How NSE helped Zerodha start when it had little money: Nithin Kamath recalls ahead of IPO

Zerodha founder Nithin Kamath said the National Stock Exchange played a critical role in the early journey of the brokerage, recalling how NSE’s free trading platform helped Zerodha start operations when it did not have the money to build its own platform.

Kamath's comments come as NSE’s much-awaited IPO moves closer to launch, turning attention back to one of India’s most important market institutions.

In a post on X, Kamath said one of the reasons Zerodha considered becoming a brokerage firm in 2010 was NSE NOW, a free trading platform provided by NSE that brokers could offer to their clients. "Back in 2010, one of the reasons we even considered becoming a brokerage firm was because of NSE NOW," Kamath said.


He said that when Zerodha was starting out, he had heard "scary stories" about exchanges. But his own experience with NSE was very different. "When we went to Chennai to inquire about a membership, they were incredibly welcoming," he said.

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Kamath recalled that when NSE officials realised Zerodha did not have much money, they even waived the membership fee of around Rs 5 lakh. "We are around because of NSE."

Kamath said NSE supported Zerodha at a stage when the company had limited resources. "When we started, we didn’t have the money to build our own trading platform. If there is one company I personally feel a sense of obligation towards, it is the NSE," he said.

Kamath said he expects NSE IPO to be successful, while adding that his comment should not be treated as an investment recommendation. "Given that it is NSE, I have no doubt that it will be a successful IPO," he said.

NSE’s proposed listing is one of the most-awaited IPOs in India’s capital market. The exchange dominates equity derivatives trading and is central to India’s market infrastructure, handling large volumes across cash equities, derivatives and other segments.

The IPO has been pending for years because of regulatory and legal overhangs, but the process has moved forward in recent months. Market participants expect the issue to draw strong interest because of NSE’s scale, profitability and strategic position in India’s financial system.

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