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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!

'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.



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 25, 2017 by Biplab Mathur

The Target-The book reveals the role of the Forward Market Commission in the NSEL crisis

If the FMC Chairman had gone after the defaulters who decamped with the default money and had allowed NSEL to operate as it had happened in many in payment crises, the crisis could have been averted. Read on….The Target

Aug 18, 2017 by Vijay Khankari

coldblooded and systematic destruction

Was the coldblooded and systematic destruction of India’s finest exchange institutions, carried out only to promote National Stock Exchange? The Target answers all such questions hovering around NSEL crisis

Aug 11, 2017 by Ijaz Mochi

An intriguing investigation

The book is a well-researched narrative on NSEL Crisis. A welcome addition. It can be read overtime and you can dip into any page

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.

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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.


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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.

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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.

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