In 2026, stock broker referral programs have been significantly impacted by new guidelines from the National Stock Exchange (NSE) aimed at preventing trade inducement. As a result, brokers like Zerodha, CapMint, and Dhan have restructured their offerings. Zerodha, a pioneer in India's referral model, now rewards users with 300 Reward Points for each successful referral, which can be used to waive annual maintenance charges or access premium tools. CapMint stands out with a 50% revenue share for referrals, appealing to active traders due to its fast payout system. Dhan offers a 20% share of brokerage earnings, emphasizing transparency and quick withdrawals. For those preferring cash, Upstox and Groww provide flat-fee rewards, with Upstox offering ₹200 for account openings and additional bonuses for trades. Choosing the right program depends on the trading habits of referred individuals, whether they are active traders or long-term investors. Given the evolving nature of these programs, potential participants should verify the latest terms directly with brokers.