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The Target - Book Trailer

The Criminal Conspiracy to annihilate India's Ace Innovator, Jignesh Shah

The conspiracy to decimate India’s ace innovator Jignesh Shah and his Exchange Empire was hatched by a powerful unholy nexus of politicians - bureaucrats - crony capitalists who resented him for challenging their monopoly and democratising the markets.

The Target is a very systematic and meticulous investigation by Shantanu Guha Ray that unveils the devious ploys of vested interests that curtailed the growth of a true 'Make in India' story and shunted Jignesh Shah out of the Exchange ecosystem.

THE TARGET reveals WHO all did it & HOW...

Experts Speak @ Book Launch Events

‘The Target,’ an investigative narrative by senior journalist Shantanu Guha Ray on the NSEL crisis, reveals the covert mechanism used to annihilate the innovative spirit of Jignesh Shah by vested interests of those who were threatened by his vision of democratizing the markets.

The book reveals how the devious plot hatched by the politician-bureaucrat nexus was directed only at Jignesh Shah and his FTIL Group to subsequently eliminate them out of the Exchange space.

The book generated a lot of curiosity among various sections of the society and soon became the #1 Bestseller on Amazon and Crossword.

Several dignitaries voiced their opinions and lauded Shantanu Guha Ray for his insightful investigation that revealed how the NSEL crisis was precipitated and why it still remains unresolved.

'THE TARGET' answers it all!



Ravindra Kalambekar

No proof required for Shantanu Guha Ray's book 'the Target' is an excellent read!

The Target
Rohit Mohandas

The author has managed to make a book on financial markets highly dramatic and engaging. Superb writing!

The target
Samir Sawant

Excellent book telling us how a politic can break an entrepreneur and ruin future of a country. Great work Shantung!!

The Target
Ishan Mishra

Shantanu Guha Ray has rightly alluded to the NSEL case to Mahabharata, both epic tales of deceit and malice. The Target is a must read in this day and age when entrepreneurship is at its peak. It is a lesson for young visionaries on how to proceed with caution amidst an economy being harmed due to vested interests.

The target
Arun Aggarwal

From the author of Fixed: Cash and Corruption in cricket, comes another tale of conspiracies. While the discrepancies in cricket regulations have been out in the open for a long time, the story of NSEL conspiracy is an eye-opener. I have followed the case because Jignesh Shah’s entrepreneurial journey has been fascinating to say the least, but this book revealed so many key facts that haven’t seen the light of media. Took me two days to read and now I’m keen to learn more about arguably the biggest conspiracy of the decade hatched by brokers.

The Target
Aman Balaji

We all are fascinated by the growth stories of business moguls like Steve Jobs and Bill Gates, but here we have a story of how a man who set out on an incredible journey with a vision to empower India, became a victim of conspiracies. Jignesh Shah, the businessman behind several innovative advances was let down by brokers who had different plans and motives. The author has put down all facts in an excellent manner to narrate a gripping story of cheating and betrayal.

The Target
Aakriti Mehra
Aakriti Mehra

For every avid reader particularly interested in financial markets, The Target is nothing less than gold for you. Even with minimal knowledge on stock and commodity exchange, it was easy to connect with the author’s plight who excruciated minutest details on Jignesh Shah’s journey to become the Exchange Man of India and his downfall. An interesting read!

The Target
Shefali Gupta
Shefali Gupta

If you are not well-versed with the structure of power in India, this book is perfect to begin with. Narrating the story of how vested interests put brakes on self-made entrepreneur Jignesh Shah’s rise, Shantanu Guha Ray has revealed scary truths. On one hand our country is moving towards brilliant ideas like ‘Make in India’ and ‘Digital India’, on the other there are miscreants like the defaulters of NSEL case who put self-interest ahead of anything else. This book is not exactly an easy read, but it is definitely a must-read!

The Target
Abhinav Srivastava
Abhinav Srivastava

For every avid reader particularly interested in financial markets, The Target is nothing less than gold for you. Even with minimal knowledge on stock and commodity exchange, it was easy to connect with the author’s plight who excruciated minutest details on Jignesh Shah’s journey to become the Exchange Man of India and his downfall. An interesting read!

The Target
Narayan Chodhury
Narayan Chodhury

Shantanu has done a great job by writing this book, it's an eye opener for us

The Target
Rahul Mehta
Rahul Mehta

Great work by Shantanu Guha Ray. As usual he brings out a yet another story with factual supporting and straightforward analysis !

