Finfluencer SEBI ban, impact on Zerodha referrals

Wed, 20 May 2026 00:00:00 +0000

The finfluencer SEBI ban is a 2024 SEBI framework prohibiting unregistered influencers from providing investment advice, scrip-specific recommendations, or earning referral payments from brokers in exchange for promoting their services. The framework substantially changed how Zerodha and other Indian brokers ran their referral programmes.

What “finfluencer” means

A financial influencer in the Indian context typically refers to:

YouTube / Instagram / Twitter / Telegram personalities discussing stocks, options, or trading.
“Educators” running paid courses on trading.
Personalities offering “tips” or “live calls” to subscribers.
Authors of investment blogs and newsletters.

Many finfluencers operated in regulatory grey areas pre-2024:

Zerodha referral program (discontinued)

Wed, 20 May 2026 00:00:00 +0000

The Zerodha referral program historically allowed existing clients to earn a referral payment for each successful new account opened via their referral link. Following SEBI’s 2024 framework on broker referrals (related to the finfluencer ban ), the program was discontinued or significantly restructured.

Historical program

Pre-2024, Zerodha’s referral program worked roughly as follows:

Feature	Detail
Eligible referrer	Existing Zerodha client
Eligible referee	New customer opening a Zerodha account
Compensation	A percentage of the new client’s brokerage (revenue share) or a fixed amount
Duration	First year or life of the new account (varied)
Tracking	Via personal referral link on Console

Many existing clients earned modest referral income over years; some influencer-style users (and external finfluencers) earned more significantly.

Referral on WebNotes

Finfluencer SEBI ban, impact on Zerodha referrals

What “finfluencer” means

Zerodha referral program (discontinued)

Historical program