Why India Needs Another Jignesh Shah

The renowned business tycoon of the Indian FinTech industry, Jignesh Shah, with his innovative and ground-breaking strategies, has brought immense development in the country. From being an employee at the Bombay Stock Exchange (BSE), he became a billionaire through sheer hard work. Like every visionary, he too had a dream, and he knew that the only way he could achieve it is by being an entrepreneur. While working at BSE, he grasped the different opportunities that lay hidden in the stock market and plunged on becoming an entrepreneur. In 1988, he launched his flagship product Financial Technologies India Limited (FTIL) that later became a pinnacle in the Indian FinTech industry.

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FTIL took the world by storm after achieving unattainable goals. The organization launched the most successful Tech IP product known as ODIN that was developed at a far lesser cost compared to the foreign competitors. ODIN was launched globally and it was not long before people started recognizing its potential. The software turned the trading technology from the open outcry system to a fully automated screen based electronic system. With instantaneous order matching, trading on multiple markets through a single V-Sat was enabled. At a given time around 3.5 lakh terminals ran FTIL’s ODIN software that created nearly 7 lakh jobs in the country.

After achieving mind-boggling success, Jignesh Shah did not stop. Looking at the window of opportunity, he launched a series of exchanges both in India and abroad that later became a huge success. Multi Commodity Exchange of India Limited (MCX), MCX Stock Exchange Limited (MCX-SX), and Indian Energy Exchange (IEX) are few exchanges that were launched in India and received huge acclamation at home. Foreign exchanges such as Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX) and Bourse Africa Limited (erstwhile Global Board of Trade) opened up many international trade routes for India.

Jignesh Shah’s ideology of creating an ecosystem that not only provides environment-friendly jobs of high standards but also focuses on skill enhancement helped the citizens of India immensely. His efforts created millions of jobs for the people of this country and impacted the lives of nearly 1 crore people. Today, his contributions amount to 1% of the overall GDP of India.

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