4.6  4.6 of 5 stars from 266
5 Star 176
4 Star 74
3 Star 11
2 Star 3
1 Star 2

Facebook The Target

4.4  4.4 of 5 stars from 427
5 Star 222
4 Star 178
3 Star 24
2 Star 3
1 Star 0


3.9  3.9 of 5 stars from 316
5 Star 92
4 Star 113
3 Star 107
2 Star 4
1 Star 0
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!

'ધ ટાર્ગેટ' એ વરિષ્ઠ પત્રકાર શાંતનૂ ગુહા રેએ એનએસઈએલની કટોકટી સંબંધે કરેલા સંશોધનના આધારે લખેલું પુસ્તક છે. જિજ્ઞેશ શાહે બજારોનું લોકતાંત્રિકીકરણ કરવાનું ધ્યેય રાખ્યું તેને લીધે ભયભીત થઈ ઊઠેલાં સ્થાપિત હિતોએ તેમના સર્જનાત્મક જુસ્સાને તોડી પાડવા માટે ઘડેલા કાવતરાની વિગતો પરથી આ પુસ્તકમાં પર્દાફાશ કરવામાં આવ્યો છે.

રાજકારણી-અમલદારોએ ભેગા મળીને જિજ્ઞેશ શાહ અને તેમના એફટીઆઇએલ ગ્રુપ વિરુદ્ધ કેવી રીતે કાવતરું ઘડ્યું અને કેવી રીતે તેમને એક્સચેન્જ બિઝનેસમાંથી બહાર ફેંકી દેવાયાં તેની દાસ્તાન 'ધ ટાર્ગેટ'માં વર્ણવાઈ છે.

સમાજના વિભિન્ન વર્ગોના લોકોમાં આ પુસ્તકે ઘણું કુતૂહલ જગાવ્યું છે અને ટૂંકા ગાળામાં એ એમેઝોન તથા ક્રોસવર્ડમાં નંબર 1 બેસ્ટસેલર પુસ્તક બની ગયું છે. એનએસઈએલની કટોકટીને કેવી રીતે વકરવા દેવાઈ અને હજી સુધી કેમ એનો હલ આવ્યો નથી તેના વિશે સઘન સંશોધન કરીને શાંતનૂ ગુહા રેએ લખેલા પુસ્તકને અનેક મહાનુભાવોએ બિરદાવ્યું છે.

'ધ ટાર્ગેટ'માં વિશદ્ છણાવટ કરાઈ હોવાથી અનેક અનુત્તર પ્રશ્નોના ઉત્તર મળી રહે છે.



Garima Khera
Garima Khera

The author has revealed the crucial aspect on the NSEL situation which was previously unheard of in The Target.

The Target
Aalia Danish

A tale of how a visionary was a victim of the bureaucratic nexus is what is The Target all about.

The target
Hussain Shaikh

A brilliant piece of writing by Shantanu Guha Ray set against the themes of financial ecosystem

The Target
Priyadarshi Das

A recommended read for every budding entrepreneur who has their sights in the financial system.

The target
Hasid Mansoori

Shantanu Guha has outdone himself in his book titled The Target.

The Target
Karan Khanna

A jaw-dropping plot - The Target talks about the phenomenal innovations and ventures of Jignesh Shah, a visionary who brought about a revolution in the commodity exchange market in terms of digitalization.

The Target
Virendra Jha

The Target by Shantanu Guha Ray is a thought-provoking conspiracy thriller, layered in shocking political intrigue.The book dives deep into how a section of our ministers and bureaucrats tried to finish off the biggest innovation industry called FTIL.

The Target
Najish Khan

A hard-hitting composition- The Target, a classy, masterfully written book, is a detailed version of events leading to the settlement and payment default at NSEL, that happened in July 2013, and the events that followed.

The Target
Alex Williams
Alex Williams

The poignant real story depicting the power complex by crony capitalists has been narrated in this classic tale of The Target.

