Picture the Bombay Stock Exchange, that grand old diva of Indian finance, shrugging off Jetking Infotrain’s dream of a public listing because the money planned for crypto treasure chests is, allegedly, not the vibe for a public raise. Yes, the same global circus of digital asset treasury companies keeps swinging, and somehow India gets front-row seats.
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Crypto Investments Not Suitable For Publicly Raised Capital: BSE
In a moment that sounds like the financial world saying “we’ve seen enough,” the Economic Times reports that the BSE barred Jetking Infotrain from going public, citing policy on cryptocurrency investments. On May 9, 2025, Jetking had a sparkly in-principle approval to raise funds via a share issue. Fourteen days later, the board said, “let’s issue 396,000+ shares and ride the gold-dusted wave,” pulling in over ₹6 crore (about $720,000).
Jetking claimed the new capital would fund general corporate uses, education and skill development, and investments in virtual digital assets (VDAs). But a hefty ₹3.96 crore ($475,000), about 60% of the raised funds, was earmarked for crypto investments. Yes, the maths is crunchy, like a croissant with a calculator.
It’s worth noting that Jetking currently holds some digital assets on its balance sheet-Indian companies can invest in cryptos similarly to mutual funds and securities-but the BSE has put a hard cap on raising public capital for that purpose, hence the public-listing rejection.
We had processed the application in the normal course as per extant norms. Final approval was kept on hold to take up the issue of fund raise for investment in VDA at the policy level with the Regulator. Subsequently, as per the revised norms, a decision was taken to reject the application.
The BSE is the oldest Asian exchange and the second-largest in India by trading volume after the National Stock Exchange. This latest no-nonsense stance could throw a spanner in the works for crypto treasury firms trying to go public in India.
Meanwhile, crypto treasury players around the world-Strategy in the US, Next Technology Holding in China, and others-lean on being listed to access capital markets and deploy funds into digital assets. The plot thickens, darling.
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Jetking To Appeal BSE Rejection?
In response to this melodrama, Jetking’s Co-Managing Director and Chief Financial Officer Siddharth Bharwani says they’re weighing all appropriate responses, including a potential appeal at the Securities Appellate Tribunal. No drama there, right? Just a calm stroll to legal recourse.
And yes, cryptocurrencies aren’t illegal in India; they’re treated as intangible assets rather than securities or legal tender. The plot twist continues to be a balancing act between policy and potential profits, with investors watching like it’s the latest binge-watch.
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2025-09-28 12:40