All clients of Zerodha shall be eligible to receive an incentive for referring friends/family and prospective clients at Zerodha. Clients would earn 10% of all brokerage generated from referred clients, if the below stated points are met, and till such time Zerodha continues to carry on this Referral Incentive Scheme which would be read along with the laws, regulations, rules prescribed by SEBI and the Exchanges (i.e. NSE, BSE, MCX) which are applicable to stock brokers/trading members.

1. All such referred clients must complete their account opening process & have their trading and demat account activated (should have received login & password via email) within 60 days of being referred on Zerodha’s website/application.
2. If a referred client completes his/her account activation within 60 days of being referred, using the same contact number & email ID as the client inputted while referring had inputted at the time of referring such a client, it would be recognized as a “Completed Referral”.
3. An act of being referred would include:
• the referrer inputting the referee’s details, i.e. contact number and email ID, on the referral page of Zerodha’s website or application; &
• the referee inputting his/her own contact number & email ID on a referral link/URL or web page under the Zerodha domain (i.e. zerodha.com), created by the referrer.
• the referrer can share their affiliate link with the referees to facilitate the account opening process.
4. All Completed Referrals who have opened an account on or after January 1, 2020 will be eligible for brokerage sharing towards clients/referees who have referred clients under this Referral Incentive Scheme.
5. Mapping will only be considered to the introducer/referrer having a prospect sign up and register initially. If the client is already registered and then later uses an introducer/referrer's affiliate link to complete the account opening process, this account will not be mapped to the referrer.
6. Individual clients cannot refer another non-individual account (eg. HUF, Corporate, Partnership/LLP, Trust) with the same contact details as their own account. All referred non-individual accounts must be referred by inputting the contact details via Console before any such non-individual account application is initiated.
7. Referred clients from one Client ID are not transferable to another Client ID in any way possible.
8. To be able to place a withdrawal request on your account during any month/ad-hoc time of a financial year, the minimum payout amount from the referral brokerage generated must be at least Rs. 1,000 (One Thousand) and a minimum of 5 Completed Referrals must be mapped to the account.
   All referral brokerage amounts generated and available in the referral wallet of each client, above an amount of Rs. 10, for individual account and above Rs 100, for non individual account shall be paid out to such client during the 1st week of April every year to their linked primary bank account, for the previous financial year. This shall be paid out automatically every year if the trading and demat account of the client is active, has the KYC/Income proof and such other formalities updated, and the account has not been blocked/attached/requested to be frozen by any quasi judicial authority or any regulator in India (such as SEBI/RBI). The demat linked primary bank account needs to be active, the rejected payments can not be claimed after April 15th.
9. All payouts made to such clients under this Referral Incentive Scheme shall be post Tax Deducted at Source (TDS) which shall be at 5% or as per Applicable Income-tax Law.
10. Any additional payments with respect to GST or any other such taxes, even if any such person is eligible for the same, will not be made over and above the amount eligible to be withdrawn as per the brokerage generated shown on the referral page.
11. Referral earnings of our clients that are less than Rs. 10 for individual accounts and less than Rs 100 for non individual accounts shall be considered lapsed and cannot be carried forward at the end of each financial year.
12. All eligible amounts available for withdrawal will be deposited towards the client’s linked bank account which is in his/her own name and not in any other person’s name.
13. The breakup of the brokerage generated from each Completed Referral will not be shown to referees/clients, and only a total of all brokerage generated from all Completed Referrals will be shown to clients/referees referring prospective clients under this Referral Incentive Scheme.
14. Only 10% brokerage generated from such Completed Referrals shall be shared, and this shall not include any other charges, such as; taxes, transaction charges, SEBI/Exchange related charges and such other charges.