The Target


Aug 04, 2017 by Manorama Shah

carried out in-depth analyses

The author has done extensive research and carried out in-depth analyses of the roles of regulatory authority as well as probe agencies in the NSEL crisis. The book scores on its ability to demonstrate how at times some high ranking officials, for the sake of their vested interest, can play with the future of thousands of people

Jul 31, 2017 by Mrinalini Mukharjee

What attracts me to read this book was the title

You will get to know the essentials of this case. The book is easy to read and I think most people will be intrigued by the way author has described the overwhelming achievements of Jignesh Shah, often comparing him with John Galt and his situation with that of Anant, a character in the movie Ardhsatya

Jul 24, 2017 by Jasubhai Gamit

An incisive and entertaining

An incisive and entertaining review of the NSEL case. A must-read for investors, lawyers, corporate directors, and anybody interested in the integrity of corporate governance

Jul 18, 2017 by Madhukar

Nasty link-up

The book shines a spotlight on the nasty link-up of big corporates, powerful bureaucrats and politicians behind the NSEL crisis. The book answers all your questions why they did it, how did they strategize, and how were they able to get away with it

Jul 14, 2017 by Ranjan mahapatra

not just a fascinating story

The Target is not just a fascinating story. It’s an exposé of a bureaucrat- politicians nexus and its impact on a person who dreamt big and could actually realise his dream to make India a powerhouse of financial technology, exchanges and related ecosystem

Jul 06, 2017 by Rajmohan keng

Thumbs Up for Jignesh Shah

The book enlightens you about the determination of Jignesh Shah to take India to global heights. It was his sheer confidence and hard work that led him to become the inspiring figure he is today

Jul 04, 2017 by Aslam Beg

Is this what jignesh shah deserved?

Would urge all you responsible citizens of this country to read this book and ask yourself this question. The globally admired innovations of an indian maverick should have received wholehearted support from our govt but they were butchered. Read here, why.

Jul 03, 2017 by Lovina Pais

A great book about a Great man

The book introduces you to Jignesh Shah – the founder and creator of more than a dozen exchange companies across India and globally, shaped ventures that were beyond possibilities that benefited our country to a large extent. But he was decimated. Why? Read the book

Jul 02, 2017 by Seema Srivastav

The story of India’s financial reformer

The book elaborates the journey of a man that will surely be an inspiration to all aspiring entrepreneurs. While reading about a few of his innovations, I realized how he envisioned revolutionary systems that no one dared to think of a decade ago

Jun 30, 2017 by Ramesh Mohapatra

The perfect title

The book brought to the surface the mystery behind why someone like ftil’s jignesh shah who took on the monopolistic regime was shooed away

Book Preview

The Target

First published in India in 2016 by:

Shantanu Guha Ray

Copyright © Shantanu Guha Ray 2016

Shantanu Guha Ray asserts the moral right to be identified as the author of this work.

ISBN: 978-1-68418-179-7

Printed and bound at Saurabh Printers, Okhla, New Delhi


Print and eBook distribution: AuthorsUpFront


All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the AUTHOR, or as expressly permitted by law, or under terms agreed with the appropriate reprographic rights organisations. Enquiries concerning reproduction outside the scope of the above should be sent to the AUTHOR.


I have gone through Shantanu’s book. And I felt Jignesh Shah so closely resembles John Galt, the protagonist in Atlas Shrugged, Ayn Rand’s hugely popular novel of the mid-fifties. Galt, an innovator, quits a motor company, saying he will fight the system that punishes a man for using his mind, rewards complacency and failure and penalises innovation and success! Like Galt, Shah shook the most powerful unholy nexus of politicians, bureaucrats, crony capitalists and brokers to democratize the markets.

The sinister plot to annihilate Shah is part of a long-drawn strategy of powerful politicians, bureaucrats, rivals and some of the most influential industrialists who have huge interest in market operations.

As in the epic Mahabharata wherein the Kauravas ganged up to kill Abhimanyu by sheer deceit, Shah, too, was cornered by this powerful nexus to topple his empire.

The NSEL payment crisis was engineered by the FMC, the then regulator of commodities markets, since it suddenly recommended its abrupt closure in July 2013. The crisis was easily solvable but it was not solved and deliberately kept alive to target Shah and his FTIL Group.

