Jignesh Shah – The power behind 63 moons technologies
Known to most as an innovator in the financial markets – Jignesh Shah is the name that has driven one of the most influential financial companies 63 moons technologies, previously Financial Technologies (India) Limited (FTIL). The company is responsible for the latest innovations in online trading and other financial solutions. Such efforts have gained the Chairman Emeritus titles such as the ‘Car of Exchanges’ by Shantanu Guha Ray in his investigative book ‘The Target’. The book evaluates the details of the NSEL payment default that broke out in mid-2013.
The company run by Jignesh Shah was slapped a fine of 1 lakh rupees last month for not seeking approval from the stock exchanges to change its name to 63 moons technologies. “... it is clear that the requirement of seeking prior approval from the stock exchanges(s) is a condition precedent before filing request of name change to RoC, which in fact has not been met by the notice (63 Moons),” SEBI said in a statement.
On the other hand, SEBI revoked allegations against the ex-employees of MCX who were alleged insider trading by the regulatory body. A total of 13 people were accused which included kin of Jignesh Shah. However, recently SEBI revoked the charges against 7 for not being able to find substantial grounds against them.
A number of regulatory bodies have launched investigations against the company and found almost nothing that could prove the companies involvement in the payment default. Jignesh Shah has been to jail a few times but released due to the lack of evidence. ‘The Target’ iterates how he cooperated with the agencies and even helped them in the investigation.
Moreover, the NSEL-FTIL merger that was proposed by the Ministry of Corporate Affairs (MCA) has been withheld by the High Court of Mumbai in wake of the opposition by 63 moons technologies. It has been argued by the firm that it will be the end of the ‘limited liability’ concept. One can only wait and hope for justice in the case.
