Upstox Secures GIFT City Licence to Offer International Stock Investing
India's top retail brokers—Zerodha, Groww, Angel One, and Upstox—have received regulatory approvals from IFSCA to offer US equities to domestic investors, either as broker-dealers or Global Access Providers.
Four of India's largest online brokerages — Zerodha, Groww, Angel One, and Upstox — have obtained licenses from the International Financial Services Centres Authority (IFSCA) to enable Indian retail investors to trade US stocks directly or indirectly.
The approvals, disclosed by IFSCA, mark a significant expansion for these fintech platforms into cross-border equity investing. Groww and Upstox secured Global Access Provider (GAP) licenses, while Zerodha and Angel One registered as broker-dealers.
A GAP license allows a firm to connect directly with a US broker for trade settlement. Broker-dealers, in turn, partner with GAPs to provide settlement services via American brokerage houses. This distinction aligns with the existing framework used by startups such as Vested Finance and IndMoney.
Zerodha and Groww received their approvals on June 2, 2025, followed by Angel One on June 12. Upstox's approval date has not been separately confirmed, but it was included in the same IFSCA disclosure.
Under Reserve Bank of India (RBI) rules, Indian residents can remit up to $250,000 per financial year through the Liberalised Remittance Scheme (LRS) for investments in foreign equities. Recent data from the RBI shows that Indians invested approximately $440 million in global equities in March 2025, a 43% increase from $306 million in the same month a year earlier.
Zerodha co-founder and CEO Nithin Kamath had indicated in October 2024 that the firm was preparing to offer US stock investing on its platform and had applied for the necessary licenses.
The move is part of a broader trend of fintech companies gravitating toward Gujarat International Finance Tec-City (Gift City) to facilitate cross-border capital flows. Earlier reports noted that payment firms are also exploring Gift City licenses to set up wallet services for international fund transfers.
With these new licenses, Groww, Upstox, Zerodha, and Angel One can now compete directly with existing GAP operators in the fast-growing segment of US equity access for Indian retail traders.
Source: Upstox