Authorised person & partner programme

Build a broking business on infrastructure you would never build yourself

Membership of four exchanges, a depository participant licence, trading platforms on four surfaces, a dealing desk, a risk system, a back office and a compliance function. A partner brings relationships and local knowledge; we bring the rest, and the brokerage the relationship generates is shared on terms agreed in writing before you start.

What the partnership gives you

4 exchangesNSE, BSE, MCX and MSEI, across equity, derivatives, currency and commodities.

Revenue shareA percentage of the brokerage your clients generate, agreed in writing and paid monthly.

Zero client feeYour clients pay our published tariff. You do not set prices and you cannot charge on top.

Full back officeClient onboarding, settlement, statements, margin reporting and compliance, all handled here.

Apply to partner Work out what it could pay Read the rules first

Read this before anything else on the page. This is a business opportunity, not an income. We do not promise, project or indicate any level of earnings, and nobody acting for us is permitted to, because what a partnership pays depends entirely on how many clients you bring and how much they trade, neither of which we control or can forecast. The calculators further down work only on figures you type in yourself, and they are arithmetic rather than a forecast. A partner must be registered with the exchange before soliciting any business, must never accept funds or securities in their own name, and must never offer any client an assured or guaranteed return. We are answerable to the exchange for everything a partner does in our name, which is why the rules below are not negotiable.

Four ways to work with us

The partnership tracks

They differ in what you are allowed to do, what registration you need before you can do it, and how the revenue works. Only one of them lets you build a book of clients, and it is the one with the most paperwork in front of it.

Authorised person

The full business partnership

Registered with the exchange in your own name, through us as the trading member, with a location of your own. This is the only track on which you can genuinely build a book of clients and service them, and it is the one with the most in front of it before you start.

You may approach the market within the permitted area, once the exchange has registered you.
You earn a share of the brokerage your mapped clients generate, for as long as they trade with us.
You carry real fixed costs from month one, against revenue that builds over months.

Registration neededExchange registration, in your name

How you are paidA share of brokerage, monthly

Can you build a bookYes, this is the track for it

Time to go liveLongest, and not ours to control

What you need to bring

The NISM certification prescribed for the activity, cleared by you personally
A location that can be registered and inspected, with the display requirements met
The deposit or security as prescribed, which is capital tied up for the term
A clean background, because the exchange will check it

The honest constraint

The fixed costs start in month one and the revenue does not. Rent, staff and connectivity are due whether or not a single client has funded an account, and this gap is what ends most partnerships rather than the economics of the business once it is running.

Registration requirements, deposits, certification and the activities permitted under each arrangement are governed by SEBI and the exchange regulations in force at the relevant time, and are amended by circular. The descriptions here are a plain-language summary and the regulations govern. Timeframes shown are our own experience and depend on the exchange, not on us.

Three realistic choices

Authorised person, remisier or refer and earn

The technology track is a separate conversation. These three are the ones an individual or a small firm actually chooses between, and the choice turns on how much you intend to do rather than on how much you hope to make.

Which arrangement fits what you are planning

Two questions about your situation. The matching column below is highlighted. This describes how the three arrangements work; it is not a representation about what any of them will earn, and it is not advice to take up any of them.

How much do you intend to do?

Will you service clients after they open?

The authorised person track

You intend to build this as a business with premises of your own, which is what the authorised person registration exists for and what nothing else on this page will let you do. It asks the most of you: the certification cleared personally, a location the exchange can register and inspect, the deposit as prescribed, and fixed costs that begin before any revenue does. In exchange it is the only track on which you can approach the market, service a book and be paid for as long as those clients trade.

This matches a stated intention to the characteristics of three arrangements. It is not a recommendation, not financial advice and not a representation about earnings. Eligibility, registration, certification and the activities permitted under each are governed by SEBI and the exchange regulations in force at the relevant time.

Attribute	Authorised person	Remisier	Refer and earn

Comparison of the authorised person, remisier and refer and earn arrangements across eleven attributes
Exchange registration	Required, in your own name, before you start	Required, through us, before you start	Not required. You are not soliciting business
Certification	NISM certification, as prescribed	NISM certification, as prescribed	None
Who you may approach	The market, within the permitted area	The market, within the permitted area	People you already know
Office required	Yes, with the registration displayed	Not necessarily	No
How you are paid	A share of the brokerage your clients generate	A share of the brokerage, typically lower	A one-off reward per account that activates
Paid for how long	For as long as the client trades and is mapped to you	For as long as the client trades	Once, on activation
Can you service clients	Yes, and you are expected to	Limited, mainly introduction and support	No. We service them
Deposit or security	As the exchange and we prescribe	As prescribed, usually lower	None
Your own costs	Office, staff, internet and your time	Mainly your time	None
Time to go live	Longest, because the exchange registers you	Shorter	Immediate
The honest drawback	Real fixed costs from month one, against income that builds slowly	Less upside, because you do less	It is a reward, not a business

The revenue model

Six things about how a partner actually gets paid

No part of this is unusual and no part of it is hidden. What surprises people is which of the six has the biggest effect on the outcome, and it is not the one most partners ask about first.

