Alice Blue Referral Code

This page used to advertise ₹500 plus a 20% share of brokerage. The second half of that is the specific thing Indian exchanges prohibited in 2024, and it is worth knowing before you count on it.

The headline that has followed Alice Blue around — ₹500 plus 20% of the brokerage your referrals generate — describes an arrangement that ordinary referrers can no longer be paid under.

An NSE circular dated 14 August 2024, effective the following day, prohibited brokers from paying referral commission to anyone who is not a registered Authorised Person of the trading member, appointed with prior approval from the exchange. A share of brokerage revenue is precisely the kind of payment the rule addresses. Across the industry the response was immediate: Zerodha ended its 10% brokerage share on 25 August 2024, Angel One stopped sharing brokerage revenue from 1 September 2024, and most leading brokerages discontinued paying referral incentives altogether.

A 20% share was among the most generous in the market, which is exactly why it circulated so widely — and why any page still advertising it is the furthest out of date.

What can still be paid is a flat reward for a successful signup. That distinction is the whole of the current position: fixed incentives survived, percentages of client revenue did not. If Alice Blue is running a flat referral reward today, that is the figure that applies, and it will be shown in your own account rather than on a listing site.

If a percentage of brokerage is genuinely what you want, the compliant route is registering as an Authorised Person with the broker. That is a formal appointment requiring exchange approval, with obligations attached — it is a business relationship rather than a referral link, and it is the structure the circular pushes this activity into.

The exchange's stated concern was that unregistered people introducing clients to trading accounts could facilitate activity contrary to investors' interests, including unauthorised collective investment schemes. Whatever view you take of the rule, a referrer paid a percentage of trading activity has a direct financial interest in that person trading more, which is the conflict it removes.