After the crisis, different investigative agencies like the EOW-Mumbai and the Enforcement Directorate established the entire money trail of Rs 5,600 crore to the 24 defaulting brokers of NSEL.

No money trail was established to NSEL, FTIL or its promoters as observed by the Hon. Bombay High Court in Shah’s bail order

after studying the charge-sheet and the Special Leave Petition challenging the same was dismissed by the Hon. Supreme Court.

However, all concentrated actions were directed only at Shah and the FTIL Group subsequently to eliminate them out of Exchange space.

In order to hide and protect their own sins, the brokers used the entire crisis to tear away Shah’s lifetime of work and dream.

The quantum of black money that was infused by the brokers at NSEL through bogus KYCs, forgery and mis-selling of products could actually be unveiled if investigated well and the broker-side frauds for money-laundering would be exposed. It can unearth the biggest modus operandi of conversion of cash to bank by intermediaries. Exchange transactions were bank to bank. These are the same brokers who have misused the Securities Transaction Tax (STT) based profit and loss. It is noteworthy that STT was introduced and implemented by P Chidambaram.

On the defaulting broker side, it is an open and shut case as investigations revealed that they have converted from bank to cash and the entire money trail has been established to them as stated in the Parliament.

The STT-based misuse has happened at the stock exchanges and particularly on equity derivatives segment of the National Stock Exchange (NSE). It resulted in the biggest ever revenue loss to the exchequer by way of profit and loss bills. It is hard to believe that this activity and manipulation of Participatory Notes (PNs), FII money flow, Singapore Nifty trading, etc. happened without Exchange blessings, planted regulatory chief and involvement of higher-ups to the last dot.

The powerful lobby of brokers which includes the defaulters that laundered this black money was up against Shah in connivance with certain bureaucrats and the higher-ups in the Finance Ministry of the then UPA-2 government.

The high-power committee appointed by the Hon. Bombay High Court has found numerous instances of client code modifications

by the brokers. Also, recently, the SEBI, too, issued show-cause notices to top five brokerages in this regard.

Shah and his flagship FTIL Group set up 10 world class Exchanges across a variety of asset classes such as commodities, equity, currency, bond and electricity in just 10 years right from Africa, Middle-East to South-East Asia. All these successful Exchanges are No. 1 in India and No. 2 in the world.

MCX, the first listed Exchange to put India among top global Commexes, has become the second largest commodity Exchange in the world having created 1 million jobs in the country besides contributing 1% to India’s GDP in less than a decade.

Shah’s companies were original IP-based innovations that did not involve any subsidy from the government or the banks for land, labour or taxes. For Shah, “excellence” was the only currency.

The financial market infrastructure and the ecosystem created by Shah not only converted his “Made in India” ventures into global multinational corporations (MNC) but had they been allowed to continue and develop exponentially, India would have become the ‘Manhattan of the East’ as per his dreams.

The destruction of Shah by the political class and its favourite bureaucrats would prove fatal for the 108 new-generation entrepreneurs seeking to develop IP institutions and realize the Prime Minister’s dream of Make in India.

These first-generation entrepreneurs alone would make India compete effectively in the global market and rise to numero uno position. By killing Shah’s ventures a wrong precedent has been set that could drive away young entrepreneurs and foreign investors also.

As a result of all these motivated actions, FTIL, a real ‘Made in India’ story, was killed much before Make in India came into the picture. It’s not only FTIL and its founder, Jignesh Shah, a first-generation entrepreneur, but what has been killed is the spirit of innovation and entrepreneurship.

It is a heinous crime in the new war-free world of economic

prosperity achieved through excellence to kill competition in entry-barrier regulated industries that will result in depriving India’s 100 million youth from access to capital through modern new generation financial markets. This is as good as depriving electricity to manufacturing units in an industrial economy and data to enterprise in digital economy. Any such act of deprivation is nothing but an act of sedition.

It takes a lifetime to create one successful exchange but Shah created the country’s financial market infrastructure and tech-IP ecosystem that included 18 IP technology institutes/organisations within a short span of just 18 years.

The growing exchanges and the financial infrastructure that was envisioned and delivered by him were national assets and as such, certainly, there will always be a vacuum felt.

Shah was ahead of his times.

The country will have to pay an unmatched price for actions of the then UPA-2 government to annihilate Shah, something that is unknowingly being carried forward even today.