You are paid out of brokerage, not by us

Your income is a share of the brokerage your mapped clients actually generate. It is not a salary, not a retainer and not a payment for signing clients up. An account that opens and never trades generates nothing, for you or for us, which is why the number of accounts you have opened is a poor measure of anything.

Consequence: an active client is worth many dormant ones. Build for activity rather than for count.

The share is agreed in writing, before you start

The percentage, what it is calculated on, when it is paid and what is deducted before it is calculated are all in the agreement you sign, not in a conversation. It differs between the tracks and it may differ between segments. Nobody at this firm is permitted to indicate a share to you verbally and leave it there.

Before you sign: read the clause on what is deducted first. That is where the arithmetic really happens.

You never touch client money

Clients fund their accounts directly into the designated client bank accounts, and payouts go directly back to their own bank accounts. A partner who accepts money or securities in their own name has committed a serious breach, and it is the single fastest way to end a partnership and attract a regulatory consequence.

Never: accept cash, a cheque, a transfer or securities from a client in your own name, for any reason.

Settled monthly, with a statement you can check

Revenue is computed for the month, the statement shows the brokerage generated client by client and the deduction of anything the agreement provides for, and the balance is paid to your bank account. The statement is detailed enough to reconcile against the ledgers of the clients mapped to you.

Reconcile it: monthly, while the detail is fresh. A query six months later is a slow query.

You cannot charge the client anything extra

Clients pay our published tariff and nothing else. A partner may not set their own brokerage, may not add a fee of any description, and may not take a payment from a client for advice, for service or for access. Your entire income from the relationship is the revenue share, by design.

Consequence: your client pays the same whether they came through you or came to us directly.

It builds slowly, and your costs do not

Rent, staff and internet are due in month one. Revenue arrives after clients open, fund and begin trading, and a proportion of them never do the third. Nearly every partnership that fails, fails on that gap rather than on the economics of the business once it is running.

Plan for: several months of fixed cost before the revenue meets it. The second calculator below sizes exactly that.

Arithmetic, not projections

Work the numbers with your own assumptions

Every figure in both calculators is one you type in. Neither knows your revenue share, neither knows how much your clients will trade, and neither can: those are the two things that decide the outcome and neither of them is knowable in advance.

The number most people get wrong is orders per client per month. It is tempting to think of an active trader placing several orders a day, and some do. Across any real book the average is far lower, because most accounts trade occasionally and a small minority trade constantly. Put in a figure you would be willing to defend to somebody lending you money, then halve it and look at the answer again. The output is arithmetic on your assumptions and is not a forecast, an indication or a representation of earnings.

Active clients mapped to youExecuted orders per client per monthBrokerage per executed order, in rupeesYour revenue share, percent

Active means active. Count only the clients you expect to trade in a given month, not every account you have opened. A book of five hundred accounts of which fifty trade is a book of fifty for this purpose, and treating it as five hundred is how partners end up with a business plan that never arrives.

Your revenue share is not set here. It is agreed in writing before you start, it differs between the tracks and it may differ between segments. Put in the figure from your own agreement, or a conservative one if you are still deciding whether to apply.

Your share, per month₹10,00050 active clients placing 25 orders a month at ₹20 generate ₹25,000 of brokerage, of which your 40% share is ₹10,000 a month before your own costs and tax. That is ₹200 per active client, so it would take 500 of them to reach ₹1 lakh a month at these assumptions.

Brokerage the book generates₹25,000

Your share, per client per month₹200

The same share, annualised₹1.20 L

Active clients for ₹1 lakh a month500 clients

Before your own costs and before tax. It assumes every mapped client trades at the average you typed, which no real book does, and it takes no account of clients leaving, of months when the market is quiet, or of anything deducted before the share is computed under your agreement.

