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Jetking Infotrain’s Listing Denial by the Bombay Stock Exchange
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In a recent development within the Indian financial landscape, the Bombay Stock Exchange (BSE) has denied Jetking Infotrain, a renowned IT training institution, the opportunity to list publicly. This decision stems from Jetking’s proposed allocation of a significant portion of its raised capital towards cryptocurrency investments. This comes at a time when numerous digital asset treasury firms are emerging globally.
BSE’s Stand on Cryptocurrency Investments
According to the Economic Times, the BSE’s decision was heavily influenced by its stringent investment policy concerning digital currencies. On May 9, 2025, Jetking initially received a green light from the BSE to proceed with a public share issuance. A subsequent board meeting approved the release of over 396,000 shares, potentially generating more than ₹6 crore (approximately $720,000).
In their submission to the BSE, Jetking outlined plans to allocate the new funds towards general corporate purposes, educational initiatives, and notably, investments in virtual digital assets (VDAs). A significant ₹3.96 crore (about $475,000), representing 60% of the total funds, was earmarked for cryptocurrency investments. Despite Indian companies having the liberty to invest in digital assets akin to mutual funds and securities, the BSE has taken a firm stance against using public capital for such ventures, as evidenced by its rejection of Jetking’s application.
A BSE spokesperson commented, “We processed the application in the normal course as per existing norms. However, final approval was withheld to address the issue of fund raising for VDA investment at the policy level with the Regulator. Following revised norms, the application was ultimately rejected.”
Implications for Crypto Treasury Firms
As the oldest Asian exchange and the second-largest in India by trading volume, the BSE’s recent decision could pose challenges for the burgeoning crypto treasury industry in India. Internationally, companies like Strategy in the US and Next Technology Holding in China leverage their public listings to tap into capital markets, deploying funds into digital assets through equity or debt offerings.
Jetking’s Response and Future Steps
In light of the BSE’s decision, Siddharth Bharwani, Jetking’s Co-Managing Director and Chief Financial Officer, has indicated that the company is exploring all possible avenues for response. This includes potentially appealing the decision to the Securities Appellate Tribunal.
In India, while cryptocurrencies are not outlawed, they are categorized as intangible assets, distinct from securities or legal tender.
Conclusion
As the global market for digital currencies continues to expand, the total cryptocurrency market capitalization has reached $3.72 trillion, according to data from Tradingview.com.
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