NSEL Crisis: What was Jignesh Shah’s role?

I think there is always another side to a story! Take this excellent example of the NSEL crisis that has put Jignesh Shah in the spot. I was reading a book that was based on him — Shantanu Guha Ray’sThe Target Book’ I know that this man is a good one! I have had the opportunity of meeting him briefly, when he was launching the Indian Energy Exchange. He spoke so passionately about lifting the darkness and lighting each and every corner of India.

  1. So what was Jignesh Shah’s fault in the NSEL crisis?
  2. Was it because he trusted Anjani Sinha to do his job properly?
  3. Was it because he did not anticipate that his friend and colleague under whom he had left the entire operations of NSEL, betrayed him and put the onus on him?
  4. Was it because Anjani Sinha and his inner circle at NSEL refused to raise any flags despite knowing that they were committing a crime?
  5. Was it because he envisioned an exchange — MCX-SX to be precise that offers both equity and commodities to all the investors and the competition could not stand Jignesh Shah having an edge for them?
  6. Was it because he did not pay any bribe or asked for any tax exemption or any sought any subsidy from the Government?
  7. Was it because he chose to be a good citizen who planned on giving all investors an equal option to select their choice of investment in the financial market?

If you have read the book, then you would also raise these questions because it looks like Jignesh Shah was punished for doing things the right way.

For more information check The Target Book Reviews.