Whatever these calculators show you, it is a sum and not a promise. We have no way of knowing how many clients you will bring, how many of those will fund an account, how many of the funded ones will trade, or how much. Neither does anybody else, including anybody who tells you otherwise. Treat the output as a way of testing whether a plan survives contact with arithmetic, which is a genuinely useful thing to do before signing a lease, and not as anything we are telling you to expect.

The facilities

Twelve things you get, and do not have to build

A broking business is mostly infrastructure, and infrastructure is mostly cost. This is the part of it we carry, so that what you have to find is clients rather than capital.

Partner dashboard

Your own console: clients mapped to you, their status from application to first trade, the brokerage each generated this month, your share, and the statement behind it. Everything you would otherwise be asking somebody for by e-mail.

Live from day one

Digital client onboarding

A link of your own that opens an account digitally and maps the client to you automatically, with the application’s progress visible to you at every stage. No forms to collect, no paperwork to courier, and nothing lost between you and the back office.

Paperless where permitted

Trading platforms on four surfaces

Your clients get the mobile application, the desktop terminal, the browser platform and the programmatic interface, at the same published tariff as anybody else. You are not selling a lesser product because it came through a partner.

Same product, same price

Back office, settlement and statements

Contract notes, ledgers, holding statements, margin reporting, capital gains statements and the depository side, all produced here and sent to your clients directly. You do not run a back office and you do not need staff for one.

Nothing for you to operate

Dealing desk support

A recorded line your clients can reach during market hours for an order that has to be dealt with while the market is open, so that a client is never stuck because you happen to be with somebody else.

Market hours, trading days

A named relationship manager

One person at this end who knows your book, rather than a queue. They handle escalations, chase the things that get stuck and are answerable for your experience of working with us.

Named, not a queue

Certification and training support

Study material and mock tests for the NISM certification you need before you can be registered, and training on the platforms, the back office and the dashboard once you are. Refreshers whenever the regulations change materially.

Before and after you join

Marketing material, pre-approved

Creatives, presentations and collateral carrying the disclosures the exchanges require, co-branded with your registration details. Using these is easier than getting your own approved, and far safer than publishing something that was not.

Approval still required for your own

Risk and margin systems

Pre-order risk checks, margin computation, mark to market and the square-off policy, run centrally and applied consistently. The thing that most often ruins a small broking operation is risk management, and it is not your problem here.

Run centrally

Compliance helpdesk

Somebody to ask before you do something, which is considerably cheaper than somebody to ask afterwards. Advertising, client communication, what you may say and what you may not: ask first, in writing, and keep the answer.

Ask before, not after

Monthly revenue settlement

Computed for the month, shown client by client in a statement you can reconcile, and paid to your bank account on the cycle set out in your agreement. No invoicing, no chasing and no surprises in the arithmetic.

Statement you can check

Office setup guidance

What the exchange expects a registered location to have, what to display and where, what connectivity you actually need as against what somebody will try to sell you, and the inspection checklist, before the inspection rather than after it.

Checklist, not a sales pitch

The facilities described are provided on the terms set out in the partnership agreement and may be varied, and some are available only on particular tracks. Nothing here is a representation about the volume of business a partner will do or the income a partner will earn. The provision of marketing material does not relieve a partner of the obligation to obtain approval before publishing anything of their own.

In order

How a partnership actually starts

Seven steps, of which two are ours and the rest are yours or the exchange's. The part that takes the longest is the one nobody controls, which is why it comes with a range rather than a date.

Apply, and have a conversationA few days

Use the form at the foot of this page. What follows is a conversation about what you are planning, what market you are in and which track fits, not a sales call. If a track does not suit you we would rather say so now than after you have spent money on an office.

Due diligence, both waysDays to weeks

We check your background, your financial standing and whether anything in your history prevents registration, because the exchange will. You should be checking us too: our registration numbers, our complaints data and our policies are all published, and a partner who has not read them has not done their homework.

Clear the certificationYours to schedule

The NISM certification prescribed for the activity, which you sit yourself and which we help you prepare for. It cannot be waived, it cannot be done by somebody else on your behalf, and the registration cannot proceed without it.

Documentation and depositAbout a week

The application to the exchange, the partnership agreement, proof of identity, address and constitution, details of the proposed office, and the deposit or security as prescribed. Incomplete documentation is the commonest cause of delay at this stage and it is entirely avoidable.

The exchange registers youNot ours to control

The application goes to the exchange in our name as the trading member, and the exchange issues your registration. How long this takes is the exchange’s business rather than ours, and anybody who gives you a guaranteed date for it is guessing. You may not solicit any business before it is issued.

