Refer & Earn

Tell somebody who was going to ask you anyway, and get rewarded for it

If you already hold an account here and somebody you know asks which broker you use, this is how you introduce them and receive a reward when their account becomes active. It takes one link, it costs you nothing, and there is nothing to set up or maintain. What it is not is a business, and the page is careful about where that line sits.

Your referral link

The link uses the client code you enter, so send that link rather than describing us: an account opened without it is not recorded as yours and cannot be credited afterwards.

A message you can edit before sending

Edit it however you like, but do not promise anybody a return, do not tell anybody what to buy, and do not post it anywhere public. The section on where the line sits explains why all three matter.

Our referral policy: 20% of brokerage for lifetime to the introducer.

Three things that matter more than the reward. First, this is for introducing people you already know who have asked, not for approaching strangers: the moment you advertise, post publicly, cold-call or hold yourself out as acting for us, you are soliciting business, and that requires registration with the exchange which you do not have. Second, never ask anybody for their one-time password, never open an account on anybody's behalf and never accept money from anybody for us: your friend opens their own account with their own KYC, funds it from their own bank account, and nothing passes through you. Third, a reward is not a reason to put somebody into a market they do not understand. Refer people for whom an account makes sense, tell them plainly that investments in securities are subject to market risks, and never suggest to anybody that any return is assured, because nobody in this market may.

Four steps

How a referral actually works

Only the first step is yours. The rest happens between your friend and us, which is deliberate: you are introducing somebody, not acting for them and not acting for us.

Send your link to somebody who asked

Copy the link above and send it to them directly, by whatever you normally use. It carries your code, which is the only thing that attributes the referral to you. Describing us without sending the link leaves nothing to attribute.

They open the account themselves

Their own PAN, their own Aadhaar, their own one-time passwords and their own signature. You cannot do any of it for them and should not offer to. If they need help, point them at our customer care rather than taking their phone.

They fund it and place a first trade

The reward is tied to the account becoming active rather than to it merely opening, because an account that never trades is not worth anything to anybody. What counts as active is defined in the terms, and it is the step most referrals never reach.

The reward is credited to you

Once the conditions in the terms are met and the usual checks are done, the reward is credited on the cycle the terms set out, and it shows in your referral dashboard with the status of every person you have invited.

The reward

What you get, and what your friend gets

The introducer is paid 20% of the brokerage on the account they introduced, for the lifetime of that account. The friend pays the same published brokerage as anybody else.

Paid on activation, not on opening

An account that opens and never funds or trades earns nothing for anybody, which is why the condition is activity rather than a signature. It is also the honest reason most referrals produce no reward: people open accounts with good intentions and a sizeable proportion never place a trade.

Consequence: count on far fewer rewards than introductions. The calculator below makes you put a number on that.

20% of brokerage, for the life of the account

Once the introduced account is active, the introducer is paid 20% of the brokerage that account generates, for as long as it remains open and trades. It is not a one-off amount, and it is not a balance that has to reach ₹100 before it is paid.

What it is not: a share of your friend’s profit, and not permission to act for us. See the partner page if you want the authorised person track.

Your friend is never worse off

They pay the published tariff, the same as somebody who found us without you. Nothing about coming through a referral changes their brokerage, their charges or their service, and nothing you receive comes out of their pocket. If it did, the whole arrangement would be a conflict rather than an introduction.

Check it yourself: the tariff sheet is published and is the same document for everybody.

Arithmetic, not a promise

Work out what it would actually come to

Every figure here is one you type in, including the one most people would rather not think about, which is how many of the people you invite will genuinely get as far as placing a trade.

The activation rate is the whole calculation. Of the people you send a link to, some will not open an account, some will open one and never fund it, and some will fund it and never trade. Only the last group earns you anything. Put in a figure you would defend to somebody sceptical, then look at what the answer does when you halve it. The output is arithmetic on your own assumptions and is not a forecast, an indication or a representation of what you will receive.

