Wire · operational-macro
Brokerages weigh new charges, mandates as UPI MDR set to take effect
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Fusion42 · 2 October 2026 · Fusion42 review
Indian stock brokerages are preparing to introduce new charges and mandates as a 0.02% MDR on UPI capital-market transactions takes effect on 15 October, threatening to reduce margins on fund transfers. Brokers consider mandate-based payments and increased brokerage fees to offset these costs, despite NPCI guidelines advising against passing charges to consumers.
This Wire brief sits within Fusion42's coverage of Fintech.
◆ ◆ The Wire takeaway
You must prepare to either add new fees or adjust payment methods as UPI MDR hit means fund transfers to trading accounts now carry costs you cannot absorb forever. Switching customers to mandate-based payments or raising brokerage fees opens a new revenue line but risks pushing users away from zero-fee offers.
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1 source · 2 Oct 2026
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