Who will be the king of Indias markets?
Mehul Shah & Palak Shah in Mumbai They crossed swords when each launched a commodities exchange; then fought again over the rules for currency trading, and battled it out for control of smaller markets, like power trading. They are in court over allegations of unfair conduct, and have lobbied against each other in the corridors of the finance ministry in New Delhi’s North Block. Now, even as court hearings resume in the battle between the MCX Stock Exchange (MCX-SX) and the stock market regulator, MCX’s real target is the National Stock Exchange. But the specifics of these proliferating battles are the less interesting story; it is the warriors who make this a potential successor to the Ambani-Wadia saga of the 1980s. On the one side, there is Ravi Narain, managing director of the National Stock Exchange, cast as the Cambridge- and Wharton-educated insider. On the other side is the home-grown Jignesh Shah, a Bombay University engineer who did grunge work for many years in the bowels of