People you would send the link toOf those, how many open an account, percentOf those who open, how many become active, percentReward per active account, in rupees

The reward field is not the current reward. It is an example so the calculator has something to work with. Put in the figure from the published terms, which is the only place the current reward is stated and the only figure that governs.

Be honest about the first two percentages. People say yes to a link far more readily than they open an account, and open an account far more readily than they fund one and trade. If the two figures you have typed multiply to something above a quarter, you are probably being optimistic about people you have not actually asked yet.

Reward you would receive₹2,000Of 20 people invited, 40% opening and 50% of those becoming active leaves 4 active accounts, worth ₹2,000 in all at ₹500 each, before tax. That is ₹100 averaged across everybody you invited, and it takes about 5 introductions to produce one reward at these assumptions.

Accounts opened8 of 20

Of those, accounts that become active4 of 20

Overall, people invited per reward5 invited

Average across everybody you invited₹100 each

Before tax, and before anything the terms deduct or require. It assumes every activation qualifies under the terms and that none is disqualified on the checks, which is an assumption rather than a certainty.

Nothing these calculators show you is a number we are telling you to expect. We have no way of knowing how many people you will tell, how many will open an account, how many will fund it or how many will trade, and neither does anybody else. The reward is also not a reason to introduce somebody for whom an account makes no sense: a person who opens one because you asked them to, and then loses money in a market they did not want to be in, is worse off and so are you. Refer the people who were going to ask you anyway. That is what this is for.

What you can see

Every introduction, and exactly where it stopped

The dashboard shows each person you invited and which stage they reached, which is more useful than a single total because it tells you whether the gap is people not opening or people not trading. Those are different problems and only one of them is yours.

Scroll the diagram sideways to see the whole funnel.

01If people are not opening, the introduction is the problem. You are probably sending the link to people who did not ask.
02If people open and never fund, they were curious rather than ready, and nothing you do changes that. It is the commonest stopping point.
03If people fund and never trade, leave them alone. Chasing somebody into a first trade so that you get paid is precisely what this page asks you not to do.

Eligibility

Who can refer, and what counts as a valid referral

Most of this is obvious once stated, and all of it is in the terms. It is here in plain words so that nobody discovers a condition after introducing twenty people.

A referral counts when

You hold an active account with us yourself, in good standing, at the time the reward falls due.
The person used your referral link, so that the introduction is attributed to you from the start.
They are a person you actually know, who asked or was willing to be told, rather than a stranger you approached.
They completed their own KYC, with their own documents, on their own device, in their own name.
The account became active within the period the terms allow, by meeting the condition the terms set.
They did not already hold an account with us, and had not applied for one before you sent the link.

A referral does not count when

It is you, under another name, another PAN or another mobile number. Self-referral forfeits everything accrued.
The person already holds an account with us, or had already applied before your link reached them.
The account was opened without your link. Attribution cannot be added afterwards, by anybody, for any reason.
You completed any part of their application, held their documents or handled their one-time passwords.
The link was posted publicly, advertised, sent in bulk or circulated to people you do not know.
You offered the person money, a share of the reward or anything else to open an account.
Your own account is closed, dormant or not in good standing when the reward would otherwise fall due.

The conditions summarised here are those set out in the published terms, which govern and which may be amended. We reserve the right to withhold, reverse or forfeit a reward where a referral does not meet them, where an account is found to have been opened improperly, or where there are reasonable grounds to believe the arrangement has been abused, and to close the programme to any participant.

The part that matters most

Where introducing ends and soliciting begins

This is one line in the regulations and it is the only thing on this page that could get you into real difficulty. Introducing people you know is not a regulated activity. Approaching the market is, and doing it without registration is an offence rather than an oversight.

Telling a friend is not soliciting. Advertising is.

Sending your link to somebody who asked which broker you use is an introduction between two people. Posting it on a public profile, putting it in a group of strangers, running an advertisement, or messaging a list you bought is soliciting business from the market, and that requires registration with the exchange, which a referrer does not have.

The test: would this person have taken your call if the subject had been anything else? If not, you are soliciting.

