NSE circular suspending referral programmes
NSE published a circular on August 14 that says:
With a view to safeguard the interest of investors, it is hereby clarified that any person referring a client to the Trading Member (broker) shall be appointed as an Authorised Person (AP) of the Trading Member after obtaining specific prior approval from the stock exchange for each such person.
The exchange’s reasoning is that a broker sharing a percentage of the brokerage generated as a referral benefit to clients could lead to individuals inducing their referrals to trade, which is not in the best interest of the customer.
As a result, we will pay out all referral wallet balances >₹10 (as of July 31, 2024; the last time this balance was updated) and stop our referral program. However, you will continue to receive 300 reward points one time for every account you refer that you can redeem against AMC or paid access to other partner products (smallcase, Tickertape, Tijori, MProfit & Quicko).
Meanwhile, we are representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Why not zerodha convert all of as Authorised person?
Any update for referal from exchange.
as per exchange circular every broker should register referal person as authorise partner
Hi Keyur, there are certain conditions for the appointment of an AP and it depends on the exchange for the approval. More here.
why this happens all the broker has pay brokrage like upstock icici gow all why u dont follow them foot step and why u only follow SEBI Curcular they dont follow or what
if you interested to pay sharing brokrage than go ahed all firm are sharing only you need Something from SEBI i dont no what …
please take some decision and please reply our ticket so we all do something or change our business….. please give reply at least once
Hello folks my father is a zerodha partner since 6 years just simply refer more than 200 clients to Zerodha.We does not provide any investment service just guide clients to use zerodha platform effectively.
Now after NSE circular zerodha true intentions are out they always want to discard partners commision after being a big broker by our word of mouth publicity.
My family in tears after we don’t get any response from zerodha after 1.5 month…
First they say 100+ successful referral will be eligible…Now this new NISM certification….
Please don’t do this zerodha we love you and work for you very hard….Do not stop our bread and butter
Any update for referal from exchange.
as per exchange circular every broker should register referal person as authorise partner
Now i dnt have trust on NSE and well as broker . my request to all partner please raise grivence on government portal against NSE for such circular
Dear Team
I am referal partner of Zerodha, when i want to upgrade to Authorised Partner they are asking for Certification from Nism – Investment advisor and Equity Derivatives.
I am not providing any tips or advisories services, I am just referring the clients and its my last 6 years effort. how can you provide such clause which is not given by SEBI.
Please provide proper guidance to covert as Authorised Partner and to continue the Journey with Zerodha.
Senthil Kumar
Its 2nd Oct , There is updates from ZERODHA , any progress done ?
Why not zerodha convert all of as Authorised person?
As far i am concerned, I am Retired from Wipro , Bangalore and liked your trading product Kite and started using it. I am Trainer and tain my clients on Trading and refer your product.
I also solve challenges faced by clients while using kite. Zerodha as an organization should protect interest of all their referring person and come out with solution that does continue their monthly commission.
Thanks,
Sunil Joshi
ME, MBA , Visiting faculty at MIT world Peace University, Pune Age 64 years
Whether it is SEBI or RBI they won’t tolerate at all if common users ( Retailers ) start earning. First they stopped currency trading, then they increased taxes and now ending referral program.
While publishing the post, it was mentioned that all referral fees until August 25th would be sent, and then the referral program would be stopped.
However, upon checking back, I noticed you changed the post silently, and now it says the fees will only be paid until July 31, 2024. Furthermore, the circular is dated only on August 14th, so why was the payment stopped even before that?
I would appreciate more information on this matter.
I never share the link again if we shared the link than only profit by broker so stop sharing the link guys
how to get refferal bonus even accout is closed and get the mail from zerotha.
Hi Akashkumar, please created a ticket here, so that our team can check and assit you with it.
It is very bad for zerodha and all broker. The news came that the demet account increasing in India day by day. After this decesion news will come that the demat account decreasing. Very bad deceasion
Okay,
Noted as per NSE circular, but what about the balance Reffered amount?
How can I utilize it ?
How can I withdraw it ?
Else please add this amount in buying stocks funds.
Regards
Dipesh Bhutaiya
Hi Dipesh, we have paid out all referral wallet balances >₹10 to your bank account.
