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BSE rejects Jetking Infotrain’s IPO as most proceeds were planned for crypto fund amid policy uncertainty on digital assets. The Bombay Stock Exchange (BSE) has denied approval for the listing of Jetking Infotrain’s shares after discovering its fundraising plans centered on crypto investments. The IT training company wanted to raise over 60% of the Rs6 crore through a preferential stock offer and over 60% of these proceeds via virtual digital assets (VDAs). Regulatory uncertainty was given as the reason for halting the application by the exchange. BSE Rejects IPO Citing VDA Policy Review Jetking Infotrain received in-principle approval from BSE in May 2025. Its board passed a resolution to allot 3.96 lakh shares. However, the company planned to use Rs 3.96 crore, nearly two-thirds of the issue, to acquire VDAs. This allocation became a sticking point in the context of continuing review of investment policies relating to digital assets. A BSE spokesperson explained that when the application was being processed, the final approval was postponed to consult the regulators. After internal review and revision of the norms, the exchange eventually rejected the IPO proposal. The decision highlights the fact that digital asset-linked business plans are still very much under the lens despite the rise in adoption around the world. Related Reading: Kraken in Talks for $20B Valuation Investment Ahead of IPO | Live Bitcoin News Siddharth Bharwani, Jetking’s joint MD and CFO, said the company will appeal to the Securities Appellate Tribunal. He said India’s regulatory approach is inconsistent. He added that the Supreme Court clarified in 2020 that cryptocurrencies are not illegal but need regulation. Jetking is now looking at its options to continue onwards in spite of the setback. Crypto Regulations Pose Ongoing Hurdles for Firms The rejection is symptomatic of wider problems encountered by Indian firms with…

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Filed under: News - @ September 27, 2025 10:23 pm