Widely regarded as the ‘architect of India’s modern financial markets’, Jignesh Shah has been instrumental in developing and creating the modern financial Infrastructure of the country.
Founder and Chairman Emeritus of 63 moons Group, he saw ‘the Big Picture’ at a time of fragmented, limited access to, and disconnected from Global Markets in India. Jignesh envisioned developing financial markets, with the principles of modernity, inclusion, technology and global connectivity to be implemented effectively into each Indian financial market.
A Vision Beyond Traditional Markets
When India’s financial ecosystem needed scale, speed, and integration, Jignesh Shah looked beyond traditional trading structures. He understood that technology could become the backbone of market growth and inclusion. His focus was not only on urban investors, but also on bridging the rural–urban divide, ensuring that people across the country could access transparent and efficient financial platforms.
This vision led to the creation of world-class trading systems in India, built on strong IP-led advanced technology. These systems were designed to support high volumes, multiple asset classes, and global connectivity, something India had not experienced before at that scale.
Creating Global Market Connections
One of the most remarkable achievements of Jignesh Shah was building what are often described as the modern version of the ancient silk and spice routes. Through the innovation of 63 moons group, Shah digitised financial markets across India, Africa, the Middle East, and South-East Asia. Notably, the 63 moons technologies limited was the only Indian company to establish such market infrastructure across continents at the time.
With the assistance of this network, emerging economies could finally access the latest exchange technologies and also enabled Indian technology to lead the way in developing countries’ financial market infrastructure through Shah’s leadership role in creating them. Furthermore, the Indian innovators were also provided with an opportunity to showcase their innovations on a world stage and highlight that “solutions developed in India can dominate on a global scale”.
Innovator of Modern Financial Markets
Jignesh Shah is often referred to as the “Innovator of Modern Financial Markets.” This recognition comes from his success in building a Public-Private Partnership (PPP) model that delivered world-class financial institutions. His approach combined private sector innovation with public sector trust, ensuring transparency, efficiency, and long-term sustainability.
By creating IP-centric financial markets, Shah changed how exchange trading functioned, not only in India, but also in several emerging economies across Asia and Africa. These markets were empowered by 63 moons’ proprietary technology, enabling faster transactions, scientific price discovery, and broader participation, helping transform the overall trading ecosystem.
“If I Were Finance Minister”: A Forward-Thinking Vision (LiveMint, 2009)
In a 2009 interview with LiveMint titled “If I Were FM”, Jignesh Shah shared a powerful and forward-looking idea. Instead of listing many wishes, he focused on one core priority: capital market reforms.
Capital Market Reforms and Job Creation
He believed that well-planned capital market reforms could create at least 10 million direct and indirect jobs within five years. According to him, India needed to channel 10% of its annual domestic savings, estimated at $305 billion (₹14.8 trillion) at the time, into productive investment avenues.
He emphasised expanding the fixed-income secondary markets for government and corporate bonds. Alongside this, he proposed setting up SME exchanges using a hub-and-spoke model, ensuring national-level reach and participation.
The Power of Competition
Another strong idea he shared was the role of competition in financial services. Drawing parallels with banking and telecom, he pointed out how competition had improved services and expanded reach. India had around 100 banks, 25+ insurance companies, and 50 telecom companies serving nearly 300 million customers.
He argued that capital markets should follow the same path, growing from 15 million investors to at least 100 million within a defined timeframe. Greater competition, he believed, would lead to better products, lower costs, and wider access.
Removing Barriers and Restoring Trust
A Lasting Legacy
Jignesh Shah’s ideas continue to resonate because they focus on scale, inclusion, competition, and technology. His work has not only transformed market infrastructure but also sparked conversations on how financial markets can drive national growth. His vision remains a reminder that thoughtful reforms, backed by innovation, can change the future of an economy.