In this book, Shantanu has very effectively narrated the entire saga of how India’s indigenous growth story was killed due to some vested interests in corporate and bureaucratic circles much before Make in India was ushered in.

The book is a great read for all those who want to understand what went wrong with a success story called FTIL and the immense value of IP-based institutions of global scale and how they were crookedly demolished.

Suhel Seth is a social commentator, who has co-authored the book ‘Mantras for Success: India’s Greatest CEOs Tell You How to Win.’ As a columnist, Seth frequently writes for The Financial Times (London), The Hindustan Times and The Indian Express. A passionate orator, Seth is a regular speaker at industry meets and a visiting faculty at various Indian Institutes of Management.


A Brutal War of Markets

On April 12, 2016, Ravish Kumar, arguably one of the finest television journalists in India, walked into the offices of the Indian Express to meet three editors who had worked on the Panama Files investigation report, which took the world by storm.

In his inimitable style, Kumar asked, ‘So what do these investigations mean for you, the reporters and the Indians who feature in this list?’

‘We are just peeling the onion, helping you find the result. Unless the onion is peeled, no one gets to see the true picture,’ quipped Ritu Sarin. She was the daily’s top investigating reporter who had been in the forefront of the report her newspaper had scooped with a few global dailies and the Consortium of Investigative Journalists, a US think tank.

The reports highlighted illegal cash stashed away by some of the world’s richest in Western tax havens. The list, interestingly, had a sprinkling of Indians, although their numbers were fairly low in the rank.

Around the time the Panama files rattled the world, investigative journalism was blitzed by sceptics calling reporters the world’s biggest troublemakers in a news report filed by Press Trust of India (PTI), India’s largest wire agency. This made many sit up and take notice.

It talked of how investigators probing the Rs 5,600 crore payment fiasco at the National Spot Exchange Ltd. (NSEL), part of the Jignesh Shah-promoted Financial Technologies India Ltd. (FTIL), gathered fresh evidence suggesting routing of black money by brokers through their sister concerns and associates, who had all traded on the platform of the spot exchange.

To many in Mumbai and some in Delhi, it was like unravelling various aspects of the case that had made headlines way back in 2013 at the NSEL and is currently being scrutinized by multiple regulators and agencies, including the Securities and Exchange Board of India (SEBI) and a high-level committee constituted by the Hon. Bombay High Court.

The Bharatiya Janata Party (BJP) leader Subramaniam Swamy, well known for his meticulous inquiry into some of India’s biggest financial scandals, tweeted instantly. He was, in all probability, encouraging the mandarins in Delhi’s power corridors to take a fresh look at the payment crisis and seek the truth.

I had met up with Swamy at his residence, where he told me scandals, whether financial or otherwise, need punctilious investigation. ‘Otherwise, the truth rarely surfaces,’ said Swamy, for whom the 1872 short story by Leo Tolstoy, God Sees the Truth but Waits, was Bible.

The story – surprisingly – revolves around a Russian merchant thrown into prison for twenty-six years for a murder he did not commit. In gaol, he meets the person who had perpetrated the homicide, but pardons him. The murderer confesses to his crime to the jail authorities; however, the merchant dies even before his release orders are secured.

‘Very few in India will tell you that they have deliberately committed a crime; most wilfully suppress the truth. The onus is on you to find out,’ said Swamy, broadly hinting that he himself would be querying what he called ‘the untruths’ of the NSEL payment crisis.

Swamy made no direct comments about the NSEL crisis. He

merely put a wire story as an attachment1 on his twitter account that has 2.63 million followers.

What the news wire report said was indeed interesting.

‘A high-level committee constituted by the Hon. Bombay High Court, in an interim order, has favoured investigation into source of funds of the brokers and various investors, many of whom are suspected to have been sister concerns or associates of the same brokers.

Sources said the committee and other regulatory agencies have found major discrepancies in the data and details submitted by various investors as against the information provided by the NSEL. These discrepancies include submission of wrong PANs (permanent account numbers), raising doubt about source of funds.’

A senior regulatory official said the NSEL case is very unique because brokers themselves appear to be the real investors, whom Hon. Justice Mr. Abhay Thipsay had actually called “bogus traders”2. There are also complaints against some brokers that they created fake ledger accounts in the name of their clients without their knowledge, sources said.

‘It has also been alleged that the funds of sister concerns of brokers, which could have been derived from illegal sources, were used to trade on the NSEL platform with an intent to legitimize the said funds, which amounts to money-laundering’3, the senior regulatory official told the wire agency.’

