Four leading Indian retail brokerages—Zerodha, Groww, Angel One, and Upstox—have received approval from the International Financial Services Centres Authority (IFSCA) to enable Indian investors to purchase international and US stocks from GIFT City. This development is significant as it opens up new avenues for Indian retail investors to diversify their portfolios by investing in international markets. The move comes in response to a growing demand from Indian investors to access global equities amid a desire to hedge domestic risks and invest in international megatrends.
### Company and Product Details
Zerodha and Upstox will operate as broker-dealers under the framework set by the IFSCA, executing trades through international clearing partners like Interactive Brokers, ViewTrade International, and Alpaca Securities. On the other hand, Groww and Angel One plan to function under the Global Access Provider (GAP) framework, with ViewTrade having already received GAP approval. The platforms are expected to take two to three months to roll out these international investing features, as they finalize technology, compliance, and testing processes.
The GAP model, introduced by IFSCA last year, offers a regulated and cost-effective pathway for cross-border retail capital. It notably allows investors to bring their funds back to India without incurring withdrawal fees, making it an attractive option for those looking to invest internationally.
### Market Context and Competition
The approval comes at a time when Indian retail investors are increasingly seeking exposure to international markets to diversify their investments. This trend is driven by the opportunity to hedge against domestic market concentration and gain exposure to global technology trends such as artificial intelligence and semiconductors. Recently, the notable $75 billion IPO of SpaceX spurred a 20-25% increase in trading volumes on platforms offering US stock investments, highlighting the appetite for international equities.
While the Nasdaq index in the US delivered over 40% returns last year, Indian markets have been relatively subdued, partly due to a depreciating rupee. Previously, platforms like INDmoney, Smallcase, and HDFC Securities offered international investment options through alternative routes. However, the entry of Zerodha, Groww, Angel One, and Upstox into this space under a unified regulatory framework is expected to significantly enhance Indian retail investors’ access to global equities.
### Implications for India’s Startup Ecosystem
The inclusion of these major brokerages in facilitating international stock investments is poised to boost the Indian fintech ecosystem, particularly in the realm of online trading and investment platforms. As these companies have been pivotal in the domestic discount broking space, their expansion into international markets is likely to set a new benchmark in the industry. According to NSE data from May 2026, Groww leads the retail brokerage segment in India with over 1.3 crore active users, followed by Zerodha, Angel One, and Upstox, all of whom are now positioned to capture a significant share of the international investing market.
### What May Happen Next
As these platforms prepare to launch their international investing features, stakeholders in India’s fintech and investment sectors should watch closely for potential shifts in investor behavior and market dynamics. For founders and investors in the fintech space, this development presents opportunities to innovate around global market access and investor education. The success of these initiatives may well determine the pace at which Indian retail investors embrace global diversification, making this an area to monitor for upcoming trends and regulatory developments.
