The Securities Appellate Tribunal (SAT) has affirmed the decision of BSE Limited to reject the listing of preferential shares issued by Jetking Infotrain. The tribunal noted that Jetking had invested in virtual digital assets (VDAs) before obtaining the necessary amendments to its Memorandum of Association (MoA). In its order dated May 8, the SAT dismissed appeals from Jetking, which had sought to challenge BSE's ruling. Shareholders approved an amendment to the MoA in September 2024, enabling investments in digital assets, but this was only certified by the Registrar of Companies (RoC) in November 2024. A second amendment was subsequently approved in April 2025 and cleared by the RoC in July 2025. The tribunal highlighted that Jetking's actions, including the issuance of shares and subsequent investments in VDAs through the CoinDCX platform, were unauthorized prior to the RoC's approval. BSE argued that the MoA did not permit raising funds for VDA investments at the time of the preferential issue, emphasizing the speculative nature of such investments and the ongoing review of regulatory policies governing them. The tribunal concluded that Jetking's actions prior to the approval were ultra vires, reinforcing the importance of regulatory compliance in financial operations.