In Delhi, the news wire report about the role of brokers brought back memories of those nightmarish days when multiple ministries and market regulators acted in great haste and took the most severely punitive and irretrievable action against NSEL and its holding company FTIL, and initiated a forced merger of the

1 http://timesofindia.indiatimes.com/business/india-business/NSEL-scam-Whiff-of-black-money/articleshow/51771618.cms
2 Order of Hon’ble Justice Mr. Abhay Thipsay dated August 22, 2014 in the Criminal Bail Application No.1263 of 2014, Hon. Bombay High Court
3 https://medium.com/@ftilservices/brokers-under-the-scanner-in-nsel-scam-6c25851e67e0#.omk6pbbex

two, besides forcing the promoters of FTIL to divest their stakes and sell other globally acclaimed exchanges run by the group, without even completing investigation or adjudication.

The wire agency report hit the newspapers almost two-and-a-half years later, but by then the entire empire of Jignesh Shah, the promoter of FTIL, which owned significant stakes in NSEL, had come crashing down.

He was, figuratively, hounded out of business by a host of hasty decisions taken by the previous UPA-2 government, headed by Dr. Manmohan Singh, an economist with avid interests in the country’s financial sector, including its stock and commodities markets. Why was then Shah, who had actually built strong, active and healthy commodity markets in the country, targeted, when no similar decisions were taken against those involved in 2G and coal scam?

Shah took upon the stock exchange monopoly of the National Stock Exchange (NSE) in India, the origination point of Participatory Notes and black money, thereby challenging the most powerful nexus of politicians, bureaucrats, crony corporate captains and dubious brokers. In short, he was hitting at the very base of India’s biggest market of white-collar criminals and black money generation point.

But why Singh remained silent throughout the NSEL crisis is an issue definitely worth pondering. Nonetheless, it’s important to understand the psyche of the Indian markets first, and the way hidden wars are fought by those who want to sustain their iron-grip on the markets for life.

Most distressing is the way they control the markets, even at the cost of destroying some of the finest, genuine examples of Make in India, a tagline invented by none other than the country’s current Prime Minister, Narendra Modi.

The Indian markets are replete with such examples of high-handedness.

The first such crisis happened less than a decade after India gained Independence, in the country’s cotton market, a burgeoning

sector that ensured cotton supplies across the country. The sector was rapaciously monitored from the powerful corridors of Delhi.

In 1955, the president of East India Cotton Association (EICA), Sir Purshottamdas Thakurdas, considered the strong man of the Indian cotton trade, had objected to the direct intervention of the Forward Markets Commission (FMC), in the cotton futures market, giving rise to considerable litigation in the courts.

Thakurdas felt that, ‘the interference of the FMC in the cotton trade, subsequent dislocation in the normal working of hedge trading and the resultant fall in cotton prices were bound to adversely affect the farmers, and the belief entertained by the public that the prices of cotton are deliberately kept at low levels in the ultimate interest of the mills will be strengthened.’

But nothing worked. On December 31, 1955, the central government amended several bye-laws of EICA, and empowered the Board of the Association and FMC to fix margins and limits on trading in cotton futures. Subsequently, under persistent pressure from the FMC, on January 6, 1956, the Board of the Association prohibited trading in February 1956 and May 1956 deliveries of cotton futures at prices exceeding Rs. 700 per candy, when February 1956 deliveries had already reached as high a level as Rs. 747 in the fourth week of December 1955. Subsequently, the bye-laws of EICA were further amended to empower the FMC to close out the outstanding contracts in cotton futures. In exercise of these powers, FMC closed out the hedge contracts for both February 1956 and May 1956 deliveries outstanding at the close of business on January 24 1956 at Rs. 700 and Rs. 686.50 per candy respectively, triggering a disappointing chapter in the history of FMC.

The orders to close out the outstanding contracts to the FMC came from the country’s first commerce and industry minister, T T Krishnamachari4, who wanted the FMC to regulate futures

4 See Madhoo Pavaskar’s Saga of the Cotton Exchange, Second Edition, Cotton Association of India, 2014, p 91.

trading in cotton with an iron hand. The then FMC Chairman, W.R. Natu, a seasoned economist had no other option, but to listen to his master, Krishnamachari, whose firm, T T Krishnamachari & Co. Ltd. itself was involved, among others in cotton trading. Mr. Krishnamachari was then the Minister for Commerce and Industry. Apart from his involvement in closing out cotton futures contracts in 1956, he was involved in the Mundhra Scandal of 1957, when he was the Finance Minister, and had to resign after being implicated by the Justice Chagla Commission.

