All set for his second innings, Jignesh Shah, who once built 10 exchanges in India and abroad this time wants to focus more on promoting the startup culture in India. Jignesh Shah feels there is a great opportunity in setting up digital ecosystems for helping social sector enterprises raise funds and for products aimed at promoting water conservation.
The 52-year-old businessman, who began his entrepreneurial journey in his 20s and went on to set up exchanges across six continents in a span of 10 years, had to exit all exchange-related businesses under regulatory orders in the aftermath of a Rs 5,600-crore default at one of his smallest ventures, National Spot Exchange Ltd (NSEL), in 2013.
Now, Shah believes that the time has come to start his second innings as court orders are coming in his and his companies favour after a long wait of 6 years of NSEL crisis. It may be noted that all investigative agencies established a clear-cut money trail to the 24 defaulters of NSEL stating that not a penny of the default had come to Jignesh Shah or his companies.
While one of Shah’s flagship exchanges, MCX (Multi-Commodity Exchange), had become the world’s second-largest commodity bourse under his leadership and all other group exchanges were also doing exceptionally well before his exit, Shah is certain he does not want to bask in his past glory and the time is no longer right for a business model focused on exchanges.
Jignesh Shah is rather thinking about ecosystems as they make much more sense in today’s digitally connected borderless world and he sees himself creating and innovating products and businesses for the masses as a coach and as a mentor. Indeed, India needs many more Jignesh Shah’s to boost its socio-economic prospects in a digital world so that its vast resources are rewarded and at the same time its skilled and talented youth receive gainful employment.
