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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For APs this is good news. Earlier AP used to put in the time, effort and money to get clients on boarded to the broker. Then the client sees that there is referral commission if he refers another client. So he opens an account in his wife, parents name under his referral. Client trades with this account to pocket the 20% commission. Win Win for the broker and client. AP loses out.
Also this referral scheme was used by Finfluencers to sell dreams and hope. Someone is opening shop to sell hammer candle, someone is selling MACD, someone is selling straddles and stranglesâŚ
Watt bas retail ki hi lag rahi dhi.
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@PravinJ In such a short period, youâve achieved a lot compare to other start-ups into fintech industry. I also read the Care ratings report on Moneylicious. Itâs good to receive BBB- Stable category in such a short span. Also profitable in FY24 against the net loss in FY23.
But there was one line mentioned in Care report and that is - The Company has been focusing only on broking business. Do plan to enter into Mutual Fund Distribution, Fixed-Deposit, Online Bonds Platform, AIFs, SDIs and allow your partners to distribute. They can bring more business than direct acquisition.
Mutual Fund Distributors like me do look for online platforms to distribute Mutual Funds and other products but currently the sharing offered by these platforms discourage us to distribute. For Micro investors it is the best way of savings and they do need advice about where to invest. If possible, do launch a Distributor platform where the MFDs can be onboarded and it will definitely contribute into the revenue of company.
Well I have many things to suggest but since I am not registered as AP, I would be more happy to suggest in Partners meeting.
@PravinJ why not come up with referral rewards. Since brokerage commission is already being stopped Dhan is getting full brokerage fee I am sure this can be done. There should be some incentives for people who bring new traders to Dhan otherwise there wonât be a driving zeal for traders to recommend Dhan to others. For example Kotak is giving cash, mstock is also giving cash payoutâŚetc
Or, reduce the brokerage to Rs 10 or 15 or 20% of what was given as commission share. Brokerage is killing most small traders.
Yes. I also feels the same. Dhan stopped Women offer and Referal offers when they get more customers ( Once they said those offers are lifetime). I also suggest to reduce brokerage.
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True. I simply donât have the energy to share the refer link any more 
When we bring clients for a business house, it should reward us. In real estate an agent bonus is always considered. Like wise when we are helping assist a business house, we should get a share of it. All brokers should ask Sebi to revoke its decision. Some brokers like IndMoney are still giving 40% share as referral commission.
Lifetime is very short 
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
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For become ap refferal dhan ask 25000 and 11000 yearly maintenance charges what a scam going on
@RandRtrader The AP charges are fixed by the exchanges and goes to the exchanges. Stock Broker is just collecting from the AP and giving to the exchanges. There is no scam here.
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Referral marketing is often run as a side hustle. AP is meant to be run as a business by people with long term goals, and entails problem solving and cultivating relationships, which helps in garnering stickier clients for the broker.
License raj is back