Surprisingly, even then, the country’s Finance Minister had a huge interest in the trading positions of the markets and was considered a very active player who had influenced the market regulator to virtually crush Sir P T who had nurtured and developed the great cotton markets of India for more than three decades and virtually made it reach its pinnacle of glory, turning cotton as white gold for traders. But his great achievement came to a naught when he, too, was crushed by the then FM and the market regulator.

For the powerful ministers, the idea – even during the fifties – was to get a grip on the economy through the markets that were shaping up as the crux of the nation. After all, the mandarins of power in Delhi were clear in their thoughts that control of markets equalled a solid grip on the economy. The grip also translates into economically beneficial decisions for one constituency against another that is comparatively economically weaker. Sensitivity of the timing of the decisions is also very crucial since these have financial ramifications for various entities including the nation itself.

Now, almost fifty-seven years after the FMC-triggered crisis that engulfed the cotton futures trade in India, another Indian minister, P. Chidambaram, the Finance Minister in the second United Progressive Alliance (UPA) government, is in the thick of a similar situation that launched a veritable crisis in the Indian commodities market, destroying in the process some of the

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About The Target

The Target - Decimation of Jignesh Shah's Global Empire

If things had gone Jignesh Shah’s way, he would have been the Czar of Exchanges, a sterling exponent of Prime Minister Narendra Modi’s ‘Make in India’ programme.

Fin-tech maverick Jignesh Shah and his flagship Financial Technologies India Limited (FTIL), now known as 63 moons technologies limited, pioneered creation of 10 new-generation regulated multi asset (equity, commodity, currency, bond & electricity) financial markets just in 10 years across India, Singapore, Dubai, & Africa.

All his ventures were globally acclaimed and market leaders in their respective category

India’s ace innovator and entrepreneur Jignesh Shah was riding a crest from which very few could have toppled him by way of talent and performance. But he had taken on institutional forces like the National Stock Exchange (NSE) and invisible forces that backed the NSE including its political godfather, corporates with vested interest, rich & powerful brokers and FII fronts – known as the famed Malabar Hill Club – by sheer performance to democratize the market prosperity to masses.


Social Media

The Target Discussion on Quora
How could FTIL be forced to exit from the exchange business when there was a problem only at NSEL?
Shreyas Patel
Answered May 4

Shantanu Guha Ray explores how losing his world class exchanges was because of political masters in the then government. Jignesh Shah, whose reputed institutions had contributed immensely to be at par with global standards were snatched away from him due to politico-bureaucratic nexus.

Why is Ministries of Law & corporate Affairs indulging to demands of FMC to merge NSEL with FTIL? It violates the concept of limited liability.
Ninad Joshi
Answered May 2
Shantanu tries to show how the FMC was single mindedly focused on killing NSEL at the behest of its political masters. In the seventh chapter of the book, the FMC’s repeated hounding of NSEL has been explained in detail. It did not stop at just NSEL. The message from Delhi was clear – destroy the parent FTIL.

Why did FMC take action only against NSEL and not against NCDEX when NCDEX did not even reply to FMC’s show-cause notices?
Ninad Joshi
Answered Apr 26
In the seventh chapter of The Target, Shantanu Guha Ray exposes the wrongful targeting which was the result of bureaucratic nexus of political masters. Not only the repeated hounding, the message was to decimate FTIL completely.

Why was MCA pushing for supersession of FTIL board when even the Law Ministry categorically stated that it is unlawful?
Shreyas Patel
Answered Apr 26
The goal to destroy FTIL
The seventh chapter of the acclaimed The Target delves into the subject of FMC’starget, FTIL and NSEL. The book details how FMC single-handedly assisted to decimate FTIL on the behest of few political masters.

Why did Abhishek suppress the minutes of the meeting held with the defaulting brokers from the court?
Jay Bhati
Answered Apr 20
The nexus that orchestrated
FTIL’s fall The politico-bureaucratic nexus who were threatened by FTIL’s growth tried to isolate and target only FTIL. The sixth chapter has revealed how the bureaucracy masterminded by Ramesh Abhishek, engineered the NSEL crisis to destroy FTIL.

