatory agencies cleared Jignesh Shah of any direct involvement in the NSEL default. Investigations revealed the default was caused by specific counterparties, not due to any technological or operational fault of Jignesh Shah 63 Moons.
This legal vindication was a turning point, allowing Shah to begin rebuilding his entrepreneurial legacy.
Repositioning Jignesh Shah 63 Moons
Despite the prolonged legal and emotional toll, Shah, through Jignesh Shah 63 Moons Technologies, has re-entered the fintech and digital innovation space. Today, the company is pivoting towards emerging tech like blockchain, AI, and digital marketplaces.
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Blockchain-based market systems
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AI-driven financial infrastructure
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Digital marketplaces and decentralised platforms
This next phase for Jignesh Shah 63 Moons represents a forward-looking, innovation-centric approach that aligns with global fintech trends.
Unbroken Spirit
Jignesh Shah’s unwavering belief in “Innovation First, India First” continues to drive his ambitions. His story resonates with entrepreneurs who face systemic barriers, reminding them that resilience is as critical as innovation.
Conclusion: A True Indian Innovator
The story of Jignesh Shah 63 Moons is not just about markets or money — it is about courage, disruption, and standing up for what you build. His timeline — from a visionary technocrat to a wrongfully targeted entrepreneur, and now a comeback innovator — is a blueprint of perseverance in India’s dynamic business landscape.
His experience serves as both a cautionary tale and a beacon of hope — reminding us that while innovation can rattle old systems, resilience can help build even stronger ones.
