Liquid Referral Code

This page previously described a cryptocurrency exchange. It is a stock app, and what it offers — recommendations — is regulated in India.

Liquide is an Indian stock trading and advisory app, not a cryptocurrency exchange. Every field on this page, the ₹1,000 reward it advertises and its Android package identifier all describe Liquide. There was, separately, a cryptocurrency exchange called Liquid (formerly Quoine), which was acquired by FTX and did not survive it. The two are unrelated, and conflating them would send a reader looking for the wrong product and the wrong regulator.

Now the substance, which is more useful than the disambiguation.

Liquide offers trade ideas and stock recommendations alongside a trading interface. In India that is a regulated activity, not a content feature — and the rules changed materially in 2025. Anyone using an app that tells them what to buy should know what its provider is required to do.

Under SEBI's Research Analyst framework as revised in 2025:

Fees are capped. A research analyst may charge an individual or HUF client a maximum of ₹1,51,000 per year per family. A recommendation service charging more than that to a retail household is outside the permitted structure.
Advance fees are limited to one year, with a proportionate refund on early exit and no breakage fee. If you stop, you get the unused portion back — you should not be charged a penalty for leaving.
Cash payment is prohibited.
AI usage must be disclosed. If models generate or filter recommendations, that has to be stated.
The Advertisement Code bans performance projections and exaggerated claims, and requires a no-guarantee disclaimer. Any "assured returns" or projected-gain language in this category is a breach, not a bold claim.
Social-media identity verification has been required since March 2025, aimed at the impersonation accounts that plague Indian finfluencer marketing.

What that means practically when an app offers "free stock picks":

Ask who is making the recommendation and under what registration. A SEBI-registered research analyst has a registration number and is on a public register. Look it up rather than taking a badge on a website at face value.
Ask how the recommender is paid. This is the question that matters most and is asked least. If recommendations are free, the revenue comes from somewhere — commonly brokerage on the trades the recommendations generate. That is not improper, but it is a structural incentive toward more trading, and more trading is what erodes retail returns. It is the same conflict our KuCoin and Bybit pages describe in crypto, where a referrer is paid a share of trading fees.
Treat "free" as a description of the price, not of the incentive.

And the broader Indian broking context, which applies to any referral in this category. On 14 August 2024 the NSE issued circular INSP/63425 disallowing the sharing of brokerage income for referrals, with the stated purpose of preventing trade inducement — after which several brokers discontinued referral programmes outright. But on 24 January 2025, NSE circular NSE/INSP/66284 placed that circular in abeyance, pending a Brokers' Industry Standards Forum proposal, and a SEBI consultation paper on broker referral programmes remains in development.

So the rule is suspended, not settled. Programmes running today sit in that gap. A referral offer in Indian broking is therefore not evidence that the practice has been approved — it is evidence that a prohibition is currently paused. Anyone building an income around one should know the ground may move.

Before using any recommendation service: find the registration number and check it; establish how the provider is paid; and remember that a recommendation given to you was given to a great many people at the same moment, which is precisely what makes acting on it late expensive.