Based on the news articles posted earlier it will be mandatory.
Ya think so
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No it will not be disrupted if Bank allows to check real time account balance through brokers app. The mechanism is still into discussion panel I think. As on date UPI limit is upto Rs. 1 Lakh per day. So first all those respected authorities need to increase the limit of UPI first which is again time consuming,
I think the multiple bank addition might be disrupted. Customer has to link only one account and then through the UPI mechanism, broker will be able to debit the transaction amount from customers bank. This will be a challenge for all banks and brokers to join hands together to provide customers a 3-in-1 account facility if upcoming UPI mechanism is introduced.
Can I be a Authorised Person for enjoy back my referrals
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It makes sense after all you work hard to help others introduce to the Indian stock market. Other brokers are still giving out their commissions alongside the one-time referral rewards.
No they donât. All brokers have stopped paying commissions to referral partners. They might be paying the dues for the business generated till August 31st, but effective September 1st none of the brokers will pay commissions.
You may check the article for more info.
No she doesnât have any connection to this matter. She just wanted people not to lose money. Its NSE who has stopped the referral model. Here all exchanges want people to become their Authorised Person.
See what these exchanges did - First they increased the registation fees including cancellation fees. Second thing they want every AP to pay Annual Maintenance Charges. Here I think she shouldâve intervene but donât know whether she is aware of this or not.
Collecting AMC from each Authorised Person is like âââDhanda Karna Hai toh Hafta Dena Padegaâââ. Why pay AMC, if broker is not giving us terminals, nor any system access to manage the portfolio. Everything related to risk management is handled by broker but Exchange want APâs to pay AMCs.
Yes @thisisbanerjee I think she should intervene into this matter. See the outcome of this in the report which will come in January 2025. Client acquisition ratio will touch bottom point and most of the top brokers will be under pressure to generate income.
See the recent news â
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Hello Dhan Team, itâs very disheartening to hear about the discontinuation of Dhan referral program.
Recently I have referred fee people and they have opened their account through my referral. Itâs ok .
As you promised you will come back,
I believe you will not break our trust and come back with even more attractive referral program in the coming days
Till then best wishes to Dhan Team
With love
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Itâs due to exchanges, Dhan has no say in it.
NSE wants to earn money.
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Hi, you can become an AP with us, more details here - https://dhan.co/authorised-partner/
Any fees?
Itâs Annual Maintenance charges that Authorised Person need to pay every year. NSE charges Rs. 5000/- for all segments & BSE charges Rs. 4000/- for all segments. Apart from this MCX also charges Rs. 1000/- per year. So total youâll be paying Rs. 10000/- plus GST every year to exchange once you register yourself as Authorised Person.
For order placement of your client on his/her behalf you need terminals for all segments. Discount Brokers like Dhan, Zerodha etc they donât provide terminals to their sub-brokers/AP. Thatâs why I said that the AMC charges should be appicable only for those who take terminals, not every Authorised Person.
But here exchange has mandated every AP needs to pay AMC. This is bit strange. Thatâs why I said in last post âââDhanda Karna Hai Toh Hafta Dena Padegaâââ.
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Thanks. I have two questions for Team Dhan @PravinJ @Naman.
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Will Dhan retain the same share of the brokerage (or give more) once we become Authorised Person?
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Will the clients whom we referred to Dhan be retained along with the new ones?
Personally, i feel that this extra fees to be paid by the AP will further encourage the APs to push their clients/referees to trade more because they have to recover their investment. If the aim was to discourage traders to encourage their friends or referees to trade more, this new policy will even push them to urge their âclientsâ to trade more.
Hi @thetribaltrader Please connect with our team on this. Additionally, AP program is not for all users - it takes a while to build a channel network business.
Yes, running a compliant AP business is not as cheap or easy as sharing the referral link and earning 20% commission earlier from an individual account.
What are all the compliances/charges you incur, in order to run your AP business? Just curious 
- Every year pay nearly 30K to exchange
- Set up an office space that should not be used for any other activity. Rental cost incurred.
- All other incidentals of running a business like administration, accounting, taxation and promotional activities are additional.
- Maintain registers for visitors, grievances etc
- Periodic compliance checks from broker. Surprise inspection can happen from anyone from broker to regulator.
- Shouldnât be inactive for more than 6 months. If it happens registration is cancelled.
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WoaâŚthanks for this info. By the way, do you have to be Sebi registered financial adviser? How to run this business? 
I am really curious since Sebi could also penalise those APs who may want to earn more by teaching or guiding new traders. Are teaching/offering courses allowed?
No other revenue stream allowed for APs (accepting money for any other services from clients)
Hmm, so looks like these compliances/costs/restrictions will discourage most that were in the referral program
Yes, AP program is not for individual users. We are trying to build one that will be beneficial to existing users of Dhan.
Word of mouth was a the biggest source of traders and investors getting to know and discover Dhan. So yes, even we are disappointed that we had to shut it down abruptly 
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