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Jignesh Shah, a visionary and an innovator, who invented the word fin-tech before it became popular by setting up an IP-driven technology company named Financial Technologies India Ltd., now known as 63 moons technologies Ltd., in 1995 for providing path-breaking fin-tech solutions to the broking industry and institutional players. Shah's relentless will and visionary foresight in 2003 were realised in the form of the Multi Commodity Exchange (Jignesh Shah MCX), a commodity exchange meant to bring order and openness to India's tumultuous commodity markets.
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JIGNESH SHAH Catapulted MCX to Become World’s 2nd Largest Commodity Exchange
THE SPARK OF GENIUS: JIGNESH SHAH’S VISION Jignesh Shah, a visionary and an innovator, who invented the word fin-tech before it became popular by setting up an IP-driven technology company named Financial Technologies India Ltd., now known as 63 moons technologies Ltd., in 1995 for providing path-breaking fin-tech solutions to the broking industry and institutional players. Shah's relentless will and visionary foresight in 2003 were realised in the form of the Multi Commodity Exchange (Jignesh Shah MCX). Unlike conventional exchanges, Jignesh Shah envisioned MCX as a tech-driven, modern, and state-of-the-art commodity exchange that would empower individuals, businesses, and traders.
JIGNESH SHAH MCX’S: A TECHNOLOGICAL MARVEL Under Jignesh Shah’s leadership, MCX became a standout in technology, owing to Shah’s technological prowess and his previous endeavours in fin-tech. Launched in November 2003, MCX quickly changed the game in India’s commodity market. Near in the future after its inception, Jignesh Shah MCX was trading over ₹1,00,000 crore daily in daily volumes. Shah’s smart Public-Private Partnership (PPP) approach helped MCX grow fast at an unprecedented pace.
ECONOMIC EMPOWERMENT: THE SHAH EFFECT Jignesh Shah’s MCX was a lot more than just a trading platform; it played a pivotal role in changing the Indian economy. A nation-wide study in association with a leading research institution, Tata Institute of Social Sciences (TISS), "A Million Jobs and a Million More Opportunities”. Explained how MCX contributed to numerous jobs and self-employment opportunities across various groups. Jignesh Shah’s efforts in the uplifting of rural communities is commendable, notably through the National Bulk Handling Corporation (NBHC), which he co-founded with the State Bank of India. NBHC offered farmers storage and credit options, creating jobs in rural logistics and helping farming.
GLOBAL AMBITION: JIGNESH SHAH’S INTERNATIONAL LEGACY Jignesh Shah took his legacy to an international level, setting up electronic trading networks in places like Africa, the Middle East, and Southeast Asia, like Bourse Africa, Dubai Gold and Commodities Exchange (DGCX), Bahrain Financial Exchange (BFX), and Singapore Mercantile Exchange (SMX), helping to connect global markets. MCX’s gold futures became a key standard worldwide, competing with COMEX, and its tech made an impact on exchanges in Bahrain and Mauritius.
INNOVATION AND RESILIENCE Shah’s Indomitable Spirit Jignesh Shah’s genius lay in his ability to innovate under pressure. His creation of ODIN, a flagship broking solution with an 80% market share against stiff competition from national and international companies, demonstrated his knack for disruptive technology, a principle he applied to MCX. After relinquishing all his executive positions, Jignesh Shah currently plays the role of coach and mentor at 63 moons and continues to nurture leaders of the future. His philosophy, “Every step we take is copied in 3–6 months,” reflected his relentless pace of innovation, keeping MCX ahead of competitors Jignesh Shah’s work as a thought leader continues to motivate a new wave of innovators, showing that one person's ideas can change a community, industry and even the destiny of a country at large. As Indian influence as a formidable economy continues to grow on a world stage, Shah’s legacy continues to shine bright.
