India’s largest stockbroker by revenue, Zerodha, is preparing to introduce U.S. market investing for Indian customers by the next quarter, according to founder and CEO Nithin Kamath.
Speaking in a recent Ask Me Anything session, Kamath confirmed that the brokerage is actively working on the product and anticipates it will be available in the near term.
He said the company now has the necessary regulatory clarity, citing the role of GIFT City, and that the team is focused on delivering a seamless experience for users.
Though Zerodha had indicated plans to offer U.S. stocks as early as 2020, the launch was delayed largely due to regulatory hurdles, including the complexities of foreign remittances under India’s Liberalised Remittance Scheme and the absence of a clear domestic route for such investments.
With recent changes under GIFT City’s International Financial Services Centre regime, brokerages can now facilitate investment into U.S. securities via depository receipts or dematerialised instruments, which may be the model Zerodha adopts.
The planned rollout comes at a challenging time for Zerodha. The firm reported a roughly 15 percent drop in revenue for FY25, with net profit falling to about ₹4,200 crore from ₹5,500 crore in the previous fiscal.
In the first quarter of FY26, the company saw an even sharper decline, with brokerage revenue down nearly 40 percent year-on-year.
The fall was driven by reduced client activity and a series of regulatory changes that affected its core futures and options business.
Kamath has acknowledged that these shifts have reshaped the firm’s risk profile.
He pointed to increased securities transaction tax on options, the removal of exchange transaction charge rebates, curbs on weekly options expiries, and changes to Basic Services Demat Account thresholds as factors weighing on the traditional brokerage model.
The combined impact has forced Zerodha to consider a broader strategic pivot, including the possibility of charging fees for equity delivery trades, which have long been free of brokerage.
By introducing access to U.S. stocks, Zerodha aims to broaden its product offerings at a time when domestic trading volumes are under pressure.
If successful, the initiative could help the firm tap into growing investor interest in global equities, particularly large U.S. technology companies, while reducing dependence on domestic derivatives trading.
Industry observers suggest the move could also help retain existing clients and attract new users seeking international diversification.
For investors, key questions remain around how Zerodha will structure the new offering — whether it will allow direct ownership of U.S. shares, fractional holdings, or depository receipts through GIFT City.
Other considerations include pricing, tax treatment under India’s remittance rules, and how the user experience compares with existing global investment platforms. As Zerodha readies its launch next quarter, the rollout will mark both a product milestone and a potential inflection point in its business strategy.
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