Zerodha May Start Charging for Free Equity Delivery Trades: CEO Cites 40% Revenue Drop
Zerodha, India’s most popular online brokerage, is considering a fundamental shift in its business model by introducing charges for equity delivery trades, a service that has been free for years. The move is a direct response to a 40% decline in brokerage revenue reported in Q2 FY 2025, compared to the previous year.
In a comprehensive blog post marking the company’s 15th anniversary, Zerodha CEO Nithin Kamath stated that “The time has finally come for business to pivot,” highlighting that cumulative regulatory changes have severely impacted its financial health.
Kamath specified that the following regulatory changes have hit the company’s core income from active options trading:
- Increased STT (Securities Transaction Tax) on F&O (Futures & Options).
- Reduction in weekly options expiries.
- Removal of crucial exchange transaction charge rebates.
- Higher limits on Basic Services Demat Accounts (BSDA).
While acknowledging the financial pressure, Kamath emphasized Zerodha’s financial strength, including a ₹13,000 crore net worth and zero debt, assuring users that the company remains robust and focused on ethical, privacy-first product design.
