SEBI issues fresh showcause notice to brokers in NSEL case. New Delhi, April 28: The Securities and Exchange Board of India has issued fresh notices to some brokers for their alleged involvement in the Rs. 5,600-crore NSEL scam and a final decision in this regard will “take some months''.
SEBI is examining the role of five brokers in this case and is probing whether they are ‘fit and proper’ to operate in the markets. Multiple agencies, including SEBI, are probing the irregularities that happened at the now-defunct National Spot Exchange Ltd (NSEL). NSEL matter has been coordinated with the Finance Ministry, SEBI Chairman Ajay Tyagi told reporters here. “SEBI’s part is only about those brokers...they were given a showcause notice by the committee of officers and they have given their reply,” he said. “The procedure is that they will be given a showcause notice by a whole-time member...That is a natural justice process, thereafter (we will) take a view ... Jignesh Shah is India's John Galt, says The Target.
February 17, 2017: Business Wire India If there is one heroic character from literature that doesn’t seem to sink into oblivion, it is the legendary John Galt from Ayn Rand’s epic novel – Atlas Shrugged.
Jignesh Shah (@jigneshshah1) Posts. Jignesh Shah- Founder of 63Moons Technology. Muckrack. Jignesh Shah: Founder Of 63Moons Technologies.
Jignesh Shah: Latest News on Jignesh Shah. Write In Private: Free Online Diary And Personal Journal. FTIL: Asset turned to ashes – ftilservices – Medium. WriteThere has been a steady economic growth in the country in the last decade and the industrial sector has developed a lot.
There has been a very steep growth and there has been one company which has played a pivotal role in this success. 63 moons was playing a major architectural role in the developing economy of the country. SimpleSite.com. FTIL: Asset turned to ashes. WriteThere has been a steady economic growth in the country in the last decade and the industrial sector has developed a lot.
There has been a very steep growth and there has been one company which has played a pivotal role in this success. 63 moons was playing a major architectural role in the developing economy of the country. One of the first in India to introduce a multi asset trading solution with high tech software tech as ODIN, 63 moons and its founder JIgnesh Shah Changed the way in which financial solutions technology operated in the country. Make in India was an initiative for Mr Jignesh Shah, long before it was introduced as a national level campaign in India. How Jignesh Shah’s empire was trampled? Jignesh Shah had just opened the doors to the phase before which he had done all the hard work to enjoy the fruits of the future.
But by this time he had managed to ruffle a few feathers which brought catastrophic results for him. He had managed to build an empire out of nothing and had turned it into a towering company. But FTIL faced the worst possible fate when it came under the scrutiny egotistical bureaucratic interference. Shantanu Guha ray defines this phase of Jignesh Shah’s life as follows: ‘What was K P Krishnan’s motive behind this push?
Jignesh Shah knew that to come out clean of this anarchy he had to give his full co-operation to the police and the investigation which he most willingly did. “We were here three hours ago, what went wrong that you are taking us in?” To many people’s surprise, when the police stepped on the throat of 63 moons, this seemed so uncanny. Suhel seth's Speech on The Target Book Launch. Buy The Target online - Crossword. About the book : In his latest best-seller, The Target ( , investigative journalist Shantanu Guha Ray documents how institutional, political & bureaucratic countervailing annihilate a revered Fintech & exchange pioneer from being India’s “Exchange Man” to a victim at the hands of the powers that be.
The Target ( chronicles the rise and fall of India’s ace innovator, Jignesh Shah, the man who challenged the limits of the known for the benefit of one and all, and paid the price. Shah established ten new-gen multi-asset financial markets across India, Singapore, Dubai & Africa in as many years, a watershed in the history of Indian exchanges, thus laying the cornerstone of “Make in India” campaign several years in advance.
Very few innovators from across the globe have come anywhere near this. And his reward? A betrayal of epic proportions! Jignesh Shah- Interaction with Harish Bijoor The Target Book of Jignesh Shah Launch Bangalore. Senior Journalist Shantanu Guha Ray s The Target Launched - BW Businessworld. Who is Jignesh Shah - The Kandivili boy of 5600 crore NSEL scam or the one who made powerful enemies and an innovator who got killed.
Senior journalist Shantanu Guha Ray latest book 'The Target' has let the cat out of the bag with meticulous research on how entrepreneurship and technology led innovation-capable of breaking market monopolies and creating a new order and thousands of jobs can also suffer at the hands of those who are actually responsible for facilitating their growth. The book takes a deep dive at the NSEL payment crisis and explains what went wrong and who perpetuated the crisis. More importantly, it asks very pertinent questions, the most important of them being: Could not this crisis be averted? Speaking on the occasion, Guha Ray said, "My two years of extensive research brought out an alarming story just waiting to be told.
