Brokerage app Dhan said it’s going to stop the 50% discount offered in intraday trading charges for women traders due to misuse of accounts by male users and the SEBI circular to charge uniform fees and not based on trading volumes.

What Happened: Dhan said it was discontinuing the discount offered from July 8 as the brokerage identified male users using the accounts opened in the name of female users to take advantage of the lower brokerage fees. The recent SEBI circular also played a part in the decision, Dhan said.

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Dhan charged ₹10 for intraday trades instead of the usual ₹20. The brokerage rolled out the discount in March 2022 to encourage women’s participation in trading. At that time, the brokerage said that less than 20% of its users were women.

Market regulator Securities and Exchange Board of India on Tuesday asked Market Infrastructure Institutions to charge brokers uniformly. Currently, MIIs charge lower fees to brokers if the trading volume is higher while brokers charge the investor the entire transaction fees, pocketing the difference. The move is expected to affect the revenue of discount brokerages.

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