Zerodha referral program (discontinued)
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.
Why it was discontinued / restructured
SEBI’s 2024 framework (covered in Finfluencer SEBI ban impact on Zerodha referrals ) required:
- No broker referrals to unregistered finfluencers.
- Brokers must vet referral partners.
- General-purpose content creators cannot earn referrals without SEBI registration.
To comply, Zerodha:
- Restricted referrals to verified channels only.
- Tightened the eligibility for referrer-style earning.
- Restructured the program (some clients describe this as “discontinued”).
Current status
As of 2026:
- Personal client-to-friend referrals: Generally still allowed (limited).
- Influencer / content-creator referrals: Require SEBI registration.
- Public marketing campaigns: Done by Zerodha directly without third-party referrers.
For specific current details: Check the Zerodha referral page (link may exist or 404 depending on status).
What existing referrers receive
- Active referral payments: May continue for existing referral relationships (subject to SEBI’s transition framework).
- New referrals: Restricted per the new framework.
- Discontinued payments: Some referrers reported reduced or stopped payments as the framework took effect.
Individual circumstances vary; check your Console for specific referral status.
Tax treatment of referral income
Referral income (where it exists):
- Treated as other income for tax purposes.
- Subject to TDS at applicable rates.
- Annual reconciliation via Form 16A or similar.
For complex tax situations involving substantial referral income (above thresholds), consult a Chartered Accountant before filing.
Alternative routes for content creators
For content creators wanting to engage with Zerodha:
- SEBI RA registration: Allows publishing research with potential disclosed broker affiliation.
- Zerodha’s open API community: Build tools without earning referrals; some indirect benefit.
- Educational content: No SEBI registration needed for pure education; no referral income either.
Comparison with other brokers
Other Indian brokers (Angel One, ICICI Direct, Groww) have similar referral programs, all subject to the same SEBI 2024 framework:
- General trend across the industry: tightened referral compliance.
- Smaller brokers may still operate informally; SEBI enforcement is scaling.
Why it matters
For retail clients:
- If you previously earned referral income, expect reduced or stopped payments.
- New referral attempts may not generate income for you.
- The cleaner compliance environment is better for the broader market even if individually less rewarding.
See also
- Finfluencer SEBI ban impact on Zerodha referrals
- SEBI RA vs IA distinction
- Is Zerodha safe
- Is Zerodha listed on stock exchange
- Zerodha IPO when
- Zerodha hack and security incidents
- Zerodha insurance investor protection fund
- Investor Protection Fund (IPF) explained
- Zerodha customer care number
- Zerodha office address Bangalore
- Zerodha 12-character user ID format
- Zerodha 60-day no-brokerage challenge
- Zerodha Universe (ecosystem map)
- Zerodha proprietary trading desk
- Zerodha Open API community
- Zerodha Streak free for Z customers
- Zerodha Smallcase free for Z customers
- Zerodha Sensibull free vs pro for Z customers
- Zerodha IDFC First Bank tie-up (legacy)
- Zerodha Daily Brief (Markets) podcast
- Zerodha podcast list
- SEBI broker risk disclosure norms
- How to look up your Zerodha client ID
- Discount broker (India)
- Angel One
- Groww
- ICICI Direct
- SEBI
- Zerodha
- Zerodha Console
- Kite (Zerodha)
External references
References
- SEBI, Broker referral and finfluencer framework, circulars 2023-2024.
- Zerodha, Referral program policy, zerodha.com.
- Industry communications on referral compliance, 2024-2025.