The poster boy of Exchanges, Jignesh Shah’s spectacular rise in the Indian financial markets is like a real life movie. For someone who started as his career in BSE and went on to become one of the most influential figures in the exchange industry, his story still inspires many new generation entrepreneurs.
After having completed his Bachelors in Electrical Engineering from Mumbai University, Jignesh Shah got introduced to the financial markets when he joined Bombay Stock Exchange (BSE) as an Assistant Manager.While doing his job of managing automation of trading systems as well as designing and implementing back end modules for BSE, Shah realised his dreams of going big on the exchange platform.
Shah traveled extensively while at BSE to get intricate knowledge of how exchanges operate around the world. After quitting BSE in 1994 along with colleagues Neralla and Ghanshyam Rohira, Shah launched a company to provide software to capital markets, known today as Financial Technologies (India) Ltd or (FTIL).
Another one of Jignesh Shah’s achievements that positions him as a business magnate in the Indian ecosystem is the Multi Commodity Exchange (MCX). Launched in 2003 by Shah, MCX has progressed into a trading giant and over US$2bn / day is traded along with it being the second- and third-highest in volumes of silver and gold in the world, respectively. The Exchange contributed to 1% of the nation’s GDP in just a decade and managed a cumulative income of Rs. 3,600 crore.
This visionary is still there even though his company is now overshadowed by the NSEL crisis. After reading Shantanu Guha Ray’s ‘The Target Book’ I think the truth will uncover the injustice meted out to this visionary.
For more information check The Target Book Reviews.