How Zerodha’s Referral Stoppage Exposes The Dark Side Of Influencer Marketing | Explained

Zerodha has stopped its popular referral programme, after the NSE put out a circular on 14th August mandating that all referral fee earners be registered as AUTHORISED PERSONS with brokers and stock exchanges. Until now, the broking industry had been leveraging the powers of finfluencers to grow their business - by giving them a significant share of the brokerage fees if the investor logged on through the finfluencer's referral code. So essentially - that was the secret sauce of the finfluencer economy. Here's why it was bad for you, the investor.