Few entrepreneurs have attempted to redraw a nation’s financial map. Fewer still have done it from scratch. Jignesh Shah belongs to that rare category. Long before “Make in India” became a national slogan, Shah was already living its essence, building institutions designed not to imitate the West, but to place India confidently alongside the world’s most influential financial centers.

His ambition was unapologetically bold. Shah believed India could emerge as the “Manhattan of the East”, not merely as a participant in global finance, but as a destination where capital, technology, and markets converged at scale. Conventional wisdom claimed it took a decade to establish a single exchange. Shah compressed that timeline dramatically. In just ten years, he helped build a network of ten world-class, multi-asset exchanges across India and international markets, laying a foundational framework that reshaped the country’s financial infrastructure.

This journey, deeply rooted in grassroots thinking, became one of India’s earliest large-scale success stories of indigenous institution-building. What followed was not just a series of exchanges, but a lasting shift in how India imagined its role in global finance.

The Vision Before the Institutions

Jignesh Shah’s entrepreneurial instinct was evident early, but what distinguished him was clarity of purpose. He envisioned an India where financial markets were transparent, technology-led, and accessible to all, from farmers hedging crop prices to industries managing risk. In his view, finance was not an elite preserve but a public utility capable of unlocking national growth.

That vision took shape with the founding of Financial Technologies India Ltd., now known as 63 moons technologies Ltd. Shah was not interested in building isolated products. His aim was to create an integrated ecosystem where technology, exchanges, logistics, and information flowed seamlessly across geographies and asset classes. Whether in rural India or urban trading hubs, the system had to work for everyone.

At its core was a belief that India did not need imported frameworks to lead globally. Homegrown innovation, if scaled thoughtfully, could compete with and even outperform established Western models. Years later, this philosophy would echo strongly in the national “Make in India” movement.

A Decade That Redefined Scale

Between 2003 and 2013, Shah accomplished what no other Indian institution had. Under the 63 moons umbrella, ten exchanges were established across equity, debt, currency, commodities, energy, and spot markets, both domestically and internationally.

The Multi Commodity Exchange (MCX) became one of the world’s 2nd largest commodity exchanges, emerging as the top platform for gold and silver futures. It was also India’s first commodity exchange to be publicly listed and went on to generate more than one million jobs.

The Indian Energy Exchange (IEX) transformed electricity trading by introducing transparency into a sector plagued by inefficiencies. It became India’s leading power exchange and a benchmark for electricity futures.

MCX Stock Exchange (MCX-SX) challenged entrenched monopolies like the BSE and NSE, climbing rankings in currency derivatives trading within just two years of operation.

Beyond India, Shah’s footprint expanded rapidly. The Dubai Gold and Commodities Exchange (DGCX), set up in partnership with the Government of the UAE, became a key Middle Eastern trading hub. The Singapore Mercantile Exchange (SMX) introduced pan-Asian commodity and currency products, while Bourse Africa, and Bahrain Financial Exchange extended this ecosystem across continents.

What made these exchanges remarkable was not just their number, but their design. Built on proprietary technology developed by Jignesh Shah 63 moons, they operated at a fraction of the cost of Western exchanges while offering comparable sophistication. Shah’s use of public-private partnerships enabled rapid scaling and institutional trust, proving that collaboration, not isolation, was the future of financial infrastructure.

India’s First Make in India Financial Story

Long before the phrase gained political currency, Shah’s work embodied its principles. These exchanges were not replicas of foreign systems; they were engineered for India’s unique realities. Farmers could hedge against price volatility. Small traders gained access to transparent markets. Energy-deficient states could source electricity competitively.

MCX empowered agricultural producers to participate meaningfully in price discovery. IEX helped stabilize power markets and improve access. Initiatives like National Bulk Handling Corporation strengthened warehousing and rural credit, creating employment and boosting farm incomes.

Technology played a central role, platforms such as ODIN, which captured nearly 80 percent of India’s broking market, and Ticker, which delivered real-time market data, democratized information and decision-making, reinforcing Shah’s commitment to inclusive, scalable growth.

These exchanges were not merely trading venues, they functioned as instruments of social and economic change. Projects like the Gramin Suvidha Kendra empowered farmers with timely data on sowing and selling decisions, blending accessibility with technology in a way few financial systems had attempted before.

Global Reach, Indian Core

While Shah’s ambition was global, his focus remained distinctly Indian. International exchanges such as DGCX, SMX, BFX, and GBOT integrated India into global commodity and currency flows, with MCX gold futures influencing international benchmarks.

Yet the design always began at home. From spice traders in Kerala to cotton growers in Gujarat, local needs informed global architecture. By deploying electronic trading frameworks across Africa, the Middle East, and Southeast Asia, Shah positioned India as a leader in emerging market finance.

This balance of global ambition and local grounding earned him recognition worldwide, including the World Economic Forum’s Young Global Leader title and the Indian Express Innovation Award presented by Dr. A.P.J. Abdul Kalam.

Endurance Beyond the Spotlight

Jignesh Shah’s path was not without obstacles, but the institutions he helped create shaped India’s markets. After stepping away from executive roles at 63 moons, he now focuses on mentorship, helping the future leaders within the organization.

His legacy lies not just in numbers, but in precedent. Building ten exchanges in a decade was an act of conviction as much as capability. Each platform stood as proof that Indian innovation could define global standards. As Shah once observed, disruption invites imitation, but leadership lies in moving first.

By constructing a financial ecosystem from the ground up, Jignesh Shah authored India’s earliest large-scale Make in India success story. One that connected the country to global markets while lifting millions at home, and one that continues to influence how India imagines its financial future.