Setup and trainingAbout a week

Your dashboard, your onboarding link, access for your staff, the platforms, the back office and the marketing material. Training on all of it, and a walk through what you must display at your registered location before anybody inspects it.

Go live, and the first reviewOngoing

You start onboarding clients. We review together at the end of the first quarter: what is working, what the dashboard says, and whether the assumptions you put into the calculator are holding up. That review is the useful one, because it is the first with real numbers in it.

Timeframes shown are our own experience and are not commitments. Registration is granted by the exchange, not by us, and is subject to its own requirements, which are amended from time to time. An application may be declined, by us or by the exchange, and no reason we give for declining is a reflection on anything other than the requirements in force.

Not negotiable

What a partner may do, and what ends a partnership

We are answerable to the exchange and to SEBI for everything done in our name, which is why this section is written plainly rather than buried in an annexure. None of it is unusual, all of it is enforced, and a partner who finds any of it surprising should read it twice before applying.

What you may do

Introduce clients, open accounts in our name and service them, once your registration has been issued by the exchange.
Describe the products, the platforms and the published tariff accurately, and explain how an instrument works.
Operate from a registered location, with your registration number and our name displayed as prescribed.
Use the marketing material we provide, which already carries the disclosures the exchanges require.
Help a client place an order where they ask you to, within what your registration permits and your agreement sets out.
Earn the revenue share set out in your agreement, computed on the brokerage your mapped clients generate.
Ask the compliance helpdesk before doing anything you are unsure about, in writing, and keep the answer.

What you may never do

Solicit any business before the exchange has issued your registration. Not one conversation, not one account.
Accept funds or securities from a client in your own name, in any form, for any reason, however briefly.
Offer, indicate or hint at an assured, guaranteed or fixed return. Nobody in this market may, and that includes you.
Charge a client anything beyond the published tariff, or take a payment from a client for advice or for service.
Issue a contract note, a confirmation or any document that only the trading member may issue.
Advertise, publish or circulate anything in our name without written approval, including on social media.
Trade in a client’s account without their instruction, or hold a client’s credentials or one-time passwords.
Run a tips group, a profit-sharing scheme or a portfolio management arrangement of any kind alongside this.
Act for another trading member on the same exchange segment at the same time.

Ongoing obligations of a partner, what each requires and what happens if it is not met
Obligation	What it requires	Where it comes from	If it is not met
Display the registration	Your registration number and our name displayed at the registered location, as prescribed.	Exchange	Observed at inspection
Keep the certification valid	The NISM certification renewed before it lapses, for you and for anybody soliciting business for you.	Regulation	Registration cannot continue
Notify any change	A change of address, of constitution, of partners or directors, or of the person in charge, notified promptly.	Exchange	A breach in its own right
Maintain records	Client communications, instructions received and whatever the agreement and the regulations require, for the prescribed period.	Regulation	Produced on demand
Permit inspection	Access for us and for the exchange to inspect the registered location and the records held there.	Exchange	A breach in its own right
Route complaints properly	Any client complaint passed to us immediately, through the grievance channel, rather than settled privately.	Yukti	Serious breach
Keep client data confidential	Client information used only for servicing that client, never shared, sold or used for anything else.	Regulation	Serious breach
Use approved material only	Written approval before anything is published, circulated or posted in our name.	Yukti	Withdrawal, and possibly more

What happens when a rule is broken. Depending on what it was, the consequences run from a written warning, through suspension of your onboarding link and withholding of revenue pending enquiry, to termination of the agreement and reporting to the exchange and to SEBI. Accepting client money in your own name, trading in a client's account without instruction and offering an assured return are all in the last category, and in each case we would act first and discuss it afterwards. We would far rather answer a question from you beforehand than a question from a regulator afterwards.

The obligations summarised here arise under the SEBI regulations, the rules, byelaws and regulations of the exchanges, and the partnership agreement, each of which governs over this summary and each of which is amended from time to time. This page is not a legal opinion and does not set out every obligation. Take your own advice before entering into any partnership arrangement.

Questions

Commonly asked by prospective partners

How much will I earn?

click to see the answer

We cannot tell you, and you should be wary of anybody who says they can. Your income is a share of the brokerage your clients actually generate, which depends on how many clients you bring, how many of them fund an account, how many of those trade and how much. None of that is within our control or knowledge. What we can tell you is exactly how the share is computed, which is in the agreement, and we have built two calculators so that you can test your own assumptions rather than ours. The output of those is arithmetic on figures you typed, not a projection and not a representation of earnings.