15. All clients requesting for withdrawal of any incentive payouts must abide by, declare and agree to all clauses stated below. In case of any misrepresentation or any incorrect declaration is provided, such clients shall indemnify Zerodha for any such damages, direct or consequential, with respect to any violations of Circulars, Rules & Regulations, Bye-Laws of all Recognized Stock Exchanges (as defined by SEBI) and any such Applicable Law in India:
• I/We, having a trading account with Zerodha Broking Limited and/or Zerodha Commodities Pvt. Ltd. (hereinafter referred to as “Zerodha”) hereby agree to and declare the below points with respect to accepting any payment/incentives from Zerodha, with respect to any referral bonus or marketing fee or incentives from Zerodha:
• I/We am/are not forbidden to do any business under the Rules, Bye-Laws and Regulations of National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX) or any Recognized Stock Exchange as defined by SEBI;
• I/We have read and understood all the terms, conditions, clauses of the NSE, BSE, and MCX with respect to the “Byelaws” of all the Exchanges, “incentives/referral schemes” rules, and rules with respect to marketing and incentives. I/We understand that by receiving referral incentives from Zerodha, I/We and Zerodha are both bound by the rules of the Exchanges;
• I/We have read NSE CircularNSE/INSP/43029 dated 26th Dec -2019 to NSE/INSP/43824 dated 11th March-2020 and have clearly understood all the terms of the circular. Any dispute/grievance under this Referral Incentive Scheme cannot be referred to the Investor Grievance Panel at NSE and will be resolved between me and Zerodha as stated in the abovementioned NSE Circular, and any such dispute should not be made public;
• I/We are accepting this incentive from Zerodha only for the referral of new clients/persons, and have not carried out any other activities, such as any financial advisory, inducing persons to use or trade/transact with Zerodha, providing stock tips, managing portfolios etc;
• I/We acknowledge that details of clients referred to by me/us, such as; contract notes, daily margin statement, statement of accounts, will not be sent to me/us from Zerodha without the consent of the referred clients;
• I/We have not, since being eligible to receive any payment/payout from Zerodha, entered into any contracts or published any marketing material/advertisement acting as Zerodha or act as a referral agent of Zerodha without the explicit written permission of Zerodha. I/We understand that publishing any marketing or advertisement material requires permission/intimation towards the Exchanges. I/We will not & have not publish/’ed any marketing material without the explicit permission of Zerodha;
• I/We have/will not post the affiliate link of my referral code on public forums without any context, and spam any such groups/platforms/pages on social media;
• I/We hereby declare that, since being eligible to receive any incentives from Zerodha, I/We are not an employee/Authorized Person/Sub broker of any other Trading Member (apart from Zerodha) of any of the Exchanges. I/We also hereby declare that we are not a Trading Member on any of the Exchanges; and
• I/We are not an employee of Zerodha or any associate/group entity of Zerodha, and I/We are not a relative of an employee of Zerodha.
• I/We hereby declare that the above information are true and correct, and if any information is found to be false and incorrect, Zerodha will have the right to recover the entire amount received by me/us through whatever means Zerodha deems necessary.
• I/We agree to indemnify Zerodha and its Directors/agents/employees for any damages/claims that may arise from me/us deviating from the Rules/Bye-Laws of the Exchanges, and any terms, conditions, Policies & Procedures of Zerodha.
• I/We hereby declare that I/We have read, understood and agree to abide by this Policy, Zerodha’s terms & conditions, privacy policy and policies & procedures on Zerodha’s websites.
• I/We hereby understand this Referral Incentive Scheme, along with these terms & conditions with respect to all incentives from Zerodha may be changed from time to time by Zerodha, at the sole discretion of Zerodha; or by any changes directed by the Exchanges/SEBI or any such regulator/quasi judicial authority. Therefore, at all times, I/We shall abide by the change in such Policies and Procedures of Zerodha & Exchanges without any objections in the future.
• I/We hereby understand that Zerodha’s management reserves all rights to withhold any such incentives / this Referral Incentive Scheme to any such referrer, at its sole discretion, for any reason whatsoever.
16. Gifting stocks via your Zerodha account (https://console.zerodha.com/gift) shall not not be considered as a referral under this Referral Incentive Scheme.
17. If a client is not in compliance with Sec 206 AB & 206 CCA Income Tax Act 1961, or if the PAN & Aadhar have not been linked/furnished to the satisfaction of Zerodha, TDS will be applied at the rate of 10%. For NRI clients TDS is at the rate of 30%
18. Clients who close and reopen their trading accounts, with the specific intention of being mapped to a specific introducer/referrer, will not be considered as a referral/ Completed Referral under this Referral Incentive Scheme.
19. If a client closes his/her trading account, brokerage referral amounts shall stop being accrued/accumulated after such closer of account. All clients must request and complete all such withdrawal of pending/accrued referral amounts from his/her referral wallet before requesting for any account closure process.
20. Zerodha reserves the right to periodically audit the source for generating such leads/referrals of all clients. Failure to fulfill any audit requirements or showcase such responses to any queries from Zerodha, may result in the termination of all past/future benefits under this Referral Incentive Scheme.
21. Reward points redeemed to subscribe to any products listed on the referral page shall be non-refundable.
22. Referral incentives or any referral rewards cannot be transferred to another account, and will not be considered even if the same client closes and reopens his/her trading account with Zerodha, or even if it is converted from an individual/resident to a Non-individual / NRE/NRO account.
23. Using affiliate referral links as paid or sponsored advertisements on any social media channels/websites/searches are strictly prohibited, and leads generated by any client from such means shall be terminated under this Referral Incentive Scheme.
24. No referral incentives / rewards shall be provided for referral of any minor accounts.
25. Any pending action to be completed by clients to receive their referral incentives under this Referral Incentive Scheme (such as responding to any queries of Zerodha or completing KYC/showcasing income proof to reactivate their account etc.) shall be completed on or before April 15th every year.

No referral incentives under this Referral Incentive Scheme shall be paid after April 15th for the previous financial year, and no queries will be entertained with respect to payout requests made after April 15th every year towards payment for the previous financial year.