Kotak Securities announces ‘Refer and Earn’ Programme

Kotak Securities today announced a first-of-its-kind initiative – ‘Refer and Earn’ – to boost retail participation in the Indian stock markets and enable wealth creation opportunities for new participants. Focused on its existing clients, the program will incentivise each customer up to 15% value of brokerage generated by the person referred, for life.


Devdiscourse News Desk | Updated: 07-03-2019 13:26 IST | Created: 07-03-2019 13:25 IST
Kotak Securities announces ‘Refer and Earn’ Programme
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Kotak Securities today announced a first-of-its-kind initiative – ‘Refer and Earn’ – to boost retail participation in the Indian stock markets and enable wealth creation opportunities for new participants. Focused on its existing clients, the program will incentivise each customer up to 15% value of brokerage generated by the person referred, for life.  

Any existing client of Kotak Securities can simply refer a friend, family member or a social accomplice to open a Demat and Trading account. Thereafter, whenever the referred person trades, 15% value of the brokerage generated will be credited to the referrer as Referral Points, for life. The referral points will be credited by the 25th of the following month on the basis of brokerage paid by the referred person in the previous month. The referrer can redeem the Referral Points for cash (subject to a minimum of 1,000 points) or he can net off future brokerage within 365 days.  

The referred person needs to open the account within 60 days from lead generation to get the required benefit. At the same time, the new account holders can also avail benefits such as Free Intraday Trading and Direct Mutual Fund Account.   Commenting on the launch, Jaimit Doshi, Executive Vice President – Marketing, said, “Following our successful launch of ‘Free Intraday Trading,’ which gives self-directed investors freedom from brokerage on intraday trades across cash, future and options segments, this programme is yet another initiative to increase retail participation in stock markets.”  

“Retail participation in Indian stock markets is abysmally low at around two per cent as compared to developed markets such as the US where it is more than 50 per cent. We want to see more retail participation in our markets, and this programme is our contribution towards offering wealth creation opportunities for them”, Doshi added.  

AN ILLUSTRATION OF HOW THE SCHEME WORKS

If the person referred generates brokerage of Rs. 20,000/-, the Referrer will receive 3,000 Referral Points (i.e. 15% of Rs. 20,000) in referral ledger. If Referrer redeems 3,000 Referral Points into Equity / MF ledger then Referrer will receive a credit of Rs.3,000/-, which he can utilise towards the purchase of securities or for taking fund pay-out to his designated bank account. In case, Referrer redeems 3,000 Referral Points to net off future brokerage, then referrer will receive additional 33% benefit which translates to a credit of Rs.3,990/-, which he can utilise only for netting off future brokerage for next 365 days, no fund pay-out will be allowed.      

About Kotak Securities, Kotak Securities Limited is a subsidiary of Kotak Mahindra Bank Limited and is the stockbroking arm of the Kotak Mahindra Group. With 1,352 branches, franchisees representative offices, and satellite offices across in 351 cities, Kotak Securities has the largest reach in the equity broking industry. It processes over 5, 00,000 secondary market trades every day and has a customer base of more than 13, 60,000 customers. Awarded Best Brokerage India 2018 by Triple-A Asset Country Awards, Kotak Securities offers a wide range of financial products for its clients, including Equity, Derivatives, currency derivatives, distribution of IPOs, Mutual Funds and Insurance.

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