Fyers

Fyers (operated by Fyers Securities Private Limited) is an Indian discount stockbroker and technology trading platform founded in 2015 by Tejas Khoday and Suraj Nair and headquartered in Bengaluru, Karnataka. Fyers is a privately held company that grew without publicly disclosed institutional venture capital, making it one of a small number of bootstrapped discount brokers in a sector where most major competitors have raised hundreds of millions of rupees in external funding. The company is not listed on any stock exchange.

Fyers is positioned specifically for active equity and derivatives traders. Its two defining technology choices are: first, a native integration with TradingView as the primary charting environment in its Fyers Web platform, providing access to TradingView’s full technical indicator library and Pine Script strategy writing environment without a separate TradingView subscription; and second, a publicly documented developer API (Fyers API, currently at version 3) that supports algorithmic trading integration, placing Fyers alongside Zerodha (Kite Connect), Upstox (Upstox API), Angel One (SmartAPI), and Dhan (DhanHQ) in the developer-accessible broker segment.

Founding and history

Founding context (2015-2017)

Tejas Khoday, after working in trading and financial technology roles, identified a gap in the Indian retail discount broker market: existing platforms either offered a proprietary charting environment of limited capability or required traders to use third-party charting tools disconnected from their order placement interface. TradingView, a globally used charting and technical analysis platform, had not at the time been directly integrated as the primary interface of any Indian retail broker.

Fyers Securities Private Limited was incorporated in Bengaluru in 2015. The company obtained SEBI stockbroking registration, NSE and BSE memberships, and began offering equity trading services. The early platform included a direct TradingView integration from a relatively early stage of the company’s development, a choice that differentiated it from both full-service brokers with proprietary terminals and discount brokers with simpler chart implementations.

Fyers registered with AMFI for mutual fund distribution and obtained MCX membership for commodity broking, expanding its serviceable market beyond equity-only trading.

Growth through the discount broker expansion (2017-2022)

Fyers grew incrementally through the 2017-2021 period as discount broking established itself as the dominant model for new retail account openings in India. Unlike Groww, which expanded from a mutual fund base, or Upstox, which received a large Series B from Tiger Global, Fyers grew through organic client acquisition primarily within the active trader and technical analysis community. The platform’s native TradingView integration, full-feature Fyers API, and competitive Rs 20-per-order brokerage attracted a technically sophisticated user base.

The COVID-19-era retail investing surge (2020-2021) accelerated client acquisition for all Indian discount brokers. Fyers’ active client count on NSE grew from tens of thousands to several hundred thousand during this period. By 2022, Fyers had crossed several hundred thousand registered users and held a position in the top 20 brokers by NSE-active client count.

Continued bootstrapped expansion (2022-2025)

Fyers maintained its bootstrapped status through 2025, reportedly funding operations and growth from retained brokerage revenues rather than external venture capital. This is relatively uncommon in the Indian fintech broker sector; most peers of comparable size (such as Dhan, Groww, Upstox, and Angel One) raised institutional capital. The bootstrapped status constrains marketing budget relative to venture-backed competitors but also means the company is not subject to investor-timeline-driven growth mandates.

The Fyers API was updated progressively; version 3 (API v3) was current as of 2025 and included WebSocket streaming for real-time data, improved documentation, and expanded data endpoints. A developer portal at myapi.fyers.in supports API key registration and API documentation access.

As of early 2026, Fyers holds a top-20 position among Indian brokers by NSE-active client count, with a registered user base estimated in the 500,000-1,000,000 range.

Ownership and corporate structure

Fyers Securities Private Limited is wholly owned by its founders, Tejas Khoday and Suraj Nair, based on available Ministry of Corporate Affairs filings. No external venture capital or private equity investors have been publicly disclosed. The company files required statutory returns with MCA and is regulated as a SEBI-registered stockbroker. It is not listed on NSE or BSE.

Products and services

Equity delivery and intraday trading

NSE and BSE equity trading for both delivery (NRML) and intraday (MIS) modes. Brokerage is nil for delivery and Rs 20 per executed order (or 0.03% of trade value, whichever is lower) for intraday. Standard order types including market, limit, stop-loss, stop-loss market, and AMO (after-market order) are supported.

Equity derivatives

NSE and BSE equity F&O is available, with index and single-stock derivatives across all active expiry cycles. Fyers Web provides an integrated option chain screen with live implied volatility, open interest data, and strike-wise price information alongside the TradingView charting environment.

Commodity derivatives

MCX commodity futures and options are accessible through Fyers’ commodity broking membership. Covered commodities include gold, gold mini, silver, crude oil, natural gas, copper, and other exchange-traded commodities.

Currency derivatives

NSE and BSE currency derivative contracts are supported, including USD/INR, EUR/INR, GBP/INR, and JPY/INR futures and options.

Mutual funds

Direct-plan mutual fund distribution is available through the Fyers Markets application, covering all SEBI-registered AMCs with SIP and lump-sum investment modes. This is a secondary rather than primary feature of the Fyers platform, given its trading-first positioning.

IPO applications

ASBA and UPI-mandate-based IPO application for mainboard and SME listings on NSE and BSE is integrated.