If you stop sharing brokerage than why people share your platform to do trading ?
From today I will stop sharing you among people.
Hi Kuldeep, we’re sorry to hear this. We had to take this decision due to the NSE circular and affects all brokers. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Hey Man:
How do I get in touch with you regarding the poor performance of your support staff and their cheecky behavior in closing tickets without resolving the issue.
Honestly, your organization is displaying all the symptoms of bigness and will soon loose its edge and fall on its own weight, if you do not recognize and take steps. Feeling disgusted being your customer. It is so difficult even to reach to you and hence this filthy way. From this you can understand how convoluted your organization is. Customer can’t even reach the CEO if he has a genuine problem
Terribly shame.
Plz credit my wallet r
referral bonus balance in my account before 15 August 2024 it’s not credited to my account plz help me.
Hi Sangeeta, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
My referral bonus not yet transferred. When it will get credited?
Hi Sangha, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
Hi zerodha,
My referral bonus still not received please let me know when it will be transferred
Thanks
Keshav
Hi Keshav, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
Dear zerodha,
My referral commission is not credited yet, do i need to contact customer service?
Hi Sheela, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
Dear Zerodha,
My referal benefit 83000/- still not transferred.
May i know when it will be credited.
Hi Kayal, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
Dear Zerodha team,
I have earn referral amount 4300/- but till now not transferring in my account please try to pay.
Hi, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
Team,
Please continue the referral point (10%of brokerage)
It’s very helpful to us like small traders.
Hi Pratibha, we had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Please continue the referral point (10%of brokerage)
It’s very helpful to us like small traders. It’s encouraging to refer someone to open demat account with zerodha
Thanks
Hi Dipankar, we had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
I am happy I got my referral commission from zerodha. But I am unhappy why to discontinue our commission instead we can be registered as authorised agents. Also, when I took referral bonus sceme by paying 1200 there was nothing informed about number of accounts we have to refer,.later I was informed after couple of years that I have to do atleast 60 accounts plz let me know
Zerodha transferred refferal check your bank account
Hi Zerodha team and Nitin Kamath Sir,
I think you don’t need to stop the referral commission, you don’t know how many people will be unemployed, or how many people and their families are depended upon you.
My Home Loan EMI, wife pregnancy (progress), 1 girl child’s education (3Y), and other expenses like meal medicine, etc only I am able to afford them by you. We had given too much time since March 2018 and too many clients. In NSE circular they had asked for registration so I am ready for same but if stop I will be completely unemployed.
This is my humble request please – please ask for registration who want go with you as like me.
You don’t know how many families are depending upon you and what will impact.
Everything is not business some show humanity for us also, I am not saying that don’t follow the GOVT Rules I am just saying ask some people for registration and go ahead the next process.
Thank you
Shubham @zerodha
If you not going to pay referral at least reduce brokerage 20 to 10 per order for all clients..today onwards afterall you stopped referral so you can use it for every client
Dear Nithin Kamath, Founder & CEO of Zerodha,
If you are decided to not paying any Refral Amount. In return you can reduce Brokage Charges and Free AMC.
Its request, Plz Sir we want to make our Careers throw Zerodha. Hope u can undrastand.
Thanku Sir
BSE, NSE & SEBI (govt) always finds a way to screw up retailers/middle class.
Getting little amount every year as 10% of the brokerage paid by my friends n family.. was a moral booster.
Used to feel like an alternative passive income stream, just like those LIC agents but atleast I introduced them with ETF n bluechips wich are way more beneficial than ULIPs.
System always works against you if your poor/middle class. Now I empathize with rich tax frauds. I know why they do it
It’s really very bad from nse and also from.zeeodha ,our home run on zerodha commission earlier they hve not given authorised person ,now if u took our monthly earning where will go
How to become Authorized Person (AP) and How i continue my previous Referrals..
Pay my refral amount its > 10 without tax deduction
Hi Mohammed, your referral amount will be credited to your bank account by 25th August.
Pay till circular date
Kindly transfer my referral amount in my bank account.
Hi Janhavi, your referral amount will be credited to your bank account by 25th August.
