This line from sholay –when veeru asks Thakur Sahab about his enmity with GabbarSingh–instantly came to my mind as I was reading ‘The Target’ by investigative journalist Shantanu Guha Ray that unearths the rivalry between NSE and FTIL group and how Chidambaram and his officers used the NSEL default to throw Jignesh Shah and his FTIL out of entrepreneurship and innovation, literally!
The book says that the genesis of NSE’s puranidushmaniwith FTIL goes back back to 2007 when FTIL’s success story was transcending geography as it took electronic exchanges to uncharted markets like the Middle East, Africa and Singapore, where its bourses had created strong financial institutions, and the figures traded on these bourses helped Indian footprints gain honour across the world. The Indian exchange space was jostling for elbow room in the international competitive arena, far from the demure turf it had witnessed in the nineties.
Guha ray says that FTIL’s popularity spoke volumes as its revenues had become a bane for those in India competing against FTIL and its various bourses incubated and nurtured within India as well as abroad. By 2007, MCX was handling ninety per cent of trades across electronic commodity derivatives exchanges in India. When fair competition became difficult, competitors tried to influence powerful people within the government and the regulatory authorities. This is where the plot to assassinate FTIL group was hatched. Read on, guys. It’s a rare book!