BSE rejects Jetking's listing over Bitcoin exposure
Business
The Bombay Stock Exchange (BSE) just turned down Jetking Infotrain's attempt to list new shares, mainly because the company wanted to put 60% of the raised funds into digital assets like Bitcoin.
This is a first for India—no stock exchange here has rejected a listing for being too tied to crypto before.
Jetking to take things up with SAT
After the news broke, Jetking's shares dropped nearly 10%.
Joint Managing Director and Chief Financial Officer Siddharth Bharwani described BSE's move as "unprecedented," especially since shareholders and the board had already given their nod.
Now, Jetking plans to take things up with the Securities Appellate Tribunal (SAT) as it works toward clarifying its position.