The SEBI and Finance Ministry Under Sitharaman’s Governance and Modi’s reign sucks at Providing better Scope and Opportunities to Salaried/Middle Class and Home Makers. Its more of looting because they are earning than not empowering. Their policies sound like cutting the Nose because one is suffering from Running Nose…
Is desh me kuch bhi sahi nahi chal raha bus rojgar ke name pr logo ko bevkuf banaya ja raha hai ek tarf bat karta hai rojgar ki or dusre taraf rojgar hi band kar raha hai garib logo ke emotions ke sath sirf khulbar Kiya ja raha hai or kuch bhi nahi sare refferal partner khud ke mehnat se paisa banate hai na ki aapki ya gov. Ke mehnat se to fir is par Aisa ku agar aisa karna tha to sirf lead ke liye kiya ? Ye sab sahi nahi hai bus
Kindly transfer my referral wallet amount to my ZERODHA Wallet or my Bank Account..
Hi Mohit, your referral amount will be credited to your bank account by 25th August.
There more other way to give benefit to us … think on that
As per nse you can not give brokerage to others, so change name as commission
This is not fair ,if you do like this ,we will not promote Zerodha . How can you stop giving reference money after declaration.
Not happy .
Will go to another portal for trading.
Hi Ankit, we had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Pay atleast after calculating August month payout
Reply
Pay atleast after calculating August month payout
Convert my point into money and credit to my bank account
Previously, Zerodha did something similar when they stopped their referral program and unlinked all the associated accounts. After a few months, they restarted the referral program but didn’t reconnect the previously referred IDs. This could be part of their strategy.
Aap log jab tak 1000 nahi hota tab tak dete nahi ho isliye pliz logo ko lalch mat do
Is it like that you are not paying for any new reference and will continue to pay for old reference?
Hi Raisul, we will not be paying brokerage for any referrals. NSE circular doesn’t allow this. We are representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
I also close zerodha account and I will suggest to my friends to close account of zerodha
Please look on I have some referral amount plz give that in my wallet
So I’ve always suspected this. With 57 referrals and several others in the process of opening their accounts, I do have some interest in this. But I don’t consider it to be a source of income for me, just a gesture of “thanks” from Zerodha. My Trading itself is enough for me to make a comfortable living for us.
Yet I can see how there can be a temptation to get people to trade more frequently to earn more from referrals. I run a small Trading group of over 115 people. I’m training them and an increasing number of them are profitable.
If the payouts are reinstated, good. If not, I’ll continue doing what I do.
Oh, by the way, Kite is the best Trading app compared to over 12 apps that I’ve tried. Good work.
Referral income to or bhai company pay karti hai .
Jase insurance company. Credit card company.
Fir to sab ki referral income band honi chahiye
When will you update us regarding your forums presented to sebi… This is wrong… We will close your account and my referral clients will also shift to another broker
Hello sir
1. Referral income is a one type of commission. (Commission koi bhi kise ko de sakta hai ) Ager koi kise company ke business ko grow kare me help karta .
2. It is not brokerage.
3. You can provide commission ( change the name brokerage income) you can say commission.
4. You can provide commission.
This is not fair ,if you do like this ,we will not promote Zerodha . How can you stop giving reference money after declaration.
Not happy .
Will go to another portal for trading.
Hi Sidharth, we’re sorry to hear this. We had to take this decision due to the NSE circular and affects all brokers. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Is it like that you are not paying for any new reference and will continue to pay for old reference?
Hi Bipin, we will not be paying brokerage for any referrals. NSE circular doesn’t allow this.
You already know that there is so many other apps available in the market who is not going to charge any brokerage fees on the transactions with multiple times trade in a day, instead of knowing this we do transactions and paid brokerage as you charged. But now as a SEBI says you stop paying brokerage on the referral person account, it’s totally unfair and injustice. If so it applied then definitely I will close my account and with my family members from this platform. Kindly transfer my referral amount into my savings A/C.
Thanks
Hi Sunder, we’re sorry to hear this. We are representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Circular of NSE Publiced 14 AUG and Zerodha Paid Refreral payout 31 July …Why 14 days referral u can’t not paid client.if You are not Paid Will Claim against U in Future.
Going to closed the account , you will see the big decrease in your business.
If Zerodha stopped referral program, so need to reduce brokerage charges.
