The NSEL Scam: A Conspiracy Against Jignesh Shah?

The NSEL Scam: A Conspiracy Against Jignesh Shah?

When the Indian Financial market was desperately in need of a change and development, Jignesh Shah landed with his flagship product, Financial Technologies India Ltd. (FTIL) (currently known as 63 Moons Technologies Ltd.), and weaved a different image of India in front of the whole world. His path-breaking innovative ideas and strategies took the world by storm and carried India to global limits it could never have reached. FTIL is considered as the only Indian entity that has exchanges covering all the asset classes including equity, debt, currency, and commodities.

While many reckon that the problems with FTIL began with NSEL, the truth remains hidden. It has been battling harassment and prejudices for over a decade, sometimes bestowed by politicians and at times by different agencies working under vested interests. The main purpose was the complete annihilation of Jignesh Shah so that the monopoly over the market can be continued. FTIL had been facing a continuous ‘Saga Of Injustice’. Raids on MCX and FTIL were conducted, although, nothing was found. FTIL was not allowed to have a strategic stake in exchanges, and MCX-SX was refused to launch equity and debt market segments. FTIL was also forbidden from launching trades in USD-INR contracts. Even, heavy commodity transaction tax was imposed on trading of gold and metals in which an FTIL subsidiary was a leading organization.

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Then came the NSEL ‘scam’ which is related to a payment default of a substantial amount of Rs. 5600 crores, at the National Stock Exchange, in the year 2013. Although no significant proof was found of his alleged involvement in the scam, he was still detained on 7th of May, 2014. After his full cooperation with the Economic Offences Wing (EOC), taking him into custody on the grounds of non-cooperation was an irony in itself. Since then Jignesh Shah had been in and out of custody for 3 months. While, under circumstances like these, the regulatory bodies from across the world provide support to overcome the crisis situation, FTIL was left alone to deal with the situation.

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Circumstances like these raise suspicion in one’s mind. Is Jignesh Shah really involved in the NSEL ‘scam’ or was he just being used as a scapegoat, while the real culprits remain behind the veil?

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