You are not acting for us, and must not say you are

You are a client who made an introduction. You are not our agent, our representative, our partner or our authorised person, you have no authority to speak for us, and describing yourself in any of those terms, including loosely in a message, is a misrepresentation that we would have to act on.

Safe wording: "I use them, here is my referral link." Nothing beyond that needs saying.

Never advise, and never promise a return

Telling somebody what to buy or sell is investment advice, which is a separate registration with its own requirements. Telling somebody they will make money is something nobody in this market may do, in any capacity, ever. Both are far easier to do accidentally in a friendly message than people expect.

Say instead: that investments in securities are subject to market risks and that they should read the documents.

Never handle their money, documents or passwords

They open the account on their own device with their own documents, they fund it from their own bank account, and they keep their own credentials. Asking for somebody's one-time password, even to help, is the single behaviour most associated with account takeover, and we treat it as such regardless of intent.

If they need help: send them to customer care. That is what it is there for, and it costs them nothing.

Do not use our name, logo or material without approval

Creating a page, a profile, a poster or a video in our name, or implying we endorse what you are saying, is advertising on our behalf and needs written approval which a referrer is not in a position to obtain. Share the link we gave you and nothing else carrying our branding.

This includes: screenshots of our platform presented as your own content, and anything edited to look official.

If you want to do this properly, there is a way

If what you actually want is to build a book of clients, be paid on an ongoing basis and service people, that is the authorised person track: registration with the exchange, a certification, a location and a written agreement. It is more work and it is the only lawful way to do what the referral programme deliberately does not allow.

Where to look: the partner page, which sets out all four tracks and what each requires.

What happens if the line is crossed. Depending on what it was, we would withhold or reverse the rewards concerned, remove you from the programme, and where the conduct involved advertising in our name, holding out as acting for us, handling a client's credentials or anything resembling unregistered intermediation, report it to the exchange. None of that is a threat aimed at you personally: we are answerable to the exchange for what is done in our name, and a referral programme that was not policed would simply become a way of running unregistered intermediaries. If you are unsure whether something is on the right side of the line, ask before you do it.

The part people forget

A referral reward is income

It is not a gift, not a discount and not a rebate on anything you paid. Rates, thresholds and the head under which it falls are set in the Income-tax Act and amended by each Finance Act, so they are not quoted here.

It is taxable in your hands

A reward received for making an introduction is income, and it is yours to declare whether or not anything was deducted before it reached you. The head under which it falls depends on your own circumstances, and for most people it is not the same head as a capital gain on a trade.

Keep: the reward statements. They are what your return is built from.

Tax may be deducted before you receive it

Where the law requires tax to be deducted at source on a benefit or payment of this kind, it is deducted and the net amount is credited to you. What is deducted is reflected in your tax credit statement and is set against your liability when you file, so it is not an extra cost, but it does mean the amount landing is less than the amount shown.

Check: your annual tax statement for what was deducted and reported against your PAN.

We are not tax advisers

We can tell you what we paid you and what we deducted, and both are on your statements. Which head the income falls under, what else it interacts with and what you owe depend on your whole position rather than on this one receipt, and that is a question for a chartered accountant.

Before you ask us: your accountant can answer it properly in ten minutes with your full position in front of them.

This is a description of how the treatment is structured and is not tax advice. The head under which a referral reward is assessed, the rate, any threshold below which deduction does not apply and the reporting obligations depend on the law in force for the relevant year and on your own circumstances. Please consult a qualified tax professional.

Questions

Commonly asked about Refer & Earn

When exactly do I get paid?

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When the account you introduced becomes active, which means it has been funded and the condition set out in the terms has been met, and when the usual checks have been completed. Opening alone is not enough and funding alone is not enough. The reward is then credited on the cycle the terms set out, and the dashboard shows the status of every person you invited so you can see which stage each one stopped at. If somebody has been sitting at funded for weeks, the honest answer is that they are probably not going to trade, and chasing them is the thing this page asks you not to do.

