63 Moons Technologies

63 moons technologies
FormerlyFinancial Technologies (India) Limited
Company typePublic
BSE: 526881
NSE: 63MOONS
IndustryComputer services on finance/banking[1]
Founded12 April 1988[2]
HeadquartersMumbai, India
Key people
S Rajendran (Managing Director and CEO)
Venkat Chary (Chairman)[3]
ProductsSoftware
Revenue₹4.926 billion (US$58 million)[4] (March 2017)
Number of employees
857[5] (December 2016)
Websitewww.63moons.com

63 Moons Technologies Limited (stylised as 63 moons technologies), known as Financial Technologies (India) Limited until 2016,[6][7][8] is an Indian technology company which provides financial platforms and supports the creation of digital marketplaces.

History

The company was founded in 1988 by Jignesh Shah and is headquartered in Mumbai, India.[9][10][11] It had its first IPO in 1995. The company introduced its first commodity derivatives trading platform, the Multi Commodity Exchange (MCX) in 2003.[12] FTIL has divested of its domestic and international ventures.[13]

The company’s name was officially changed to 63 Moons Technologies Limited on 27 May 2016, after receiving approval from the Registrar of Companies following a one-year process.[14][7]

NSEL case

Main article: NSEL case

In July 2013, the National Spot Exchange, owned by 63 moons technologies limited (then FTIL), suspended trading following an order by the Department of Consumer Affairs to settle all existing contracts and not launch any fresh contracts, which led to a payment default crisis of ₹5,600 crore.[15][16] Investigations led by the Enforcement Directorate and Economic Offences Wing revealed the role of brokers and defaulters in the NSEL case. The brokers mis-sold NSEL products to their clients by assuring them fixed returns.[17] The defaulters hypothecated stocks, produced fake warehouse receipts and siphoned the entire default money.[18] In 2022, the Supreme Court allowed NSEL to use the MPID Act to recover dues; although assets worth ₹888 crore of 63 moons were attached in 2019, they were later released due to lack of proof.[19][20] In November 2025, the NCLT approved a ₹1,950 crore one-time settlement[21] by 63 moons for large creditors, offering partial recoveries in return for ending cases and transferring recovery rights to the company, helping move the resolution forward.[22][23]

Operations

Exchanges

The company launched many domestic and international ventures. It owned several subsidiaries that included National Bulk Handling Corporation (NHBC),[24] Multi Commodity Exchange (MCX), Dubai Gold & Commodities Exchange (DGCX),[25] Indian Energy Exchange (IEX),[26] MCX Stock Exchange (MCX-SX),[27] Singapore Mercantile Exchange (SMX)[28] and Bourse Africa.[29] In October, 2010, Financial Technologies (India) launched Global Board Of Trade (GBOT), an international multi–asset exchange in Mauritius.[30] In February 2011, Financial Technologies launched Bahrain Financial Exchange (BFX), the first multi–asset exchange in the Middle East and North Africa.[31]

Software

Subsidiaries

  • Atom Technologies is a digital payment service providers, offering payment collection facilities.[34] FTIL divested a controlling stake to NTT Data Corporation in late 2018.[35]
  • TickerPlant is an analytics platform with streaming of market information of exchanges.[36] It also launched its cryptocurrency super application called CryptoWire.[37][38]