The Target
Padma Placenet

The malicious intent by the real political and vested interests which led to Jigneshs Shah’s downfall

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


Dec 04, 2017 by Meghdatta Banergee

The Target - NSEL crisis defaulters roaming scot-free

The book is an in-depth, investigative probe on the rs 5600 crore NSEL crisis and why no action is being taken against those who have that money

Nov 29, 2017 by N.M. Mathur

The Target- A heart-wrenching account of NSEL

The ill intention of the officials at the top echelons of bureaucracy and politics have not only killed Jignesh Shah’s ventures but also set a bad precendent that would scare away young entrepreneurs as well as foreign investors. If you want to know why, read The Target….

Nov 23, 2017 by Kiran Jahagirdar

Awesome read!

The Target –‘Someone wanted me out, wanted me dead,’ said Shah to his friend.Shantanu Guha Ray depicts the situation of Jignesh Shah.Jignesh Shah was throughout aware that it was a strategic move to put him out of business . The author compares the conspiracy to nail him to the tragic end of abhimany in Mahabharata.

Nov 12, 2017 by Barkha Jain

This book really talks...

The Target- know what triggered the Rs 5,600 crore NSEL payment crisis. The book talks about many goof-ups made by FMC while it was overseeing the NSEL exchange operations. Why did it do so? At whose behest? The book reveals a lot

Nov 03, 2017 by Anuraag Shaw

Killer book !!

Shantanu Guha Ray knows how to get readers to turn the pages. I have read him earlier but this one enticed me the most.

Oct 31, 2017 by Milind Patil

The Wharton-trained investigative journalist

The Target is among Shantanu Guha Ray’s most exhilarating books yet. The Wharton-trained investigative journalist truly has a wonderful command over the language. The way he has narrated the entire crisis and unfolded the conspiracy behind it, is just brilliant

Oct 31, 2017 by jigna Solanki

A book for intellectuals after a long time

‘The Target’ makes you reason and question many things about the governance and growth atmosphere in this country. If this is the kind of animosity towards entrepreneurship, can india really grow as digital india and start up india?

Oct 24, 2017 by P. Swaminathan

Warrants a second read…

The way certain incidents have been played out in the book and considering the number of facts presented, ‘The Target’ demands a second reading from you. Especially the ardh satya, abhimany and the john galt chapters

Oct 20, 2017 by jigna Solanki

A book for intellectuals after a long time

‘The Target’ makes you reason and question many things about the governance and growth atmosphere in this country. If this is the kind of animosity towards entrepreneurship, can india really grow as digital india and start up india?

Oct 16, 2017 by Pravinsingh Rajput

Can one survive the wrath of politicians and bureaucrats?

Jignesh Shah could not survive the wrath of P Chidambaram and his favourite bureaucrat Dr. K P Krishnan. After reading the book, I wonder if a gutsy man like Jignesh Shah was hounded and harassed, what would be the fate of ordinary mortals

Download Book

Download Now
Download The Target Book
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.


The Target has met the Target!

It brings us great pleasure to share with you that The Target, an expose into the nexus of top politicians, bureaucrats and crony capitalists, who wanted to protect their monopolistic regime in the markets by curbing competition, has won the award for the most popular book in the Business and Management category of the Raymond Crossword Book Award.

Investigative journalist turned Author Shantanu Guha Ray has articulately captured tech innovator Jignesh Shah’s fight against this conspiracy hatched by the upper echelons of power that decimated his Exchange Empire and killed the spirit of entrepreneurship as well as innovation in the country.

Raymond Crossword Book Award is a unique Indian award celebrating Indian authors who put their heart and soul in expressing their narrative to reach a large number of readers in India and globally.

In the business and management category, Shantanu’s The Target faced stiff competition from other renowned authors including 'Nawabs, Nudes, Noodles' by Ambi Parameswaran (Publisher - Pan Macmillan India); 'The Leadership Sutra' by Devdutt Pattanaik (Publisher - Rupa & Co); The Rise and Fall of Nations by Ruchir Sharma (Publisher - Penguin Random House India - Allen Lane); The Z Factor by Subhash Chandra / Pranjal Sharma (Publisher - HarperCollins).

An online voting process allowed readers to vote for their favourite authors and put The Target as the clear winner in the popular choice awards.

The Target won the people’s hearts!

Shantanu Guha Ray received the award for The Target Book
The Target Book has won the most popular book of the year 2017
The Target most popular book of the year 2017
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 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.

The Target Blogs on Tumblr
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.

For more info Visit: www.facebook.com/shantanu.g.ray