I will closed my & my families account from Zerodha, and transfer to other broker.
Hi Satish, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
SEBI didn’t tell you to stop brokerages. You only doing this in the name of SEBI. They only mentioned the rule.
I shall never refer any more.
You will loose more clients.
Dear Zerodha and Mr. Kamath,
Its injustice with the persons who have done hard work till date, its simple that if circular is in 14th Aug. 24. then you may not consider referrals after that but must consider referrals before Circular date..But its all about honesty of Authorities, At the time introduction all brokers promised about Life time now behind 1 Circular all their Promises Are fake, Persons done work with honesty but These Brokers will always be Dishonest..There are no Rules for Protecting those who are Hard Workers..Andher Nagri Chaupat Raja, Take sher Bhaji, Take sher Khaja..
Hi Deepak, we are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Dear ZERODHA,
SEBI doesn’t tell you to stop brokerage sharing….
It advised that the authorized person can refer account. But you are allowing your clients to refer accounts and also promise referral points.
This clearly shows that you are cutting brokerage sharing in the name of SEBI Circular.
I checked and found that Zerodha not even showing correct amount earn amount.
my referal has paid big amount as brokerage and it showing less than 80 as earn amount which means my referral paid only 800 brokerage (@10%) to zerodha,
Shame on you Zerodha for showing wrong amount.
Good decision this kind of thing should stop where no clarity instead of this you should pay marketing fees with transparency.
Hi Deepika, we’re sorry to hear this. Could you please create a ticket on: https://support.zerodha.com/ so we can have this resolved at the earliest?
BAD FOR ZERODHA
NO BROKER CUT OUT THEIR SERVICE
YOU EARN BROKERAGE BUT YOU NOT SHARE ANY BROKERAGE FOR WHO PROMOTE YOUR APPLICATION AND SERVICE
OK
THEN ALL CLIENT WILL BE TRANSFER THEIR TRADING ACCOUNT OTHERS BROKER ONE WHO HAS NO AMC OR OTHERS BROKERAGE
SIR
I STARTED REFERRING TO REALIVES AND FRIEND BECAUSE OF REFERRAL EARNING.NOW TELL ME WHY I SHALL RECOMEND ZERODHA FOR OPENING DMAT ACCOUNT ,I THOUGHT I WOULD TAKE ZERODHA SUB BROKER AS A BUSINESS.I AM VERY DISAPPOINTED WITH THIS RULE.
Hi Jatin, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Such bad decisions what about time we waisted for opening accounts
સેબી ને તમારે જણાવવુ જોઈ એ કે અમારા દરેક ગ્રાહકે અથાક પરિશ્રમ કરી ગ્રાહક જોડ્યા છે.તેમના પરિશ્રમ માટે ઝેરોધા એ પર્સનલ નો બ્રોકરેજ જેવો બેનિફિટ આપવો જોઈ એ.નહિ તો ગ્રાહક ટ્રાંન્સફર થઈ જશે
Hello Zerodha,
This is not good decision, you need to consult with Nse regarding this, without any argument you take decision and close the brokerage sharing.
you need to rethink about this how many family affected from your decision.
you provide offer and many peoples work according that now you want to earn only you. …..
what is with partner and how you deal now for referral accounts, if you don’t have any type of orders from nse than how you published the referral schemes.
Hi Dayanand, we are representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Hands down a very good decision by Sebi, this will act as a deterrent to the so called finfluencers who were only surviving because of referral income considering their loss making trading capabilities gave them peanuts, they would continue to make videos on youtube showing manipulated PNL screenshots and continue to fleece naive retail investors, other brokers to follow suit, well done Zerodha for being prudent and being first in the lot.
I’m shocked by this dicision. I’ll wait for two months for favourable response from zerodha. Otherwise closing the demat account with the Zerodha will be my response. And I will ensure all the 11 accounts I referred is closed as well. There are better platforms available, and we still stick with zeroda only because of referral bonus amount. Please remember
Hi Ajesh, we’re sorry to hear this. We had to take this decision due to the NSE circular and affects all brokers. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
What about the commission we have earned so far, release that
Hi Mahesh, the last updated referral balance in your referral wallet will be payed out by 25th August.