See also

References

  1. ^ "63 Moons Technologies Ltd. Stock Price, Share Price, Live BSE/NSE, 63 Moons Technologies Ltd. Bids Offers. Buy/Sell 63 Moons Technologies Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com.
  2. ^ "63 Moons Technologies - Company Info - History". The Economic Times. Retrieved 4 January 2022.
  3. ^ Board of Directors. Archived 16 August 2012 at the Wayback Machine
  4. ^ "BSE Plus". Bseindia.com. Retrieved 25 September 2010.
  5. ^ "63 moons | Jignesh Shah's foremost contribution to the Financial Sector". www.63moons.com.
  6. ^ "Financial Technologies renames itself as 63 Moons Technologies". The Financial Express. 19 August 2015. Retrieved 4 January 2022.
  7. ^ a b Rukhaiyar, Ashish (19 August 2015). "Financial Technologies changes name to 63 Moons". mint. Retrieved 4 January 2022.
  8. ^ "ROC approves Financial Technologies name change to 63 Moons Technologies". The Economic Times. 27 May 2016. Retrieved 4 January 2022.
  9. ^ Rukhaiyar, Ashish (19 August 2015). "Financial Technologies changes name to 63 Moons".
  10. ^ Saritha Rai (24 September 2014). "Jignesh Shah: After Phenomenal 15-year Run, MCX Founder Loses Commodities Empire". Forbes. Retrieved 20 December 2022.
  11. ^ "63 Moons Technologies Ltd". Business Standard India.
  12. ^ "The amazing story of Jignesh Shah and MCX". www.rediff.com.
  13. ^ "63 Moons to sell three biz units for Rs 135 crore to Synapsewave". The Economic Times. 14 August 2024. ISSN 0013-0389. Retrieved 24 November 2024.
  14. ^ "FTIL gets RoC nod for name change to 63 moons tech". BusinessLine. 27 May 2016. Retrieved 22 November 2024.
  15. ^ Sharan, Abhishek (6 February 2025). "ED charge-sheets 54 for trapping investors into trading on NSEL platform". Hindustan Times. Retrieved 27 August 2025.
  16. ^ "Untold story of NSEL: Who were the real culprits behind the crisis?". Financialexpress. 28 May 2019. Retrieved 15 June 2024.
  17. ^ "NSEL case: MPID court declares 16 broking firms as financial establishments". The Times of India. 30 April 2024. ISSN 0971-8257. Retrieved 2 February 2026.
  18. ^ Engineer, Drushan; Ramkumar, Charu. "The NSEL Scam: Bridging the Regulatory Hiatus and its Fallout on the Corporate Sector in India – NLIU Law Review". NLIU Law Review. ISSN 2229-7952. Retrieved 2 February 2026.
  19. ^ "PMLA Appellate Tribunal Order Release of 63 moons' Assets Attached by ED". Moneylife NEWS & VIEWS. 17 September 2019. Retrieved 27 August 2025.
  20. ^ Bawa, Anmol Kaur (1 April 2025). "Supreme Court Upholds Piramal's Resolution Plan For DHFL, Sets Aside NCLAT Order". Live Law. Retrieved 27 August 2025.
  21. ^ Staney, Nesil (20 May 2025). "NSEL one-time settlement gets nod from 93% investors". The Financial Express. Retrieved 2 February 2026.
  22. ^ "NCLT clears ₹1,950-cr one-time settlement for NSEL traders". BusinessLine. 28 November 2025. Retrieved 2 February 2026.
  23. ^ "NCLT nod for 1,950 crore settlement in NSEL fiasco". The Times of India. 29 November 2025. ISSN 0971-8257. Retrieved 2 February 2026.
  24. ^ "FTIL completes sale of NBHC stake to IVF for Rs 241.74 crore".
  25. ^ a b "63 Moons Technologies Ltd".
  26. ^ "IEX to transform electricity trade in India".
  27. ^ "Financial Technologies-promoted MCX to exit 3 exchange ventures".
  28. ^ "FTIL to launch bourses in Singapore, Bahrain, Mauritius in 2010".
  29. ^ "Financial Technologies Acquires 60% Stake In Bourse Africa".
  30. ^ "Global Board of Trade Ltd (GBOT) Formally Launched by the Prime Minister of the Republic of Mauritius Today".
  31. ^ "Financial Technologies launches Bahrain Financial Exchange; BFX to go live from 7th February".
  32. ^ "63 moons offers trading software Odin at 50% discount as NSE shuts NOW". Business Standard. 10 June 2020. Retrieved 22 November 2024.
  33. ^ Srivats, K. R. (14 August 2024). "63 Moons to sell three business units for ₹135 crore". BusinessLine. Retrieved 22 November 2024.
  34. ^ "Japan's NTT Data buys 55% stake in Atom Tech for $9 million".
  35. ^ "NTT Data buys 55.35% in Atom". The Hindu. 27 November 2018. ISSN 0971-751X. Retrieved 11 May 2024.
  36. ^ "The great enabler - Jignesh Shah".
  37. ^ SHAH, PALAK (6 December 2021). "Jignesh Shah's 63Moons announces a comeback with Blockchain, cryptocurrency foray". @businessline. Retrieved 17 December 2021.
  38. ^ "TickerPlant launches cryptocurrency super app CryptoWire: All you need to know". cnbctv18.com. 13 December 2021. Retrieved 17 December 2021.
  39. ^ Mishra, Arushi (28 May 2024). "63 Moons Technologies announces new tech initiatives". The Hindu Business Line. Retrieved 30 September 2024.
  40. ^ "63 moons forays into cybersecurity, ties up with 10 global IT firms". BusinessLine. 21 February 2024. Retrieved 11 May 2024.
  41. ^ "Jignesh Shah places next bet on cybersecurity". The Hindu. 21 February 2024. ISSN 0971-751X. Retrieved 11 May 2024.

Further reading

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