The Shooting Star

Jignesh Shah’s fall was as dramatic as his meteoric rise

Technologies 1995 Jignesh with launches former Financial BSE colleague Dewang Naralla.

2003 Starts Multi Commodity Exchange of India (MCX), which becomes the world’s sixth-largest commodity futures exchange.

2005 National Spot Exchange Ltd (NSEL) is incorporated as a public limited company with FTIL holding 99.99% of the share capital and NAFED holding 100 shares. Dubai Gold and Commodities Exchange is launched.

2008 The Indian Energy Exchange is launched. MCX-SX starts trading in currency futures.

2010 Bourse Africa and Singapore Mercantile Exchange are launched.

2011 Bahrain Financial Exchange is launched.

2012 The corporate affairs ministry sends show-cause notice to NSELon trades with settlement periods exceeding 11 days, and ‘short sales’ in violation of the conditional exemption.

2012 MCX SX gets nod to trade in equities. Becomes a full bourse.

August 2013 Forward Markets Commission writes to Anjani Sinha, MD & CEO of NSEL, on sudden suspension of trading in all contracts, asks for details of the payment and settlement. NSELissues list of defaulters, including ARK Imports, Mohan India, Lotus Refineries and NK Proteins.

September 2013 56 investors and 17 brokers file criminal complaint with the Mumbai Police against NSEL, Jignesh and the board of directors of NSEL. FIR is filed against NSEL, FTIL, Jignesh, the board of directors and defaulting clients.

October 2013 The regulator accuses NSEL promoters and directors of complicity in cheating. Police arrests NSEL CEO Anjani Sinha. Jignesh and Joseph Massey, MD & CEO, step down from MCX-SX.