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, till such time Zerodha continues to carry on this Referral Incentive Scheme if all the following conditions are met:

1. All such referred clients must complete their account opening process & have their trading and demat account activated within 60 days of being referred on Zerodha’s website/application.
• In case a referred client completes his/her account opening within 60 days of being referred, using the same contact number & email ID as the client referring had inputted during referring such client, it would be recognised as a “Completed Referral”.
• An act of being referred would include: (a) the referrer inputting the referee’s details, i.e. contact number and email ID, on the referral page of Zerodha’s website or application; & (b) the referee inputting his/her own contact number & email ID on a referral link/page of Zerodha, created by the referrer.
• 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.
2. To begin earning incentives as per this scheme, an existing client would have at least 5 Completed Referrals against his/her Client ID/trading account. Referred clients from one Client ID are not transferable to another Client ID in any way possible.
3. To request for withdrawal of any such incentives, the minimum payout amount from all brokerage generated, post having 5 Completed Referrals against his/her Client ID, must be Rs. 1,000 (One Thousand Rupees).
• All payouts made to such clients under this Scheme shall be post Tax Deducted at Source (TDS) which shall be at 3.75% or as per Applicable Law.
• In case the amount payable is at least Rs. 1000, a withdrawal request would be accepted as per the Rules of this Scheme.
• 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such taxes, even if any such person is eligible for the same, will not be made over and above the amount eligible to be withdrawn as per the brokerage generated shown on the referral page.
• In case any client under a Client ID is eligible to withdraw an amount (i.e. the amount payable is above Rs. 1000 post deductions, and the client has 5 Completed Referrals), he/she shall withdraw such amount within a period of 365 days from such date of being eligible to withdraw. In case such amount is not withdrawn within 365 days from such date of eligibility, all such eligible amount payable shall lapse for the client.
• No eligible amount shall be paid out to any client, in case the Client ID/trading account of the client has been closed/deactivated for any reason whatsoever.
• 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.
• The breakup of brokerage generated from each Completed Referral will not be shown to all 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.
4. 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.
5. All clients requesting for withdrawal of any incentive payouts must abide by, declare and agree to all clauses stated below. In case any misrepresentation or 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:

1. 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;
2. 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;
3. I/We have read NSE Circular NSE/INSP/43029 dated December 26, 2019, and have clearly understood all the terms of the circular. Any dispute/grievance under this 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;
4. 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;
5. 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;
6. 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;
7. 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;
8. I/We hereby declare that, since being eligible to receive any incentives from Zerodha, I/We are not an employee/referral partner/Introducer/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
9. 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 proper.
• 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 policy, along with these terms & conditions with respect to all incentives from Zerodha, regarding referrals towards Zerodha may be changed from time to time by Zerodha, at the sole discretion of Zerodha; or by the Exchanges. 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 to any such referrer, at its sole discretion, for any reason whatsoever.