Zerodha, Groww, Upstox, Angel One Get US Stock Trading Approval
By Varun Mittal
Zerodha, Groww, Angel One, and Upstox are approved by IFSCA to offer US stock trading from GIFT City, opening global markets for Indian retail investors.
Four major Indian brokerages—Zerodha, Groww, Angel One, and Upstox—have received regulatory approval to let Indian investors buy US and international stocks from GIFT City. This move is set to significantly boost access for retail investors seeking global market exposure.
New Pathways to Global Markets
The International Financial Services Centres Authority (IFSCA) granted the approvals. This development addresses growing demand from Indian retail investors for direct exposure to international markets.
- Zerodha and Upstox will operate as broker-dealers, using international clearing partners like Interactive Brokers, ViewTrade International, and Alpaca Securities.
- Groww and Angel One will leverage the new Global Access Provider (GAP) framework, designed to streamline cross-border retail capital flows.
- These new international investing features are expected to launch within two to three months after tech and compliance testing.
Why It Matters for Investors
The GAP model, established by IFSCA in August 2022, offers a cost-effective and regulated way for Indians to access global markets. Notably, it eliminates withdrawal fees when repatriating funds back to India.
Investor interest is high, driven by desires to hedge against domestic concentration and invest in global tech trends like AI and semiconductors. The recent $75 billion IPO of SpaceX reportedly spurred a significant increase in US stock trading volumes.
Market Context and Outlook
While the US Nasdaq index has delivered over 40% returns in the past year, Indian markets have seen relatively subdued performance due to a depreciating rupee. Existing platforms like INDmoney, Smallcase, and HDFC Securities already offered international options.
However, the entry of these four major players—prominent in India’s domestic discount broking sector—is expected to broaden access substantially. Groww leads in active users, followed by Zerodha and Angel One, with Upstox ranking fifth. Raise Securities (Dhan) also recently added US stock and ETF access.