Jignesh Shah and the NSEL scam: New book looks at decimation of FTIL head's empire. Editor's note: In a new book, journalist Shantanu Guha Ray meticulously probes Jignesh Shah and the events that led up to the NSEL scam.
Reproduced below is an excerpt from The Target. On a hot May afternoon in Mumbai, India’s divided city, the incident happened exactly the way I took notes and wrote it in my reporter’s notebook. Integral to this one was a prolonged conversation, not one, but a few in quick successions. The conversations are an example how devious minds have always worked in India, messed up growth and dreams, and always killed great passion and great market push.
Such conversations are rarely made public, unless some intrepid reporter works overtime, and unless some sudden Right to Information (RTI) note – in some ways India’s answer to poor man’s investigative journalism – pushes out secret notes from rickety almirahs in government offices. Jewelex Accelerates Business Transformation with Infor. Infor, leading provider of beautiful business applications specialized by industry and built for the cloud, announced that Jewelex India Pvt.
Ltd., one of the world's leading vertically integrated diamond and jewelry companies, has procured Infor EPAK and Infor CRM to accelerate Jewelex’s growth strategy by enhancing efficiency and visibility of business processes and automation. The jewelry manufacturer will soon be deploying these solutions across its offices in USA, Australia, Dubai and India.
Jewelex is a reputed Jewelry company, renowned for its wide range of product lines, strong global presence, and deep manufacturing expertise earned over the years. This celebrated jewelry brand, after using BaaN4c4 for 16 years, migrated to the latest version of Infor LN, modified it for their specific requirements and has started using it with commendable results. In order to stay at the top of their industry and achieve greater success, Jewelex welcomed Infor with open arms. Shantanu Guha Ray's 'The Target' Looks at Decimation of FTIL Head's Empire. Veteran journalist Shantanu Guha Ray’s latest book ‘The Target’ takes a deep dive into the vested interest group’s systematic and targeted destruction of Jignesh Shah’s business empire.
The book is a result of the author’s meticulous research on how entrepreneurship and technology led innovation—capable of breaking market monopolies and creating a new order and thousands of jobs—can also suffer at the hands of those who are actually responsible for facilitating their growth. The book narrates an in-depth account of the NSEL payment crisis and how an innovator has been killed. It explains what went wrong in the payment crisis, and who perpetuated the crisis.
Sebi issues fresh notices to 20 entities in NSEL scam - Times of India. NEW DELHI: Markets regulator Sebi has issued fresh notices to at least 20 entities including brokers for allegedly indulging in irregular activities in the Rs 5,600 crore NSEL scam. Final orders against these entities can be passed by the regulator anytime so, sources said. Several entities on the list are allegedly linked to one particular broker, they added.
Multiple agencies including Sebi are probing the irregularities that happened at the now-defunct National Spot Exchange Ltd (NSEL). Investigative Journalist Shantanu Guha Ray Finds his Real-life John Galt. Sixty years on, and the character of John Galt from Ayn Rand’s 1957 masterpiece Atlas Shrugged still holds relevance. Like many iconic figures in the past who have challenged the status quo, this time it is Jignesh Shah – the poster boy of Indian financial markets – who has been compared to John Galt in the book ‘The Target’ by Shantanu Guha Ray. Shantanu shows how Jignesh Shah’s life story bears a startling resemblance to that of John Galt. Like Galt, Shah too believes in the power and glory of human innovation and is fighting a collectivist social and economic structure that embraces mediocrity in the name of egalitarianism.
Ever since the book was published in 1957, many real life icons in modern day society have been equated to the legend over the years. In his latest book ‘The Target’, Shantanu Guha Ray, has also drawn parallels between his protagonist Jignesh Shah and John Galt. So what makes the 1950s hero such an enduring character? PTI:Press Releases. Sixty years on, and the character of John Galt from Ayn Rand’s 1957 masterpiece Atlas Shrugged still holds relevance. Like many iconic figures in the past who have challenged the status quo, this time it is Jignesh Shah – the poster boy of Indian financial markets – who has been compared to John Galt in the book ‘The Target’ by Shantanu Guha Ray.
Shantanu shows how Jignesh Shah’s life story bears a startling resemblance to that of John Galt. Like Galt, Shah too believes in the power and glory of human innovation and is fighting a collectivist social and economic structure that embraces mediocrity in the name of egalitarianism. The book takes you through the fascinating journey of Jignesh Shah in revolutionizing the financial markets. Shah, through his organization FTIL, (now 63 moons technologies limited) disrupted our financial markets by introducing futuristic products and solutions in the fintech industry.
