We launched our MTF product a year ago. Despite being one of the last brokers to offer this and without actively promoting it on the order screen or elsewhere, we captured ~5% of the market. But growth has plateaued along with the broader industry.

One surprising thing I have noticed is that customers don’t seem to care about MTF brokerage or know what they’re being charged. Our current brokerage is 0.3% (or ₹20). At a flat 0.1%, our brokerage revenue could be 10x higher. These rates are much higher elsewhere.

We’ve kept the brokerage rate consistent with our other trades and avoided complications like position size limits on MTF trades. All customers get the same rate, making operations simple.

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