Hi @thetribaltrader These are two different topics; referral rewards we will revisit when we introduce a new referral program.
I understand there always will be some brokerage house that wants to grow faster and they will give incentives like cash payouts what you have mentioned. Thats fine in our opinion, we are not in a race to open accounts - Dhan focusses on building a better trading & investing experience, even when we are small we were investing a lot on product, tech and infra; results of which we see today. And we will continue to invest.
On brokerage, expect the same to go high instead of coming down. While Stock Broking businesses are intensely competitive, the working capital requirements for them are also very high.
You can read more about same on this thread: Discussion: Broking Industry set to change, expect end of Zero Brokerage Plans / higher F&O brokerage