Zerodha Broking Limited

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Zerodha Broking Limited is an Indian stockbroking company registered with the Securities and Exchange Board of India and headquartered in Bengaluru, Karnataka. It is the primary operating entity of the Zerodha group, holding memberships on the National Stock Exchange and the Bombay Stock Exchange, and acting as a depository participant with both Central Depository Services Limited and National Securities Depository Limited. All retail brokerage accounts offered under the Zerodha brand are maintained at this entity.

Incorporated on 15 August 2010, Zerodha Broking Limited pioneered the flat-fee discount brokerage model in India. It operates the Kite trading platform, the Zerodha Console back-office portal, and the Coin direct mutual fund platform. The company is the largest retail stockbroker in India by active client count, a position it has maintained since approximately 2018.

Incorporation and registration history

Zerodha Broking Limited was incorporated under the Companies Act with its registered office in Bengaluru. The company was previously registered as Zerodha Securities before being renamed to reflect its expanded operations and to unify the brand identity. For the legacy entity profile, see Zerodha Securities (legacy entity).

SEBI granted the company a Certificate of Registration as a stockbroker for the Capital Market and Futures and Options segments of NSE and BSE. Subsequent registrations added the Currency Derivatives and Debt segments. The company’s SEBI registration number for NSE is INZ000031633.

The company was registered as a depository participant with CDSL and NSDL, enabling it to open and maintain demat accounts for clients under a single-application, same-day account opening workflow.

Regulatory registrations

As of 2026, Zerodha Broking Limited holds the following SEBI registrations:

  • Stockbroker, NSE (Capital Market, Futures and Options, Currency Derivatives, Debt segments)
  • Stockbroker, BSE (Capital Market, Futures and Options, Currency Derivatives, Debt segments)
  • Depository Participant, CDSL (DP ID: 12081600)
  • Depository Participant, NSDL
  • Research Analyst, for publication of reports on securities
  • Investment Adviser, for fee-based financial planning services

Commodity brokerage is conducted through the separately incorporated Zerodha Commodities entity, which holds Multi Commodity Exchange membership.

Products and services

Equity and derivatives brokerage

Zerodha Broking Limited executes orders across all SEBI-regulated securities segments. Its flat-fee brokerage of twenty rupees per executed order applies to intraday equity trades and all futures and options trades. Delivery equity trades are executed at zero brokerage. The company does not charge a percentage-of-turnover commission for any segment.

Kite trading platform

Kite is the company’s proprietary trading interface available as a web application and mobile applications for Android and iOS. It provides real-time market data, advanced charting, and order placement for all segments. The KiteConnect API allows algorithmic traders to connect third-party applications to Zerodha’s order management system.

Zerodha Console

Zerodha Console is the back-office and portfolio management portal. It provides contract notes, ledger summaries, capital gains tax reports, initial public offering application workflows through the UPI-ASBA channel, and demat account management.

Coin

Coin is the direct mutual fund investment platform through which clients can invest in SEBI-approved direct-plan mutual fund schemes without distributor commission, at zero transaction charges.

Varsity

Varsity is a financial literacy platform offering structured learning modules. Although it does not generate direct revenue, it contributes to account acquisition and is offered freely to registered and non-registered users.

Account structure and client lifecycle

New clients open a combined trading account and demat account through an online application process. Identity and address verification is completed through the AADHAAR-based e-KYC mechanism or through in-person verification. Account opening is typically completed within 24 to 48 hours.

Clients are assigned a unique Zerodha client ID (six-character alphanumeric, beginning with two letters) that is used as the trading member client code at exchanges. The demat account is linked to a bank account through the UPI mandate system for fund transfers and ASBA-based IPO applications.

Margin funds are maintained in a client-segregated pool account. Zerodha does not co-mingle client funds with firm capital, in compliance with SEBI’s client fund segregation norms.

Financial performance

Zerodha Broking Limited’s revenues are reported through annual filings with the Registrar of Companies. For the financial year 2023-24, the company reported total income of approximately 8,320 crore rupees and net profit of approximately 4,700 crore rupees. Revenue is derived from three main sources: brokerage fees (the largest component, driven by derivatives order volume), interest on securities lending and margin funding (conducted through the Zerodha Capital arm), and account maintenance and platform fees.

The company does not pay dividends to external shareholders, as there are none. Profits are either reinvested or distributed to the founding family.

For a detailed breakdown of the revenue model, see Zerodha revenue model and profitability.

Compliance and disciplinary record

SEBI’s orders database records the following matters involving Zerodha Broking Limited:

  • 2020 margining show-cause notice. SEBI issued a notice related to margin collection practices during high-volatility periods in early 2020. The matter was resolved through a voluntary compliance undertaking and a commitment to upgrade real-time margin monitoring systems.
  • 2022 NSE levy for technical outage. NSE imposed a fine on several member brokers, including Zerodha Broking Limited, for brief system disruptions that caused order placement delays. Zerodha paid the levy and published a public disclosure on its status page.

Zerodha was an early adopter of SEBI’s peak margin rules (2021), which require intraday margin collection at multiple snapshots. The company has not faced enforcement action related to client fund segregation or know-your-customer violations.

Key personnel

Nithin Kamath serves as Managing Director and Chief Executive Officer of Zerodha Broking Limited. He is the controlling shareholder and principal compliance officer. Nikhil Kamath is a director with oversight of proprietary trading and the True Beacon portfolio management service. The company’s compliance function reports directly to the MD office in line with SEBI’s requirements for trading member compliance programmes.

See also

References

  1. Securities and Exchange Board of India. “Certificate of Registration, Zerodha Broking Limited.” SEBI registration record INZ000031633.
  2. Ministry of Corporate Affairs. Company master data, Zerodha Broking Limited. MCA21 portal.
  3. Central Depository Services Limited. “DP Directory.” CDSL website, DP ID 12081600.
  4. National Stock Exchange of India. “Trading Member Details, Zerodha Broking Limited.” NSE member directory.
  5. Zerodha Broking Limited. Annual Report (ROC filing), FY2023-24.
  6. Securities and Exchange Board of India. Show-cause notice, 2020 (SEBI orders database).
  7. NSE India. “Fine levy on trading members for system disruptions.” NSE circular, 2022.
  8. Securities and Exchange Board of India. “Circular on Peak Margin Collection.” SEBI/HO/MRD/DP/CIR/P/2020/198, 3 December 2020.

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