Groww, Zerodha likely to offer MSE as option for cash markets in 3-4 months

Fresh updates from the financial markets indicate that Groww, Zerodha and other large retail brokers are likely to offer the Metropolitan Stock Exchange of India (MSE) as an additional trading option for their cash market customers, with both discount brokers at present in the testing phase, according to people familiar with the development.

MSE had boosted Rs 1,240 crore in two tranches in December 2024 and August 2025, which saw participation from major brokerage houses Groww and Zerodha.

The brokers are testing the integration with MSE and will need to make changes to their respective trading products before the exchange can be made available to their customers. The integration is anticipated to take around three to four months, the people stated.

The move could provide MSE with a significant lift as it seeks to deepen liquidity and attract more retail participation to its cash market segment.

At present, MSE's cash market activity is largely fuelled by proprietary trading firms and brokers, including Zanskar and Jainam.

MSE at present records daily cash market volumes of around Rs 400-500 crore, including trades facilitated by its market maker, according to the people cited above.

The exchange is additionally preparing to launch its futures and options (F&O) segment. That stated, the rollout is anticipated to take place only after the cash market develops healthy and sustainable trading volumes.

The F&O segment is likely to be rolled out in around three to four months, broadly around the time the integration of MSE with larger retail brokers is anticipated to be completed, the people stated.

The development comes as exchanges and brokers keep invest in technology and connectivity to improve market access for retail market participants.

Greater participation from large brokers could help MSE build a more diversified trading base, moving beyond its current reliance on proprietary participants.

The plans, that stated, stay subject to completion of testing and product-level changes by the brokers before the integration is rolled out to customers.

MSE is the third largest stock exchange in the country and formally started its operations earlier this year.