Can I post my link on social media?

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No, and this is the rule most people want to bend. Posting publicly, putting the link in groups of people you do not know, running an advertisement or messaging a bought list is soliciting business from the market rather than introducing somebody you know, and soliciting requires registration with the exchange that a referrer does not have. Referrals generated that way do not qualify, and depending on what was posted we may have to report it. If you want to approach the market lawfully, that is the authorised person track on the partner page.

My friend opened an account but forgot my link. Can you add it?

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No. Attribution is created when the account is opened through your link and cannot be added afterwards by anybody, at any level, for any reason. This is not bureaucracy for its own sake: a programme in which attribution could be added later is a programme in which it can be claimed by whoever asks loudest, and the only defence against that is that nobody can. Send the link rather than describing us, and ask them to use it rather than searching for us.

Do I get a share of what my friend trades?

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Can I help my friend fill in the application?

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Sit with them if they want company, but do not touch it. The account has to be opened by them, on their device, with their documents, using one-time passwords that reach their phone and nobody else's. Asking for somebody's one-time password is the behaviour most associated with account takeover and we treat it that way whatever the intention. If they are stuck, customer care will walk them through it at no charge, and that is a far better answer than you doing it.

Is there a limit on how many people I can refer?

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The terms set out any cap on rewards and the bands at which the amount changes. The more useful limit is the practical one: this is designed for the people you actually know, and if you are running out of them, the answer is not to start approaching strangers. Volume beyond what a person could plausibly know personally is also one of the things that prompts a closer look at whether the programme is being used as intended.

Does my friend pay more because they came through me?

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No. They pay the published tariff, which is the same document for everybody, and nothing about a referral changes their brokerage, their charges or the service they get. Your reward does not come out of their pocket. It matters that this is true, because a referral programme funded by charging the referred person more would be a conflict dressed up as a benefit, and you would be the one unknowingly passing it on to a friend.

What if the person I referred closes their account?

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A reward already properly credited is not clawed back because somebody later closed an account they genuinely used. What the terms do provide for is reversal where the account turns out not to have qualified: where it was opened improperly, where the activity that triggered the reward was not genuine, or where a referral is found to have breached the conditions. Those are different situations and the terms distinguish between them.

Can I refer my spouse, my parent or my business?

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A family member opening a genuine account in their own name, with their own PAN and their own money, is an ordinary referral and counts. What does not count is an account that is really yours under somebody else's name, an account opened purely to collect the reward, or any arrangement where you are funding or operating it. The checks look at exactly this, the terms treat it as abuse, and the consequence is forfeiture of everything accrued rather than of the one reward.

Why is a referral page this cautious?

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Because the gap between an introduction and unregistered intermediation is one sentence wide, and a referrer who crosses it has a problem that is theirs rather than ours to carry. A page that said only "share your link and earn" would leave you to discover the line by crossing it. We would rather you knew where it was, found the programme slightly less exciting as a result, and stayed on the right side of it. The reward is real and so are the rules.

The short version

Key terms at a glance

A summary for reading quickly, not a substitute for the published terms, which govern. Where this table and the terms differ, the terms are right.

Key terms of the Refer and Earn programme and where each is defined
Term	What it means	Set by	Where it is defined
Who may refer	An existing client with an active account in good standing, introducing people they know.	Yukti	The published terms
Reward amount	20% of the brokerage on the introduced account, for the lifetime of that account.	Yukti	The published terms
What makes an account active	Funded, and the trading condition in the terms met within the period allowed.	Yukti	The published terms
When it is paid	After activation and after the checks, on the credit cycle the terms set out.	Yukti	The published terms
Attribution	Created only by the referral link at the time of opening. It cannot be added later.	Yukti	The published terms
Soliciting the market	Not permitted without registration as an authorised person with the exchange.	Regulation	SEBI and exchange regulations
Investment advice	A separate registration. A referrer must not advise anybody on what to buy or sell.	Regulation	SEBI regulations
Assured returns	May not be offered or implied by anybody, in any capacity, at any time.	Regulation	SEBI and exchange regulations
Tax on the reward	Income in your hands, with tax deducted at source where the law requires it.	Government	The Income-tax Act, as amended
Changes and withdrawal	The programme, the amounts and the conditions may be amended or withdrawn on notice.	Yukti	The published terms

Read the full terms before you send the first link

They are short, they are free, and they are the only place the current reward amounts, the bands, the activation condition and the qualifying period are stated.

