India’s financial markets have changed over the years, but one name has always stood out for innovation, disruption, and a clear vision: Jignesh Shah. Often called the “Exchange Man of India”, Shah changed how markets fundamentally function in the country by starting Financial Technologies India Ltd. (FTIL), which is now called 63 moons technologies limited.
In this blog, we will shed a light on how FTIL built exchanges across various asset classes all over the globe, i.e., taking “the path less travelled”.
Shah’s vision led to that choice, which wasn’t just a risk but a genius move that changed the way India’s markets work.
Building FTIL: The Foundation of Innovation
When it began in 1995, FTIL did not aim to be just another business that made technology for finance, Jignesh Shah aimed at total transformation of India’s financial ecosystem, which was still stuck in the bygone times. Shah saw the gaps and inefficiencies in the markets and decided to solve them through infusing technology to overcome the unique challenges presented in front of him.
At that time, trading in India was still a confined club, accessible only to a selected few in the major economic hubs of the country. But Shah could anticipate the changes that technology could bring to the economy. He foresaw a future where technology could make markets more efficient, lower costs, and open up access to everyone.
FTIL’s main trading tool, ODIN, was made possible by this foresight. ODIN was a revolutionary broking solution that had risk management, order routing, and real-time connectivity all built in. ODIN quickly became a favourite of the markets because it made it easy and affordable for brokers to trade according to their convenience.
Breaking Monopolies and Expanding Horizons
Shah’s vision was revolutionary because he did not confine his apparatus to a selected asset-class. While most people focused primarily on the stock markets, FTIL bravely ventured into new territories by focusing on commodities, currencies, and power with their world class institutions in these asset-classes.
- MCX (Multi Commodity Exchange) was the second-largest commodity exchange in the world and #1 in gold and silver futures under Jignesh Shah’s leadership..
- IEX (Indian Energy Exchange) pioneered power trading in India, bringing transparency and efficiency to a sector that had been bogged down by inefficiencies.
- MCX-SX introduced currency futures trading, adding yet another layer to FTIL’s diversified exchange portfolio.
FTIL was a leader because Jignesh Shah could see untapped potential before anyone else. It was more than just building exchanges or companies, it was also making ecosystems.
A Global Outlook
Jignesh Shah was not content with only domestic dominance as his vision was not confined by the borders. He believed that technology could bring people from all over the world together, and FTIL always believed in collaboration across the globe, whether private or public, to provide better services and trust.
He replicated his domestic success in various markets by combining FTIL’s proprietary technology with Shah’s collaborative efforts.
His global successes made him more sure of his opinion that India’s financial markets could not stay separate as they had to be a part of a bigger, more connected world economy.
Jignesh Shah’s Legacy with FTIL
Jignesh Shah’s story isn’t just about starting a business that does well. It’s also about revolutionizing the way a whole ecosystem works. FTIL became a symbol of how disruptive ideas, fuelled by technology, can change markets and fight monopolies.
Some of his key contributions through FTIL include:
- Democratising access to financial markets through affordable, scalable technology.
- Diversifying India’s exchange landscape beyond equities to include commodities, currencies, and power.
- Championing innovation with platforms like ODIN, which became industry benchmarks.
- Building global linkages for Indian markets through partnerships and inspiring growth.
Shah is a figure for many whose whole identity has been of a disrupter, who loves to venture into the realms unexplored. Even after relinquishing all of his executive positions and taking on the role of coach and mentor, his leadership at FTIL remains the best showcase of how the best way to be successful is not to follow trends but to make your own.
The Hindu Business Line was right when it said that FTIL’s ability to make its own way in a very competitive market shows how powerful disruptive thinking can be. Shah, the idealist who made this change possible, is at the centre of this change.
People will always remember Jignesh Shah and his leadership at FTIL as the force who made possibilities come true in India’s financial history.
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