How could Ramesh Abhishek, as Chairman of the FMC, disrupt the market by ordering NSEL to abruptly stop trading contracts?
Shreyas Patel
Answered Apr 20
Shantanu Guha Ray in the sixth chapter has revealed how the bureaucracy masterminded by Ramesh Abhishek, Chairman of the erstwhile FMC, engineered the NSEL crisis to destroy FTIL.

Shah was summoned 7 times by the EOW, and he visited it 21 times. On what rationale was he then arrested on charges of non-cooperation?
Ninad Joshi
Answered Apr 12
The scandalous arrest of Jignesh Shah.
The author does not waste time on setting up the premise for the book. The very first chapter in Shantanu Guha Ray’s book deals with the shocking unwarranted arrest of Jignesh Shah by the EOW-Mumbai Police. Additionally, the chapter also deals with the taking custody of Shreekant Javalgekar, a non-executive director at NSEL who was taken into the custody on the charges of non-cooperation.

On what grounds was Finance Ministry under Chidambaram favouring NCDEX, when it was under the purview of Ministry of Consumer Affairs & agriculture?
Shreyas Patel
Answered Apr 12
World-class global exchanges and pioneering tech-innovations created by Jignesh shah’s group FTIL are the means of his financial stardom. This is followed by the various ploys devised by the Finance Ministry of the UPA Govenment.

Was the Finance Ministry promoting the NCDEX by not applying a commodity transaction tax (CTT) on agricultural commodities that were traded the most on the NCDEX?
Jay Bhati
Answered Apr 12
Jignesh Shah burnt his wings flying too close to the sun.
The Target’s second chapter portrays Jignesh Shah’s rise to financial stardom. Pioneering world-class global exchanges with technological advancements, Shantanu Guha Ray paints how Jignesh Shah has elevated the financial market. The chapter also deals with systematic decimation of his empire over the years by Finance Ministry of the UPA Government.

Why wasn’t MCX-SX granted license for trading in equity segment?
Darpan Seth
Answered Apr 12
The chapter deals with systematic decimation of his empire over the years by Finance Ministry of the UPA Government. Shantanu Guha Ray paints how Jignesh Shah has elevated the financial market.

How could Ramesh Abhishek, as Chairman of the FMC, disrupt the market by ordering NSEL to abruptly stop trading contracts?
Darpan Seth
Answered Apr 10
The sixth chapter of ‘The Target’ reveals how Ramesh Abhishek, the Chairman of the erstwhile FMC, masterminded the NSEL crisis and attacked NSEL, FTIL and its promoters. The diktat given to Abhishek by his political godfathers was crisp and clear – Singularly target the FTIL group.

How could the NDA government rely only on FMC’s manipulated reports in the NSEL crisis?
Ninad Joshi
Answered Apr 10
The sixth chapter of ‘The Target’ reveals how Ramesh Abhishek, the Chairman of the erstwhile FMC, masterminded the NSEL crisis and attacked NSEL, FTIL and its promoters. The diktat given to Abhishek by his political godfathers was crisp and clear – Singularly target the FTIL group.

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About the Author

The Target Book by Shantanu Guha Ray The Decimation of Jignesh Shah's global empire

About Shantanu Guha Ray

He is a Wharton-trained journalist with nearly three decades of experience of both print and electronic media. He is the India editor for Central European News, a Vienna-based wire agency and a regular contributor for First Post, India’s largest news portal.

His latest book ‘The Target’ is a detailed probe into the NSEL payment default which triggered the downfall of Jignesh Shah’s FTIL group.

Some of his milestones include scooping for India Today the billion-dollar coal scam – arguably among India’s biggest scandals – much before the newspapers picked up the CAG report in 2012. For the same news magazine, his reports on cricket, stud farm owner Hassan Ali’s illegal cash and Delhi airport scandal got him the Ramnath Goenka award.

A diehard reporter, he specialises in both economic and investigative reporting, often doing the odd-ball human interest stories. His cover for Tehelka on influencers in Delhi is considered an ideal reference on this unique profession. His extensive reportage on tobacco and blood diamonds helped him earn global awards, including one from the Washington-based Overseas Press Club of America. His work on India’s only female dom in Varanasi for New York Times was among the top trending in 2014. He was awarded the Laadli Media award for his work on the cervical cancer tests, the Supreme Court taking notice while delivering a landmark judgement.

He lives in New Delhi with his daughter, wife and two dogs.

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