In a span of ten years, engineer-turned-financial market wizard Jignesh Shah who set up 10 exchanges across six continents sees 100-times bigger business potential in a ‘startup ecosystem’. He feels startup ecosystem can create up to 10 crore jobs over the next decade.
Shah, who was forced out of all Sebi-regulated businesses under regulatory orders amid a multi-agency probe following a payment default crisis of Rs 5,600 crore in 2013 at his smallest venture National Spot Exchange Ltd (NSEL) that had a daily trading volume of Rs 200 crore as compared to more than Rs 1.20 lakh crore a day at his biggest exchange MCX. Incidentally, the entire money trail of Rs 5600 crore has been traced to the 24 defaulters with not a single paisa being traced to NSEL, FTIL and Jignesh Shah.
Now, Shah wants to focus on a mentoring role and help youngsters with innovative ideas in order to live their entrepreneurship dreams by providing them a platform for “institutionalization, globalization and scaling up” of their ventures.
In an interview Shah said, “We now have a very conducive environment with a strong leadership under Prime Minister Narendra Modi that wants to promote entrepreneurship and job creation,” said Shah, now Chairman Emeritus of 63 Moons Technologies, the re-booted version of the Financial Technologies India Ltd (FTIL), the erstwhile parent holding firm for all the exchanges founded by him.”
Jignesh Shah also said that now he is confident that the time has come to start his second innings as court orders are vindicating him and his companies of all the charges one after another because none of the agency could prove even a single paisa of wrongdoing on his part, nor on part of his companies.
