Indian Stock Exchange Refuses List of Crypto Finance Company

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India’s Mumbai Stock Exchange (BSE) reportedly rejected the public listing of an IT training company, Jetking Infotrain, a justification for the expected capital use of crypto investments. This decision was drawn among the top tier of global digital asset finance companies.

Crypto investments are not suitable for publicly raised capital: BSE

In a report by the local Indian media Economic Times, BSE banned Jetking Infotrain from publicly listing its shares, citing the exchange’s investment policies around cryptocurrencies. On May 9, 2025, Jetking received BSE’s principle approval to raise funds through stock issues. 14 days later, the company’s board of directors approved the issuance of more than 396,000 shares and raised 6 crore rupees, or $720,000.

Jetking said in its application with BSE that the new capital will target general corporate uses, education and skills development, and investment in virtual digital assets (VDA). However, the goal of raising 60% of Rs 396 crore ($475,000) is to crypto investment.

It is worth noting that Jeking currently has some digital assets on its balance sheet, as Indian companies are allowed to invest in cryptocurrencies similar to mutual funds, securities, and more. However, BSE strongly opposes raising public capital for this purpose, indicating its rejection of Jetking’s list.

The statement of the BSE spokesperson has been read:

We processed the application in normal courses based on existing specifications. Final approval was put on hold to resolve the issue of funding raises with regulators for VDA investments at a policy level. Subsequently, it was decided to reject the application in accordance with the revised specification.

BSE is regarded as the oldest Asian exchange and the trading volume of India, the second largest exchange in India. It is worth noting that the recent decision by BSE to reject Jetking’s public listing could threaten the rise of cryptocurrency companies in India.

With its operations, cryptocurrency companies (such as strategy in the United States, next technology in China), leverage their status as a publicly listed company to enter the capital market, raising funds through equity or subsequently deploying them into debt in digital assets.

Jet to refuse appeal against BSE?

Following this development, Siddharth Bharwani, Jetking co-management director and chief financial officer, said the company was considering all appropriate responses to the BSE decision, including potential appeals in the securities appeals court.

It is worth noting that cryptocurrencies are not illegally invested in India, but intangible assets, as they are not securities or fiat currencies.

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