Brokerages weigh new fees ahead of 0.02% capital-market UPI charge on 15 October
Indian brokerages face a 0.02% UPI MDR on capital-market payments from 15 October, capped at ₹300 per transaction. They are considering new fees, mandate-based payments and fewer free services, despite NPCI saying charges should not be passed to consumers.
Read the source at Mint · MarketsThe numbers
| Broker's expected monthly revenue hit: | ₹5 crore to ₹6 crore |
|---|---|
| Quarterly mandate maintenance charge: | around ₹3.25 |
| Capital-market single-transaction limit: | ₹5 lakh |
| Capital-market limit over 24 hours: | ₹10 lakh |
Why it matters to operators and investors
Explore mandate-based payment partnerships that could help brokerages manage the new costs while preserving their low-cost customer proposition.
What to watch next
- Brokerage tariff notices introducing fees or reducing free services
- Brokerage announcements expanding mandate-based payments
- NPCI clarification on direct or indirect consumer pass-through
- Brokerage disclosures of payment costs after 15 October
Likely next moves
The desk's read of what comes next — analysis, not reported by the source.
- Brokerages are likely to review free-service bundles and broader tariffs before announcing explicit UPI surcharges.
- Brokerages are likely to assess mandate-based payments as an alternative funding route, depending on their treatment under the charge.
- NPCI may clarify whether broader service fees linked to payment costs would conflict with its position on consumer pass-through.
- Customers may favor brokerages that preserve fee-free funding if competing firms introduce visible charges.