Groww, Zerodha May Add MSE As Trading Option As Stock Exchange Targets Retail Investor Growth

Large retail brokers, including Groww and Zerodha, are likely to provide customers access to the Metropolitan Stock Exchange of India (MSE) as an additional trading platform, according to a report by Moneycontrol.

Both discount brokers are currently testing technical integration with MSE and will have to modify their trading systems before the exchange’s cash market segment can be offered to users. The integration process is expected to take around three to four months.

The move could provide a major boost to MSE’s efforts to increase liquidity and expand its presence among retail investors.

The exchange has been working to build a broader participant base beyond its current dependence on proprietary trading firms and brokers.

MSE seeks stronger retail participation

MSE had raised ₹1,240 crore through two funding rounds in December 2024 and August 2025, with participation from leading brokerage firms, including Groww and Zerodha.

At present, MSE’s cash market activity is mainly supported by proprietary traders and brokers such as Zanskar and Jainam. The exchange records daily cash market turnover of around ₹400-500 crore, including trades supported by its market maker.

Greater participation from major retail brokers could help MSE improve trading depth and create a more diversified ecosystem.

The integration with large platforms would allow retail investors to access another exchange option alongside existing market venues.

F&O launch planned after cash market growth

MSE is also preparing to introduce its futures and options (F&O) segment. However, the exchange plans to launch derivatives trading only after achieving stable and sustainable volumes in the cash market.

The F&O segment is expected to be introduced in roughly three to four months, around the same period when broker integrations with MSE are likely to be completed.

The development comes as Indian stock exchanges and brokers continue to invest in technology infrastructure and connectivity to improve market access for retail participants.

While the plans could strengthen MSE’s position in India’s capital markets, the rollout depends on successful completion of testing and necessary product changes by brokers.

MSE, which is the country’s third-largest stock exchange, formally began operations earlier this year and is looking to increase its role in India’s expanding retail trading ecosystem.