Overview

• Brokerage revenues fell about 40% year over year in the June 2025 quarter, with the impact traceable to policy changes that began in October 2024.
• Cited measures include higher STT on options and futures, fewer weekly expiries, removal of exchange transaction charge rebates, and a broader slowdown in trading activity.
• Regulators are evaluating a complete stop to weekly options, which Zerodha says would trigger fees on equity delivery and could reshape pricing across discount brokers.
• The firm reports net worth above ₹13,000 crore with no debt, manages roughly 10% of retail and HNI assets, and emphasizes balance-sheet strength.
• Diversification efforts include a Margin Trading Facility launched nine months ago that has grown to about a ₹5,000 crore book with roughly 5% market share.