What does it cost me to start?

click to see the answer

The certification fee, which you pay to the examining body, the deposit or security as prescribed, and whatever your own setup costs: premises, connectivity, staff and equipment for the authorised person track, and essentially nothing for refer and earn. The deposit is capital you cannot use elsewhere while the partnership runs, so count it as a cost of the decision even though you get it back. Use the second calculator to size the fixed monthly cost against what the revenue share would have to cover.

Can I start before my registration comes through?

click to see the answer

No, and this is the single rule we would most like a prospective partner to take seriously. You may not solicit business, open an account, take a client meeting as our partner or describe yourself as one until the exchange has issued your registration. Doing so is a breach by you and by us, and because we are answerable for it, it is the kind of breach that ends a partnership before it has started. Use the waiting period to clear the certification and prepare, not to build a pipeline.

Can I set my own brokerage rates for my clients?

click to see the answer

No. Your clients pay our published tariff, the same as anybody who came to us directly, and you may not add a fee of any description on top of it, take a payment from a client for advice or service, or offer a discount out of your own share without it being agreed and documented. This is deliberate: it means a client is never worse off for having come through a partner, and it removes the one thing that most often turns into a dispute.

What happens to my clients if I leave?

click to see the answer

The clients are ours, as a matter of law and of the agreement: they contracted with the trading member, not with you. What the agreement sets out is what happens to the mapping and to revenue already accrued, and you should read that clause carefully before signing rather than after deciding to leave. Clients continue to be serviced by us without interruption, which is the point of the arrangement from their side.

Do I need an office?

click to see the answer

For the authorised person track, yes: the exchange registers a location, and that location has to display your registration and ours and has to be available for inspection. For a remisier the requirement is lighter and for refer and earn there is none. Before you take a lease, run the second calculator with the real rent in it, because a registered location is the largest fixed cost most partners carry and the one that is hardest to reverse.

Can I advise my clients on what to buy?

click to see the answer

Explaining how an instrument works, what a charge is levied on and how a platform behaves is part of servicing a client and is fine. Telling a client what to buy or sell is investment advice, which is a separate registration with its own requirements, and being an authorised person does not confer it. If you hold that registration separately the position differs and should be discussed before you start. What nobody may do, in any capacity, is offer an assured return.

Can I partner with more than one broker?

click to see the answer

Not on the same exchange segment at the same time. The registration is granted through one trading member for a segment, and holding two is not permitted. Arrangements across different segments or with firms in different businesses may be possible depending on what they are, and the honest answer is that you should disclose everything you are doing at the due diligence stage rather than discovering a conflict later.

How quickly do I get paid?

click to see the answer

Why is so much of this page about what I cannot do?

click to see the answer

Because the rules are the part of the arrangement that a prospective partner is least likely to have been told and most likely to fall foul of, and because we are answerable to the exchange for everything done in our name. A page that described only the opportunity would be the kind of page we warn investors about elsewhere on this site. If the constraints make the proposition less attractive to you, that is useful information for both of us, and much better learned now than after you have signed a lease.

Get started

Apply to partner

What follows is a conversation rather than a sales call. Tell us what you are planning and we will tell you which track fits, what it would require of you and, if it does not fit, that too.

Partner application form

Your nameE-mail addressMobile numberTen digits, without the country code.City or townWhere you intend to operate.Track you are interested inNISM certificationRequired before registration. Not required to apply.What you do nowInsurance agent, mutual fund distributor, accountant, something else.People you could realistically approachTell us what you are planningWhat market you are in, whether you have premises, and what you are hoping to build. Thirty characters at least. Never include a password or a one-time password in any message.

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Submitting this form is an expression of interest. It does not create a partnership, it is not an application to the exchange, and it does not entitle you to solicit any business. We use what you send only to assess and respond to your enquiry. An application may be declined by us or by the exchange. Nothing on this page is a representation about the income any partner will earn.

Investments in securities are subject to market risks; read all the related documents carefully. Investeria Financial Services Private Limited, trading as Yukti, is a stock broker and depository participant registered with SEBI; registration and member codes are published on the contact page and are to be verified against the registers of the issuing bodies. Registration granted by SEBI, membership of an exchange and certification from an examining body in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. This page describes a business arrangement and is not an offer, an invitation or a representation about the income any partner will earn. Registration as an authorised person is granted by the exchange, is subject to its requirements, and may be declined. The terms of any partnership are those set out in the executed agreement, which governs over anything on this page. Take your own professional advice before entering into any such arrangement.