Charge structure

Account charges (approximate; verify current schedule at fyers.in):

• Demat account opening: Rs 400 (refundable as brokerage credit under certain plan conditions) or nominal fee; may be nil during promotional periods
• Demat annual maintenance charge (AMC): Rs 300 per annum
• STT, exchange transaction charges, SEBI turnover fee, stamp duty, and GST are passed through at regulatory rates
• DP (depository participant) transaction charges apply for each debit of shares from demat account on delivery sell transactions

SEBI’s September 2023 true-to-label fee disclosure circular requires display of all applicable charges at the order confirmation step; Fyers implemented this requirement.

Technology platforms

Fyers Web

Fyers Web is the flagship browser-based trading interface and is built with TradingView as the primary charting environment. This means users access TradingView’s full feature set directly within Fyers Web:

• Over 100 built-in technical indicators (moving averages, oscillators, volume indicators, trend lines, and others)
• Drawing tools (trend lines, Fibonacci retracements, channels, shapes, and annotations)
• Multiple chart types (candlestick, bar, line, Heikin-Ashi, Renko, and others)
• Pine Script strategy scripting environment for writing and backtesting custom strategies and indicators
• Multi-chart layouts with synchronised watchlists
• Time frames from 1-minute intraday to weekly and monthly

Order placement is available directly from the TradingView chart within Fyers Web, eliminating the need to switch between a chart window and an order form. This integration is tighter than that of some competitors, where TradingView charts are embedded but with order integration limited to a separate panel.

The Fyers Web option chain provides live Greeks (delta, gamma, theta, vega) and open interest data alongside the charting interface, enabling traders to monitor option positions and the underlying’s chart simultaneously.

Fyers One (desktop application)

Fyers One is a downloadable Windows desktop application providing lower-latency order placement and data access compared to a browser-based interface. It targets high-frequency manual traders for whom network round-trip time is a factor in execution quality. Fyers One is available for download from the Fyers website.

Fyers Markets (mobile app)

The Fyers Markets mobile application (Android and iOS) supports the full product suite including equity, F&O, commodity, currency, mutual fund, and IPO functionality. The app includes TradingView-powered charting (with a reduced feature set compared to the full TradingView experience on web), option chain access, and direct order placement.

Fyers API (v3)

The Fyers API is a publicly documented REST API and WebSocket data streaming service. Version 3, current as of 2025, supports:

• Order management: place, modify, cancel, and retrieve orders across equity, F&O, currency, and commodity segments
• Market data: real-time quote retrieval for individual symbols via REST
• WebSocket streaming: tick-level real-time data subscription for multiple symbols and order status updates
• Historical data: OHLCV (open, high, low, close, volume) historical data in multiple resolutions
• Portfolio access: holdings, positions, pending orders, and margin utilisation
• Funds data: available cash, margin used, and withdrawal availability

Authentication is OAuth 2.0 based with daily session token refresh. API documentation is maintained at myapi.fyers.in/docs. Client libraries in Python are published on public code repositories, with community-contributed libraries in other languages.

The Fyers API’s inclusion of historical data retrieval is a frequently noted feature among algorithmic traders; some competing APIs limit free historical data access or require separate subscriptions for data beyond a certain lookback period.

Regulatory registrations

• SEBI stockbroker: INZ000254239 (NSE, BSE, and derivatives segments)
• MCX member: for commodity derivatives broking
• CDSL depository participant: for demat account and custody services
• AMFI-registered mutual fund distributor: for direct-plan fund distribution

Comparison with Zerodha

Both Fyers and Zerodha are SEBI-registered discount brokers with flat-fee brokerage structures, zero delivery brokerage, and publicly documented developer APIs. Key distinctions:

• TradingView integration: Fyers Web’s TradingView integration is native and primary, giving free access to Pine Script and the full TradingView indicator library. Zerodha’s Kite uses TradingView’s charting technology as well, but Pine Script and advanced TradingView Pro features are not available within Kite without a separate TradingView subscription.
• API ecosystem: Zerodha’s Kite Connect has been available since 2015 and has a substantially larger ecosystem of registered third-party developers, applications, and tools. Fyers API v3 is well-maintained and growing but has fewer ecosystem applications than Kite Connect.
• Scale: Zerodha’s active client count is approximately 5-10 times Fyers’ as of 2026, and Zerodha’s assets under custody are commensurately larger.
• Bootstrapped vs venture-backed: Fyers is bootstrapped; Zerodha is also founder-owned and profitable without institutional venture capital. Both companies have avoided the external-capital-driven growth model that characterises Groww and Upstox.
• Commodity trading: both support MCX commodity derivatives; Upstox also supports NCDEX agricultural derivatives, which Fyers and Zerodha do not.
• Education: Zerodha’s Varsity educational platform is more developed than Fyers’ in-platform educational content.

For a detailed comparison, see Zerodha vs Fyers.

References

1. SEBI SCORES broker registration, Fyers Securities Private Limited (INZ000254239)
2. NSE active client data, January 2026, National Stock Exchange of India monthly broker statistics
3. Ministry of Corporate Affairs, Fyers Securities Private Limited company filing
4. Fyers API v3 documentation, myapi.fyers.in/docs
5. TradingView partner broker list, tradingview.com/broker
6. SEBI circular on true-to-label fee disclosure, September 2023
7. MCX member directory, Fyers Securities Private Limited
8. AMFI distributor registration, Fyers Securities Private Limited
9. CDSL depository participant registry
10. NSE broker statistics report, Q3 FY2025-26