A company that brought revolutionary extension in the Indian economyand once dominated the stock exchange markets is Jignesh Shah’s Financial Technologies India Limited (FTIL). It was FTIL that supplied the capital markets with automated software and contributed to the growth of the whole finance industry.In current times, FTIL is encumbered with numerous legal battles because of the NSEL matter that had surfaced in 2013.
Here are some crucial facts about FTIL that require critical examination:
1. FTIL is the parent company of NSEL, yet none of the promoters or the company was in receipt of any benefit from the NSEL operations. It is pertinent to ask then, on what grounds legal actions have been taken against FTIL?
2. FMC is not doing any follow ups from those who had traded the contracts to acquire clients. Considering that the actual transactions took place between the broking houses and the investors,strict actions need to be taken against the parties involved.
3. No money trail has been found leading to NSEL or its management team,orFTIL. What could be the reasons for such harsh conduct by the investigating agencies towards NSEL and FTIL?
4. FTIL is declared ‘not fit and proper’ to run stock exchanges while it was this company that enormously contributed to the financial markets with its innovative approach and skillful workforce. It was FTIL that once increased the GDP of whole nation by a huge percentage.
5. The matter has been taken up by the courts on priority.Even then none of the allegations have attained any closure. It clearly shows a very casual approach of the regulatory bodies towards FTIL and the associated investors.
Apart from the above revelation, there is lot more to the FTIL’s side of story that needs to be put before the masses for a clearer view of the company.
FTIL is ready to provide assistance to the Economic Offences Wing (EOW) or other investigative authorities as and when required. The company is going through difficult times, owing to the false allegations, but still Prashant Desai, MD & CEO, FTIL says has full faith in the Indian judiciary. He stated that instead of believing any false leads and holding perceptions, the companyshall wait for the judgment by Mumbai High Court.
It was observed that FMC (Forward Markets Commission) extended its punitive actions for FTIL while the parent company is in no way connected with the trading at NSEL.Instead, it was later confirmed that NSEL, along with its promoters, are not receiving any benefit from NSEL operations. Moreover, NSEL has never parted any dividend or bonus or financial benefit to FTIL.
FTIL stands victimized by FMC, as the institution declared that the company is ‘not fit and proper’ to run stock exchanges on baseless reasons. Additionally, FTIL is suffering huge losses as it is compelled to release its stakes at distress values.While NSEL is endeavoring to mitigate the disappointment of the investors by filing suits against all the defaulters, FTIL is counting upon the country’s legislature and looks forward to the fair course of justice.
Remarkably, the defaulters and broking house (that traded the contracts) shall be checked over by the government agencies to clear prevalent misconceptions and rumors spread by people of vested interests.
Notably, no money trail has been established towards FTIL or its senior management yet. Desai assures compliance with all lawful instructions and would extend assistance to every investigation. Since Desai has faith in the nation’s judiciary, he confirmed that the group will continue to abide by the law.
Jignesh Shah, the Founder of Financial Technologies (India) Limited (FTIL), is the far-sighted entrepreneur who completely transformed the face of the financial sector across the globe. Often referred to as the ‘Innovator of Modern Financial Markets’, he coined the Public Private Partnership (PPP) model and revolutionised the operations of modern IP-centric financial markets.
Jignesh Shah designed ground-breaking technology solutions forex changes engaged in the trading of stocks, currencies, commodities, energy, and bonds.
The inspirational ‘rags to riches’ story of this Indian technocrat began from the time he started handling the technical aspects of the Bombay Stock Exchange (BSE). His novel vision and unwavering fortitude over the past few decades made him the undisputed ‘Exchange Man of India’. His sharp business acumen and in-depth domain expertise have helped him earn major recognitions, such as the ‘E&Y Entrepreneur of the Year 2006’, the ‘US-India Businessman of the Year 2005-06’, and the ‘Rotary International’s Global Social Entrepreneur’.
Jignesh Shah broadened the horizons of success for the FTIL Group by launching the path-breaking venture Multi Commodity Exchange (MCX) in 2003. MCX was listed amongst the largest commodity futures exchanges worldwide and chiselled the way for many global projects to follow.
The Financial Technologies Group came up with international forays amongst the leading financial centres based in South East Asia, the Middle East and Africa. This exchange industry includes the biggest multi-commodity exchange of the Gulf region, called the Dubai Gold and Commodities Exchange (DGCX). The unique exchange basket also constitutes many other multi-asset-class ventures, such as the Singapore Mercantile Exchange (SMX), the Bahrain Financial Exchange (BFX) and Bourse Africa.
There is an extensive universe of ecosystem institutions and exchanges to FTIL’s credit today. Needless to say, the imprints of the group across multiple geographies validate Jignesh Shah’s vision of ruling over the finance and exchange trading arena globally.
Financial Technologies (India) Ltd. (FTIL) is the global leader in creating and operating next-generation tech-centric financial exchanges. The company drives a mass disruptive innovation that is unparalleled in financial markets. Within a short span of time, FTIL has attained commendable success and emerged as one of the leading conglomerates.
The company has established benchmarks of excellence and attained key milestones during FY 2012-13,
• FTIL equipped its Exchange Technology Solutions to keep up its pace with the mounting needs of the market. It aims to cater to the newer asset classes, viz., Equity, Equity Derivatives, Currency Options recently launched at MCX-SX. In addition to this, the ‘TSO Workflow Management System’ was successfully implemented by the company at IEX.
• FTIL’s Exchange Technology Division implemented its Energy Market Management System (EMMS) for Gulf Co-operation Council Interconnection Authority (GCCIA).
• The Company maintained leadership position with brokerage technology solutions in domestic retail and institutional space.
• It introduced ODIN QDP to enable Qualified Foreign Investors (QFI) to participate in the Indian equity markets TM and STP-Gate Debt Market.
• FTIL expanded its range of products and services covering Exchange Solutions, Brokerage Solutions, Messaging Solutions, Connectivity Solutions, Consulting Solutions and Banking Risk & ADF Solutions.
• The company entered into various institutional alliances, membership and associations during FY 2012-13. It partnered with IBM under SVI and SVP programs and entered into Strategic Alliances with Microsoft, HP, Juniper, CISCO, Dell, APC and Stratus.
FTIL was well acknowledged for its overall excellence and proficiency in the form of various awards and accolades. It received ISO 20000:2011 certificate and ISO 14001:2004 certificate for its well-defined and executed processes. The company’s-Gate won the SKOCH Digital Inclusion Award 2012 in innovations category.
All these achievements and innovations by the FTIL hold a mirror to its unprecedented zeal to excel and reach the pinnacle of success. They are pivotal in its journey of success and helped it attain the stature of one of the leading conglomerates.