FTIL changes its name to '63 Moons Technologies'

Name is based on the fact that the planet Jupiter has 63 moons

Jignesh Shah’s much-in-the-news Financial Technologies (India) Ltd has said it is changing its name to ‘63 moons technologies’.

It is the 1,719th company listed on the BSE to change its name. In a letter, the company said the change was “inspired from the 63 moons of Jupiter, the most powerful planet in the universe that stands for knowledge, wisdom, foresight and, above all, growth and prosperity”.

Given the turbulent phase it has been going through recently, FTIL would need all the attributes of Jupiter. The entity has been under adverse scrutiny from the Forward Markets Commission, the economic offences wing of the Mumbai and Delhi police forces, the enforcement directorate and the ministry of corporate affairs, for in the Rs 5,574 crore settlement fraud at the National Spot Exchange, promoted by it.

The company said it intended to implement its vision of ‘Digital India @ 2025’, the engine driving the transformation of FTIL into a technology partner of choice, leveraging SMAC (social media analytics and cloud) technology. Hence, it said, it was imperative to give a new name and identity that reflected the genesis of its business and the next phase of growth.

Name change is not a first for FTIL. Shah had promoted JCS in 1988 and later acquired Worldwide Technologies, a listed firm. He merged JCS into the new company and renamed it Financial Technologies.

The board of FTIL has in-principle approved the change in name, now subject to the approval of shareholders in the general meeting and the registrar of companies.

FTIL said it would create a laboratory of global standards on the lines of Bell Labs, Google Labs and Apple Labs, to explore innovative technology products in areas like artificial intelligence, speech recognition and behavioural science, among other things. The lab will be named JS Innovation Lab.

The company will also be involved in the development of technologies and innovative intellectual property in new-generation businesses such as medicine/life sciences, space, sports, education, digital media, robotics, e-commerce, financial markets and agri tech, FTIL said.

Until now, FTIL was majorly into technology for financial, commodity and electricity markets. It had created a trading software, Odin. In the second phase, the company set up a chain of exchanges — Multi Commodity Exchange, Dubai Gold and Commodity Exchange, Indian Energy Exchange and Singapore Mercantile Exchange. It has had to exit most of these businesses after the NSEL storm.