Zerodha marked its 16th anniversary as CEO Nithin Kamath said slower market activity and regulatory changes have made brokerage growth more challenging. The comments point to a broader shift in India’s retail trading environment, where broker activity depends not only on market participation but also on the pace of new account growth and the rules shaping how investors trade. He also cautioned that the company’s growing margin trading funding book could increase market risks.

Kamath said that despite weaker trading activity, Zerodha’s customer assets continue to rise, supported by trust, technology and financial content. That distinction matters for a brokerage because rising assets can reflect stickier client relationships even when trading volumes are under pressure.

He said user additions are slowing and noted that Zerodha’s mutual fund business has “slipped up a little.”