Four major Indian retail brokerages, Zerodha, Groww, Angel One and Upstox, have received approval from the International Financial Services Centres Authority to operate from Gift City. The clearances allow the platforms to facilitate trading in US stocks for Indian retail investors. Groww and Upstox obtained Global Access Provider licences, while Zerodha and Angel One were approved as broker-dealers. The two licence types differ in how they settle trades with US brokers. With these approvals, Groww and Upstox join existing providers such as Vested Finance and IndMoney that already offer overseas investing under the Reserve Bank of India’s Liberalised Remittance Scheme. Recent data indicate rising interest, with Indian investors allocating around 440 million dollars to global equities in March, up 43 percent from the prior year.
