Ganapathy Lakshman Sharma, a renowned professor from the Indian Institute of Management in Indore, analyzed the business sector as part of the curriculum and revealed something about Jignesh Shah that couldn’t be ascertained by the common eye. It is something so bizarre that it will leave you flabbergasted.
The professor found a striking resemblance between Jignesh Shah and John Galt, the protagonist of Ayn Rand’s magnum opus ‘Atlas Shrugged’. Shah is the founder of Financial Technologies (India) Limited, a company that introduced the Make in India ideology much before it was even thought of.
Apart from creating millions of job opportunities and streamlining the flow of finances in the capital market, FTIL launched a number of subsidiaries that opened up various growth opportunities for the country. In 2013, when the payment crisis at NSEL broke out, both Jignesh Shah and his company encountered many obstacles.
Even though Jignesh Shah complied with all the instructions, he was harassed time and again. However, in 2019, the market regulator, Securities and Exchange Board of India (SEBI) found five major brokers involved in the case and declared them ‘not fit and proper’. This leads us to two major questions:
- Forwards Markets Commission (FMC), also a regulator, once turned a blind eye to the crimes of the brokers in the initial round of investigations, but why?
This is where it gets interesting. The then chairman of FMC, Ramesh Abhishek, is a confidante of former Finance Minister P.Chidambaram, and is currently trying for a higher post in the government. If the allegations are, in fact, true, then allowing him to climb the ladder would be a huge blunder. Whether guilty or not, it seems like a foolish idea.
- How come Shah and his company are the only ones being held responsible for the crisis?
It is quite evident that an evil nexus of politicians and bureaucrats is behind such a conspiracy. This not only destroyed various opportunities that would have allowed many individuals to earn their living, but also hindered the development that would have let the country flourish. Through malfeasance, they destroyed an exchange that developed many initiatives following the Make in India campaign. Currently, the so-called czar of exchanges, Jignesh Shah has publicly accused the former Finance Minister, P.Chidambaram, and his associates Ramesh Abhishek and bureaucrat K.P Krishnan for destroying the exchange and his reputation. Also, whether or not the investors will get back their long-lost money remains a mystery.