This discussion on Tradingqna started with a question about retail participation in derivatives, why F&O volumes are falling, and how we are thinking about business diversification. This then became a philosophical discussion about why we offer F&O and MTF, and whether we are compromising on our values by offering products like MTF.

These are questions I get asked often: “You keep speaking about the philosophies of Zerodha, how you guys give back, etc., but you allow customers to trade F&O, offer leveraged products like MTF, and so on.”

Like I said in a recent tweet, “To run a brokerage firm is to live with contradictions.” That being said, we’ve never really strayed from whatever we have believed in. We just turned 16, and we’ve been saying and doing the same things for this entire period. We’ve never done anything that forces customers to do something that is bad for them.

In this thread, I explain what sets us apart compared to other financial services businesses.

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