Financial Technologies is a well-reputed company, with more than 60,000 public shareholders, an accomplished Board and a dynamic management, considered to be one of the most respected and widely regarded technology solutions companies that pioneered multi-asset-class trading segment. Cost-effective and efficient technology solutions enabled Indian financial markets to expand the reach, benefiting millions, including financial institutions, intermediaries, investors and other stakeholders.
Since its inception, FTIL has not received any complaint from exchanges or intermediaries, which are its biggest clients and customers. Even competing institutions used to buy technology solutions from FTIL, which is a testimony to its integrity and business ethics. There was never any regulatory action of any sort, although the exchange and ecosystem ventures of the Group were operating in several regulatory jurisdictions in India and abroad.
Despite all these, the Group was declared ‘Not Fit & Proper’ and forced to exit from its exchange ventures after the NSEL crisis. This is a huge loss for the nation as one of the finest financial institutions that promised to take India to glorious heights has been savaged.
The Target, by ShantanuGuha Ray, hovers around the conspiracy hatched by a few bureaucrats and politicians, having vested interests, against the poster boy of Indian exchange market, Jignesh Shah.
The title alone pretty much conveys the gist of the account. The author gives a vivid description of how the big NSEL crisis unfolded and led to a series of untoward actions by the regulatory authority and the investigative agencies against FTIL group and its promoter Jignesh Shah.
The author has very well brought to the fore the goof-ups on the part of the Forward Markets Commission, a regulatory authority of the National Spot Exchange Limited, causes of the crisis, and the nasty approach of the investigative agencies towards the case. And yes, FMC had the biggest role in triggering the NSEL crisis.
Shantanu has exposed this link-up between crooked politicians and bureaucrats. He has also elaborated on the ill-intention of KP Krishnan and P. Chidambaram as how being supporters of NSE they perceived the success of FTIL group, especially MCX, as a big threat to NSE.
A must-read for all those interested in hidden politician-bureaucrat nexus and its impact on the masses.
I know it is a very filmy headline, but I think it is really apt. I have heard a lot of stories in which Jignesh Shah was painted black. How he routed black money with the help of brokers, how he bypassed the regulations and violated the norms of the exchange laws, how he had formed nexus with the brokers and defaulters to cheat the investors trading on his platform. Like the herd of blind fools, I followed and believed the public perception. But, often, the truth is entirely different.
I read Shantanu Guha Ray’s ‘The Target’ and came to realise that Jignesh Shah is actually beyond these petty things. For a man, who made a lot of money through his exchanges, this Rs 5600 crore is not really a big deal. So it is quite surprising to think that the public image of this great pioneer of exchange industry is quite low.
This book gives you the other side of what happened in NSEL. Jignesh Shah‘s fear, unhappiness, anger, loneliness and the deep rooted hurt at being misread so negatively by the media. Why should this happen to a man like him – an entrepreneur who created 10 exchange ventures and turned the way the world looks at the Indian financial markets?
Over a couple of years now, we Indians have witnessed quite a few ripples on the financial front. Anomalies like high-handedness have been in the limelight, spelling bad news for the investment climate.
While the government deserves appreciation on rolling back PF withdrawal forms, there is an urgent need to remedy a few more critical issues that can send out signals that we respect corporate governance as much as any other nation.
I was reading this book based on a Mumbai-based entrepreneur. And I was taken aback by how this high-handedness crushed initiatives that were benefitting our Nation along with all stakeholders involved.
Titled – The Target Book, this book is written by ShantanuGuha Ray and highlights how a few of our own politicians and bureaucrats shrugged the entrepreneur – Jignesh Shah and his ventures so that they could be safe and rich.
It was the ruling government that took all possible unwarranted measures to demean a national vision, going to the extent of slapping unlawful orders on Jignesh Shah’s companies, namely National Spot Exchange Limited (NSEL) and Financial Technologies (India) Limited (FTIL).
How could the government expect 63,000 shareholders of FTIL to pay for brokers and market-men transgressions in a crisis that was engineered for selfish motives and stop FTIL in its tracks?
Would urge all of you to read it and decide if what happened was RIGHT OR WRONG!