Jignesh Shah : The enabler
managing director and CEO of Multi Commodity Exchange
When the story of India’s commodity futures market is penned, one man who will occupy the pride of place will, doubtless, be Jignesh Shah.
Shah, the forty-year-old managing director and chief executive officer of India’s largest commodity exchange: Multi Commodity Exchange (MCX), lords over an empire he created in a decade.
It was his passion for innovation that prompted Shah to set up Financial Technologies India Limited (FTIL) at a young age, with his lifetime savings. Today, FTIL is one of India’s leading financial solutions providers.
Stocks and commodity markets have always excited Shah, and his vision has always been to marry technology and the financial markets.
Excitement turned into reality when Shah set up MCX for commodity futures trading four years ago with a world-class technology backbone created by FTIL.
Since then, there has been no looking back for MCX. Today, MCX is the world’s second largest exchange for silver and the third largest for gold: it clocked a record turnover of Rs 22,93,723.70 crore (Rs 22,937.237 billion) during the financial year 2006-07.
These days, Shah’s office is flooded with requests from foreign financial institutions wanting to pick up stakes in the exchange. In between, Shah has been weaving a slew of global and domestic alliances, including setting up the Dubai Gold & Commodities Exchange and planning several spot exchanges across India.