Subject: Regarding Referral Commission Payout

Dear Zerodha Team,

As per the NSE circular dated 14th August 2024, the referral commission program was discontinued, and accordingly, Zerodha stopped paying referral commissions. However, as per the latest SEBI circular dated 24th January 2025, the said NSE circular has been kept in abeyance.

In light of this development, I would like to seek clarification on whether Zerodha will release the pending referral payouts from the month August 2024 that were withheld due to the previous NSE directive and will continue the referral program for the active clients.

I would appreciate a clear response regarding the status of the pending referral commissions.

Looking forward to your prompt clarification.

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