Following regulatory clearances, India’s top discount brokerage, Zerodha, has officially relaunched its customer referral program.

The program was abruptly paused in August 2024 due to sudden exchange-level restrictions. According to Zerodha founder Nithin Kamath, the platform has secured structural clarity to bring back its core word-of-mouth growth engine—which historically accounted for nearly 30% of all new client sign-ups.

The reboot features a major policy shift, balancing fresh cash incentives with tight new compliance rules.

The New Payout Structure

The updated program reintroduces a direct financial split alongside its existing internal points tier.

• 10% Brokerage Kickback: Referrers will earn a straight 10% share of all trading brokerage generated by their successfully referred accounts for as long as those clients remain active on the platform.
• Accumulation & Withdrawal: Cash payouts will accrue under the user’s “Console” dashboard. Withdrawals can be executed starting August 1, 2026, subject to a minimum accrued threshold of ₹500.
• Reward Points: Referrers will continue to receive 300 reward points per account opened. These can be redeemed to cover internal Account Maintenance Charges (AMC) or used for partner platform subscriptions like Tijori, MProfit, and Quicko.

The Fine Print: Mandatory Activity Targets

To remain compliant with revised exchange directives and avoid being classified as unauthorized sub-broking or marketing operations, Zerodha has introduced a strict maintenance clause.

For new referrals tracking forward from June 1, 2026, the baseline terms apply immediately. However, the brokerage has also taken the step to retroactively credit and reinstate payouts for older referrals captured before the 2024 ban.

To keep receiving that 10% lifetime brokerage share on historical or new referrals, the referrer must meet a structural target: successfully bringing in at least 3 new account conversions every 12 months. If a user fails to add 3 active leads within the 12-month rolling window, their brokerage-sharing percentage for that block drops to 0% until fresh conversions are registered.

The move marks a highly calculated, low-cost marketing play for Zerodha. By leaning heavily back into organic word-of-mouth rather than burning capital on digital advertising or paid influencer sponsorships, the firm is attempting to aggressively shore up retail investor growth while keeping customer acquisition costs effectively at zero.