US-India Businessman Award Presented to Jignesh Shah, CEO of Financial Technologies Group and MCX

Washington, DC – 13 December 2006

Mr. Jignesh Shah, CEO of Financial Technologies Group and Multi Commodity Exchange of India (MCX), was honoured with the US-India Businessman Award for his “outstanding contribution as an entrepreneur to integrate rural India with global markets.” Mr. Shah received the award from Congressman Joseph Crowley, (D-NY), member of the House Committee on Financial Services, and met with Senator Hillary Clinton (D-NY) in Washington, DC on November 15.

The event organised by USINPAC (US Indian Political Action Committee) and USIBA (US-India Business Alliance) was held at the Senate Office Building, Washington, DC, in the presence of notable business and political dignitaries.
Mr. Shah was recognized for his vision which is to help bridge the economic divide by building globally competitive and efficient financial market infrastructure that will integrate India’s heartland in to global markets. He founded Financial Technologies (India) (FTIL) in 1995 as a software company with a valuation of US$10,000. A decade later, FTIL has grown over US$2 billion in market capitalization and is globally recognized as among the top 10 leaders in financial technology infrastructure and commodity exchanges. With headquarters in Mumbai, India, the FTIL Group has launched fast growing companies operating in the commodities and exchange sectors.

Sanjay Puri, CEO, USIBA said, "We are proud to have FTIL as a member. Mr. Shah is a true visionary. The remarkable successful of his companies is an inspiration to business leaders in both the US and India.”

Accepting the award, Mr. Shah said, “I am honoured at being globally recognised for the pioneering efforts of FTIL in integrating India with the global market. Speaking on behalf of our organization, I am delighted at being a catalyst in promoting closer business ties between our two countries. We are confident that India can continue its growth into one of the premier business and financial markets.”

Mr. Shah said that technology and markets are the key change drivers of the future and will be critical for integrating rural pockets across the world with the global economy. Financial Technologies, he said, had embarked on a business mission to create IPR-based solutions to enable this global integration and he was honoured that the efforts were being recognised.

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