Home Finance 5 Best stockbroker referral programs in India – Refer and earn Demat account

5 Best stockbroker referral programs in India – Refer and earn Demat account

by Ray Niklaus

In the ever-evolving landscape of financial services, stockbrokers are constantly devising innovative ways to attract new customers. One such method is the referral program, which allows existing customers to refer friends and loved ones, earning rewards in the process. This article explores the 5 best stockbrokers refer and earn apps in India that offer refer and earn opportunities for a zero brokerage Demat account.

m.Stock – Refer & Earn:

mStock’s refer and earn program is designed to promote customer participation by incentivizing existing users to refer new customers to the platform. Through this initiative, mStock account holders can earn a referral reward of ₹555 for each successful referral they make. The referral reward is credited to the referrer’s trading account as soon as the referee opens a free zero brokerage Demat account. Subsequently, the referrer has the flexibility to transfer the reward amount to their bank account or utilize it for share market trading purposes. This program serves as a mutually beneficial way for mStock customers to share the platform’s advantages while being rewarded for their active participation.

Participating in the mStock refer & earn program is simple and rewarding. Here is a step-by-step guide on how it works:

  1. Open a mStock Demat account: If you do not have a mStock Demat account yet, it only takes less than 5 minutes to open one. The process is quick and hassle-free.
  2. Refer friends to mStock: Once you have your Demat account, start referring your friends and loved ones to the platform. You can share your referral link or enter their details in the refer and earn section on the mStock web portal or trading app.
  3. Earn ₹555 reward per referral: When your referred friend successfully opens a zero brokerage Demat account, you receive a referral reward of ₹555. The reward is credited to your mStock trading account. The more referrals you make, the more rewards you get.ThemStock refer & earn program provides a straightforward way to benefit from your referrals while enjoying the advantages of a Zero Brokerage Demat account.

Paytm Money:

Paytm Money, a popular online investment platform, also offers a refer and earn program. Users can refer their friends and family to open a Demat account on Paytm Money, and for each successful referral, they earn a cash reward. While specific details regarding the reward structure may vary, Paytm Money provides users with a seamless referral process through their mobile app.


Upstox, known for its user-friendly trading platforms, features a refer-and-earn program that allows existing customers to earn rewards by referring their contacts. The referrer can invite others to open a Demat account with Upstox by sharing a referral link. Once the referee completes the account opening process, the referrer receives a predefined reward, making it a lucrative opportunity for Upstox users.


Groww, an investment platform with a user-friendly interface, also offers a refer and earn program. By referring friends and family to open a Demat account on Groww, users can earn referral rewards. While the specific reward structure may differ, Groww provides a simple and hassle-free referral process through their mobile app.


IIFL, a renowned financial services company, offers a refer and earn program for its customers. By referring friends or acquaintances to open a Demat account with IIFL, users can earn rewards as per the terms and conditions of the program. IIFL’s program aims to incentivize existing customers to promote their services among their networks.


As the Indian stock market continues to grow, stockbrokers are introducing innovative programs to attract new customers. The refer and earn programs offered by m.Stock, Paytm Money, Upstox, Groww, and IIFL provide opportunities for existing customers to earn rewards by referring others to open a Demat account. While all these programs have their own unique features, m.Stock stands out as the best option with its zero brokerage demat account. By participating in m.Stock’s Refer & Earn program, customers can not only benefit from their own investments but also earn rewards by expanding their network.

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