NSEL crisis is quite famous in the brokering community. When the Government announced NSEL to be merged with FTIL, even I felt it was an extreme step. Why does the Government want to create an impression that it is taking the moral ground and looking out for the interest of the public? In reality, the broken community has essentially lost an entrepreneur who has ensured that our businesses thrive and opened the broken system to commodities from 2003. Just when we thought that that’s all our exposure would be, as in – equity and commodity, Jignesh Shah pulled another magic card from his pocket. He created IEX – Indian Energy Exchange, in which electricity was traded. Then he created another beauty – NSEL, the first commodity spot exchange in India. This once again widened our scope giving us a variety to offer our clients.
I know a lot of people feel intimidated and threatened by Jignesh Shah, but when I read ‘The Target Book’ written by veteran journalist Shantanu Guha Ray, I realised it is a case of sour grapes or to put it more explicitly – an acute case of jealously. The devious plan hatched by NSE to take down Jignesh Shah paid off but I know that when the truth comes out and I hope it does, I think Jignesh Shah will give us more work in terms offering a yet another new exchange to our clients.
For more information check The Target Book Reviews.