In award, Farrukhsiyar conferred the title of Jagat Seth on Manik Chand,[9] the head of the family, meaning "banker or merchant of the world".

[11] Roben Orme, the official historian of the British East India Company described Jagat Seth as the greatest banker and money changer known in the world at that time.

[11][6] The Nawabs of Bengal such as Murshid Quli Khan used the credit networks of the Jagat Seth family to pay annual tribute to the Mughal Emperors in Delhi.

[6] Once a local businessman named Kantu borrowed money from Jagat Seth Fateh Chand and was interested in the purchase of silk.

[14] Siraj ud-Daulah, the new Nawab of Bengal, alienated figures important to the interest of his state- including the Jagat Seth Mehtab Chand.

[11][6] The Jagat Seth was[6] a co-conspirator of Robert Clive[4] against Siraj ud-Daulah, along with other alienated figures, among them prominent being- Mir Jafar, Krishnachandra Roy, Omichund, Ray Durlabh & other leading men.

[18] The house of the Jagat Seths, complete with a secret tunnel as well as an underground chamber, where illegal trade plans were hatched, has been converted into museum.

It contains personal possessions of the Jagat Seth family including coins of the bygone era, muslin and other extravagant clothes, Banarasi sarees embroidered with gold and silver threads.