There are only a few innovators in the financial sector who have their impact reach beyond just numbers and markets, leaving behind legacies that change the way we think about business, history, and new ideas. Jignesh Shah holds a significant stature among those people, owing to his efforts in democratising financial markets through his innovations and exchanges. As the founder and Chairman Emiretus of 63 moons technologies, he is widely regarded as the founder of modern Indian financial markets.
In his illustrious career, Jignesh Shah has created institutions, ideated innovative solutions, and built academic frameworks that connect the past and the future.In this blog, we are going to look at one of his great achievements, his book “Back to the Future: Roots of Commodity Trade in India”, which he wrote with Biswajeet Rath. This book gives us a clear insight into Shah’s inspiration and outlook towards the modern financial markets and how the ancient trading systems and practices inspired him for his persistent innovations in the sector.
Revisiting Ancient Markets: The Book That Rewrites History
“Back to the Future – Roots of Commodity Trade in India” is the first in-depth look at how commodity trade has been an intrinsic part of India’s rich history. People often think that India’s commodity markets are new, but Shah and Rath show that commodity trade in India goes back thousands of years, with organised systems, controlled markets, and busy trade routes.
Literature, inscriptions, and archaeological finds are used to help the author dig deep into the past of ancient India. Starting in the 6th century BC, Indian markets had already set up organised ways to trade and control prices. Shah’s insights through this book highlights a few interesting developments throughout the history:
- Marketplaces and Traders: Evidence of bustling trade centres where commodities moved across regions.
- Measurement Systems: Standardised units used in transactions to maintain fairness and credibility.
- Trade Routes: Ancient pathways that connected India to Africa, the Middle East, and Southeast Asia.
- State Regulation: Inscriptions and edicts that reveal how rulers monitored and controlled prices for public welfare.
The broad approach to this book is what makes it so interesting. Shah and Rath use both literary sources and mapping tools to paint a picture of how goods were traded in ancient times. The story of India’s identity as one of the world’s oldest and most advanced trading civilisations is told in this book, presenting itself as not just a mere study but a blueprint for any system that aspires to become a well-functioning ecosystem of practices.
The Visionary Behind the Work
The research that went into Back to the Future is a reflection of Jignesh Shah’s own journey as a thinker. Shah’s ideas broke down obstacles at a time, when the Indian financial market infrastructure was laden with inefficiencies. Shah built ecosystems that democratised and revolutionised the markets, making them comparable to the best in the world.
He didn’t just follow the rules that were already in place but made world-class trade institutions that facilitated an easy access to the markets to every Indian across the board.
63 moons technologies limited, formerly called FTIL, was the only Indian company to set up electronic spice and silk lines, in the form of their global multi-asset class exchanges, spanning from Africa to the Middle East to Southeast Asia. This wasn’t just about trade but also about linking civilisations, like India’s old trade lines did many years ago.
Why This Book Matters Today
The book is a testament to ancient ingenuity, highlighting flourishing trading practices with which India did well and built its markets on core principles such as; networks of confidence, rules, and sharing of information. Even after so many years, these core values remain as the basis of every well-functioning businesses, scholars, policymakers, and entrepreneurs alike. Important values that Back to the Future offers:
- A historical foundation to understand how trade systems evolve.
- Lessons on regulation, transparency, and innovation from centuries ago.
- A broader perspective that positions India not just as a participant but as a leader in global commerce.
A Legacy Beyond Markets
Through FTIL (63 moons) and other initiatives, Jignesh Shah has shown that markets are more than just transactions. They are also about cultures, communities, and relationships. His book Back to the Future is a celebration of India’s rich history, while simultaneously serving as the foundation stone for the modern Indian markets, laid by Shah’s institutions such as, MCX, MCX-SX, IEX, DGCX, BFX, SMX and Bourse Africa.
Shah’s vision continues to inspire people, from old trade routes to new financial highways. He did not only shed light on the Indian trading history but also revitalised it in the form of his institutions. He connected India’s past with its endless future.
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