mStock Referral Code

mstock's referral looks unremarkable next to the percentage offers that used to dominate this category. That is exactly why it is still standing.

mstock pays a flat ₹555 for a successful referral, and the flatness is the interesting part.

In August 2024 an NSE circular prohibited brokers from paying referral commission to anyone not registered as an Authorised Person of the trading member. That ended brokerage revenue sharing across the Indian broking industry within weeks — Zerodha's 10% share on 25 August, Angel One's from 1 September, and most leading brokerages discontinuing incentives in the same period. What survived was the fixed signup reward.

mstock's referral was already that shape, so it came through the change intact while the headline percentage offers at competing brokers disappeared. If you are comparing referral programmes across Indian brokers today, that is the pattern to look for: flat figures are current, percentage-of-brokerage figures are almost certainly pre-August-2024 and cannot be paid.

There is a structural reason mstock never leaned on a brokerage share. It is Mirae Asset's Indian broking arm and is built around a one-time-fee model with zero brokerage on delivery trades — a broker that charges little or no per-trade brokerage has little brokerage to share, so its referral was always going to be a flat payment rather than a revenue split. The regulation happened to align with the model.

As with every broker referral, the reward depends on the referred client actually completing account opening, and brokers set their own activation conditions on top of that. An account that opens and is never funded is the standard reason a referral does not pay, so check the current requirements in the app before promising anyone a figure.

And the standard caution for this category: ₹555 is not a reason to open a trading account. Fee structure, platform quality and whether trading is appropriate matter far more.