Summary. The Target reveals Jignesh Shah’s untold story: hemantblogs. Fortune favours the brave and Jignesh Shah was brave enough to build a world of fortune. Jignesh Shah is the visionary behind 18 various tech platforms that revolutionized the world of Financial Technology in India. Shah established FTIL in the year 1995. He saw an opportunity in this unchartered area gave up multiple lucrative offers to work abroad.
He decided to use the technological innovation that he and his partner had developed into forming the first technology driven company with focus on financial markets. JIgnesh Shah: From The Magnate to The Target – businessupdatesblog. The man wasn’t appreciated for all that he did but he didn’t care. The man wasn’t applauded for all he had achieved but he again let it go. But he was cuffed and tried for all that he wasn’t responsible for and that broke him. Executive pawns made Jignesh Shah ‘The Target’ Business Blogs — ‘The Target’- A fact studded counterattack. Financial Technologies: ‘The Target’ deals with plunder of Jignesh Shah’s empire.
Investigative agencies like Forwards Market Commission (FMC) are government bodies who are expected to give a fair chance to both the victim and the accused during their enquiry. The revival of Shah’s dream- Concludes ‘The Target’ : hemantblogs. Is ‘The Target’ Jignesh Shah’s last resort for justice? – businessupdatesblog. Who made JIgnesh Shah ‘The Target’?: hemantblogs.
Indians in general are very patriotic in nature, but what we generally forget is that we were under british influence for three centuries. Jignesh Shah: Plotted and made “The Target’ – businessupdatesblog. Jignesh Shah had just stepped into the phase where one begins to reap the fruits of their hard work when he managed to ruffle a few feathers. The Intended Target: Jignesh Shah. Business Blogs — Who made Jignesh Shah ‘The Target’? Financial Technologies: The perfect aim at ‘The Target’, Jignesh Shah. JIgnesh Shah: From The Magnate to The Target – businessupdatesblog. The Target reveals Jignesh Shah’s untold story: hemantblogs. Shantanu Guha Ray's's Speech on The Target Book Launch. Mr. Suhel Seth's Speech on The Target Book Launch. Senior Journalist Shantanu Guha Ray s The Target Launched - BW Businessworld. Serious Fraud Office serves notices to brokers in NSEL scam. Tarun SharmaMoneycontrol The Serious Fraud Investigation office (SFIO) has shot off notices to all broking firms whose clients traded in commodity pair contracts on the National Spot Exchange.
The brokers have been asked to furnish their books of accounts, a source told Moneycontrol. Brokers to whom notices have been sent include Motilal Oswal Commodities, Anand Rathi Commodities, India Infoline Commodities, Geofin Commodities, and Systematix Commodities. Jignesh Shah is ‘The Target’ Business Blogs — Jignesh Shah: From a Prodigy to ‘The Target’ Business Blogs — Jignesh Shah: From a Prodigy to ‘The Target’ Jignesh Shah is ‘The Target’ Why support a merger that is anti-Make in India? Straight talk on matters that matter - When Governance of Over-Reach Thwarts Corporate Governance. Welcome Step by SEBI To Fix Broker Accountability : hemantblogs. It has been quite some time now that the NSEL issue stands pending in the court and it’s been equally long that FTIL has been sticking to its stand that broker accountability be established in the case. And why should that be?
Because there have been complaints of mis-selling and client code modification Brokers are the real actors in any exchange. Hence, in this case too, broker transgression must be looked into along other facets of investigations. Trading clients have no privity of contract with NSEL which is hence not liable to them--that is to say that there cannot be a question of any platform liability. It is the brokers who lead trading on-platform and must thus be called out. Unbiased Corporate Affairs: Need of the hour. Think Exchanges, Thank Jignesh Shah! The Peculiar Case Of Jignesh Shah. Tale of A Blindfolded Government and Broker Connivance. Targeting Jignesh Shah: Verdict or Vendetta? SEBI Turns Heat on Brokers in NSEL Case. Stay tuned....: FTIL Merger with NSEL Overrides Fiscal, Legislative Prudence A classic plot-twist has unfolded as agencies probing the NSEL case have tightened the grip around defaulters.
Investigators have realised that NSEL brokers indulged in routing of black money by their sister concerns as well as associates. The case which came to light in 2013 is being seen as an example of multiple agencies uniting to provide justice – SEBI (Securities and Exchange Board of India) and a high-level committee set up by the Bombay High Court are investigating from their respective fronts.
SEBI to ‘examine’ and take ‘necessary action’ in NSEL Case: Jaitley. Straight talk on matters that matter. SEBI to track down real culprits in NSEL case. Straight talk on matters that matter - The Intricate Game Of Defaulting Brokers In NSEL Case. The great enabler - Jignesh Shah. SEBI leading nation’s new era of financial accountability -