This is unfair we will wait for 1 to 2 months for change your decision on sharing 10% brokerage.
Otherwise we are going to close account n aslo transfer the holding to other account..
Plz change your dessison on this.
Other wise zerodha will face havey loss I’m future
Hi Ashitosh, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Sebi always in the favor of those big guys. i wasted enough time for this referral program. is there any option to be AP
Going to close the account i have given lot of time for small pasive income 😞
Hi Sumit, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Going to closed the account , you will see the big decrese in your business i have given a lots of time to open referral account it is my passive income.
Sorry to hear this, Israr. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Going to closed the account
I will close my account if wallet payment is not credited in my account
Hi Sanjeev, we’ll be paying out all the referral balance >Rs. 10. We have to stop brokerage sharing from August 25, 2024, due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Nithin sir, I am very happy with the referal brokerage credits.. for me it was turned into passive income. That money is helping for something in my monthly expenses. Very very happy for that.
I was shocked on seeing the message. Not only me, there are lot many people.
With this message, people got discharged with zerodha. It’s NSE circular, not ur decision. I know that. That’s ok. I agree..
Sir, pls make some new decision for us to continue that passive income in some other manner.. pls sir. We love zerodha, we are in the zerodha family. Pls make it sir. Pls. Thank you.🙏
Hi Karthik, we are representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
I will closed my account and also my referred member.
Hi Vikram, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
What about the existing authorised person who hav referred the account or opened the account before this circular .will the get their referral benifit as they hav got earlier
Would the payouts be completed for referrals accumulated till 15th Aug?
If you stop this program
So why should i continue on zerodha with my clients
Hi Avinash, we’re sorry to hear this. We had to take this decision due to the NSE circular and affects all brokers. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
Zerodha is not supported our Hard working
I became the new client
Then r
Earn the points
This is really unfair, my entire bread & Butter is from ZERODHA Partner Program, You Dnt even Make AP despite more than 2500+ Clients, i have even 4 People dedicatedly working for this..
What about the existing authorised person who hav referred the account or opened the account before this news .will the get their referral benifit as they r getting on regular.
Hi Zahid, as an existing AP, you will continue to get referral benefits.
When is the referral amount likely to be credited
Hi Abhinav, the referral balance will be credited to your account by 25th August.
This is not fair you promised life time brokerage that’s why i do work for you if this happen i will register court case for fraud
Hi Vikas, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
This is a fraud. If you got the circular on 14 August then why is your refer and earn option still showing refer and get 10% of the brokerage? You should have told us before inviting the referral I referred on 17 August. This is purely misinformation according to section 203. Need an explanation asap
I also suggest to my referees to close Zerodha Account
Hi Prasad, we’re sorry to hear this. We had to take this decision due to the NSE circular. You can check this ciruclar here. We are also representing to the exchanges directly and through various forums on why we should continue the referral program. We will keep you informed on any updates we get from the exchanges.
This is not fair, we have put a lot of effort and time in refferimg 1000 of peopleand we are not getting any monitary benefit. How sad is that. Please bring it back
Error in withdrawing the amount , when its applicable from 25Aug,2024 thn why we are not able to withdraw it before the date.
If you register authorised person you need minimum 100 referrals then contact zerodha then you should Authorise person enrolled & received referrals i think its not only zerodha all broker same rule up stocks kotak icici etc alll its nse circular not zerodha decision
Nse doesn’t want received money in small account holder. It’s going only big player as like, who capable hundred plus reference
I’ll suggest all my referrals to close their accounts. Dear fellow do the same to your referrals 😂
How to register as AP Authorized Person?
Please submit existing referral amount
Hi Manish, we will be paying out all referral wallet balances which are >₹10.
Kuch bhi ho general public hi loss hota hai☺️
Isse to broker ka bolle bolle☺️
Jin logo ne mehnat kar ke logo ko join koraya
Unke raato ko nind nahi aayega☺️
Top level pe all correct hai
Pehle top level pe tik karna chahiye
Thn lower level pe ☺️
Kindly clarify that the existing wallet amount can able to withdrawal or not? Because these amount generated before this circular, Hence advised zerodha to credit existing amount to respective clients.
Hi Mahes, we will be paying out all referral wallet balances >₹10.