Read the full terms Where the line is

The Refer & Earn programme is offered at our discretion and is governed by its published terms, which may be amended or withdrawn on notice. Participation does not make you our agent, representative, partner or authorised person, confers no authority to act for us, and does not permit you to solicit business from the market, to advise anybody on investments or to hold out as acting for us. Investments in securities are subject to market risks; read all the related documents carefully. Nothing on this page is investment advice or a recommendation to deal in any security, and no amount shown is a representation of what any participant will receive.

The programme rules

Referral terms and conditions

These are the terms of the Yukti referral programme. Investeria Financial Services Private Limited, trading as Yukti, offers the programme. The summary above is only a guide. These terms govern.

The referral programme is valid only for Indian residents.
The referrer must have an active Yukti account to participate in the referral programme.
The person referred must sign up using the referrer’s unique referral link. Referral attribution is captured only during account opening and cannot be modified after that.
Once a person successfully opens a Yukti account using a valid referral link and meets the eligibility criteria, the introducer is paid 20% of the brokerage generated on that account, for the lifetime of the account.
The reward is that 20% brokerage share. It is not a separate balance that must reach ₹100 before it can be paid. Yukti reserves the right to determine eligibility, validate referrals, and to revise the programme on notice.
The 20% brokerage share, and the accounts it relates to, are shown against the introducer on the Yukti platform.
The share is 20% of brokerage for the life of the introduced account. It is paid as that brokerage is generated. It is not withdrawn from a reward wallet, and there is no ₹100 minimum.
The brokerage share is paid to the introducer subject to applicable taxes, including tax deducted at source, wherever it applies.
If a person is already registered with Yukti before using a referral link or referral code, that referral is not eligible for any reward.
A referral link generated on Yukti applies only to opening a Yukti account. A referral or a reward under this programme is not carried forward to any other programme.
Self-referrals are not permitted. An individual client cannot refer themselves, or open more than one account, in order to claim a referral reward.
An individual client cannot refer their own non-individual account, or another non-individual account such as an HUF, a company, a partnership, an LLP or a trust, using the same contact details.
Referral rewards are not transferable. They cannot be assigned or passed to any other person.
A referrer is not an official representative of Yukti. A referrer must not enter into a contract or agreement on behalf of Yukti, must not publish marketing material, an advertisement or promotional content claiming an affiliation with Yukti without prior written permission, and must not carry on any marketing that needs exchange or regulatory approval without Yukti’s explicit consent.
Participants confirm that they have read and understood NSE Circular NSE/INSP/43029 dated 26 December 2019 and NSE Circular NSE/INSP/43824 dated 11 March 2020.
A dispute about this programme cannot be raised before an exchange investor grievance panel. It is to be resolved directly with Investeria Financial Services Private Limited (Yukti).
Participants and Investeria Financial Services Private Limited (Yukti) are bound by the applicable rules, regulations and compliance requirements of SEBI, the exchanges and the other statutory authorities.
Investeria Financial Services Private Limited (Yukti) may modify, suspend or terminate the referral programme at any time, without prior notice.
The decision of Investeria Financial Services Private Limited (Yukti) is final and binding on every matter relating to this programme. Yukti may, at its sole discretion, hold or refuse payment of a referral amount to any referrer, without notice to that referrer.
Participation is voluntary. Taking part is not financial advice or investment advice from Investeria Financial Services Private Limited (Yukti).

For the complete details of the referral scheme, write to info@yuktibroking.com or call 022-352207658. A complaint about the programme goes to grievance@yuktibroking.com.