About The Target

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

Jignesh Shah: A Victim of Conspiracy

However, right from the time Jignesh Shah embarked on his own to create his empire; Jignesh Shah was targeted by and faced umpteen challenges from his rivals, some of them backed by powerful ministers in Delhi. It was almost like the sinister plots hatched by the devious kings of Hastinapur in India’s greatest epic, the Mahabharata, that culminated in the eighteen-day war of the Titans at the Kurukshetra.

In Jignesh Shah’s case, the war was virtually one-sided, and he was victimised wrongfully by the Three Musketeers, who designed his downfall.

The role of then Finance Minister, P Chidambaram in the NSEL crisis is in shades of grey because nobody has actually caught the bull by the horn. In 2007, and on what grounds, did Chidambaram sign the note that was prepared by his most trusted bureaucrat K P Krishnan, the then Joint Secretary, MoF, directing the NSE to increase its stake in the National Commodity and Derivatives Exchange Limited (NCDEX), by purchasing the share holdings of the National Bank for Agriculture and Rural Development (NABARD) and the Life Insurance Corporation of India (LIC) in NCDEX in order to give tough competition to Multi Commodity Exchange of India Limited (MCX)?

By doing so, was he not actually favouring one private exchange, NSE, against another, MCX, which is also a private exchange?

What was K P Krishnan’s motive behind this push? Why was he taking so much interest to force two public sector enterprises to sell their shares in favour of one private company – the NSE? This clearly indicated that there was a well-designed mala fide intention to kill competition! This book documents the various executive actions by Chidambaram, Krishnan (KPK) and Ramesh Abhishek, the then Chairman of the Forward Markets Commission, the then regulator of commodities markets, that clearly establish this conspiracy and the bias and vendetta certain powerful individuals nurtured against Jignesh Shah.

First, the Spot Exchange crisis was created and then it was used by these influential politicians and bureaucrats to get Jignesh Shah arrested in May 2014 on charges that have not yet been proved in Court. Rather, the entire money trail has been established to the 24 defaulting brokers against whom there has been literally no serious action at all as has been done against FTIL and Jignesh Shah!

In May 2016, it was revealed that brokerages responsible for NSEL payment crisis would come under the scrutiny of market regulator SEBI. A Bombay High Court appointed committee even found brokerages guilty of submitting false PAN card details of clients and trading without their consent.

In this book, seasoned journalist Shantanu Guha Ray meticulously probes the motives of those who shunted Jignesh Shah out of Exchange businesses and what it means for the politico-business climate of India.