India’s cautious stance on cryptocurrencies has put a new kind of business model at risk. Jetking Infotrain, an IT training company that wanted to become the country’s first listed firm with a major crypto treasury, has been stopped by the Bombay Stock Exchange (BSE) from listing its shares after it raised money to invest in virtual digital assets (VDAs).
Jetking had secured in-principle approval from BSE on May 9, 2025, to issue shares through a preferential allotment. On May 23, its board cleared the allotment of over 3.96 lakh shares worth more than ₹6 crore. The company’s filings listed education and skill development, general corporate purposes, and acquisition of VDAs as objectives.
However, BSE rejected the listing application, stating that “the policy on investment in virtual digital assets (VDAs) is under review and till a final view emerges, we would not be able to process the applications of this nature.”
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