BSE，IPO和加密貨幣資金：印度監管繩索的紐約分鐘

探索印度加密熱情和監管謹慎之間的衝突，焦點BSE的IPO拒絕和加密資金的顛簸道路。

Yo, what's the deal with India, IPOs, and crypto funds? It's a wild ride. The Bombay Stock Exchange (BSE) is playing hardball, and companies trying to get in on the crypto craze are hitting some serious roadblocks. Let's break it down, New York style.

喲，印度，IPO和加密基金有什麼關係？這是一個瘋狂的旅程。孟買證券交易所（BSE）正在打硬球，試圖進入加密貨幣熱潮的公司正在遇到一些嚴重的障礙。讓我們分解，紐約風格。

BSE Says 'Nah' to Crypto-Fueled IPOs

BSE說“不”是加密燃料的IPO

The BSE recently gave Jetking Infotrain the stiff arm, rejecting their IPO application. Why? Turns out, Jetking planned to use a big chunk of the IPO loot—like, over 60%—to dive headfirst into virtual digital assets (VDAs), aka crypto. The BSE wasn't feeling it, citing regulatory uncertainty. Basically, they're saying, "Hold up, we don't have clear rules for this yet."

BSE最近為Jetking Infotrain提供了僵硬的手臂，拒絕了他們的IPO應用。為什麼？事實證明，JetKing計劃使用大部分IPO戰利品（例如，超過60％）首先使用虛擬數字資產（VDAS），也就是加密貨幣。 BSE並以監管不確定性為由，並沒有感覺到。基本上，他們說：“堅持下，我們還沒有明確的規定。”

Jetking got the thumbs-up initially back in May 2025, but things went south fast. Siddharth Bharwani, Jetking's joint MD and CFO, ain't happy, arguing that India's approach is all over the place. He's even talking about appealing to the Securities Appellate Tribunal. Good luck with that, buddy.

Jetking最初早在2025年5月就獲得了大拇指，但情況很快就向南。 Jetking的聯合MD和CFO的Siddharth Bharwani不高興，認為印度的方法無處不在。他甚至在談論吸引證券上訴法庭。祝你好運，哥們。

Crypto Regulations: Still a Gray Area

加密法規：仍然是灰色區域

This ain't just a Jetking problem. Other Indian companies with crypto exposure are facing similar headaches. Right now, Indian authorities see crypto as intangible assets, not securities or currencies. This puts businesses in a weird spot where they can't do the usual financial services thing with VDAs.

這不僅僅是一個噴氣問題。其他具有加密貨幣風險的印度公司也面臨著類似的頭痛。目前，印度當局將加密貨幣視為無形資產，而不是證券或貨幣。這使企業進入了一個怪異的地方，他們無法與VDA一起做通常的金融服務。

Industry insiders are saying that crypto-linked businesses are getting the side-eye when it comes to foreign investments and compliance. Basically, if you're playing with crypto money, the rulebook is still being written. And until those rules are crystal clear, companies using crypto as their main source of cash are gonna have a tough time in the capital markets.

行業內部人士說，與外國投資和合規性有關，與加密貨幣鏈接的企業正在獲得副眼。基本上，如果您正在使用加密貨幣，那麼該規則手冊仍在編寫。而且，在這些規則清晰明之前，以加密貨幣為主要現金來源的公司將在資本市場上度過艱難的時期。

Smart Digital Group's Crypto Fund Flop

智能數字集團的加密基金拖失板

It's not just IPOs. Smart Digital Group tried to launch a crypto fund, and the market basically laughed in their face. Their stock tanked over 86%! Usually, when a company announces crypto plans, the stock goes boom. But Smart Digital left out key details like fund size and who was backing them. Investors got spooked, and rightfully so.

這不僅僅是IPO。 Smart Digital Group試圖啟動加密基金，市場基本上笑了。他們的股票超過86％！通常，當公司宣布加密計劃時，股票就會繁榮。但是，聰明的數字省略了關鍵細節，例如基金規模以及誰在支持它們。投資者被嚇到了，這是正確的。

Why the Hesitation?

為什麼猶豫？

So, what's with India's reluctance? A few things:

那麼，印度的不情願呢？幾件事：

• Regulatory Uncertainty: India still hasn't passed comprehensive crypto laws.
• Market Volatility: Crypto is a rollercoaster, and regulators don't want listed companies exposing investors to crazy risks.
• Past Scandals: India's crypto scene has had its share of drama, making regulators extra cautious.

The Bottom Line

底線

India's in a tough spot. They're seeing massive retail crypto adoption, but regulators are still wary of letting companies dive in headfirst. The BSE's rejection of Jetking's IPO and Smart Digital Group's fund flop are prime examples. Until India gets its act together and sets some clear rules, companies with big crypto ambitions are gonna have a bumpy ride.

印度處於艱難的位置。他們看到大量採用零售加密貨幣，但監管機構仍然警惕讓公司首先潛入。 BSE拒絕Jetking的IPO和Smart Digital Group的基金Flop是主要的例子。在印度共同採取行動並製定了一些明確的規定之前，具有巨大加密雄心勃勃的公司將有一個顛簸的旅程。

So, what's next? Will India embrace the crypto future, or will it stay stuck in regulatory limbo? Only time will tell. But one thing's for sure: it's gonna be an interesting show to watch. Stay tuned, folks!

那麼，下一步是什麼？印度會擁抱加密貨幣的未來，還是會陷入監管困難？只有時間會證明。但是可以肯定的是：這將是一個有趣的節目。請繼續關注，伙計們！