How to choose a broker partner program

Broker partner pages are sales pages: they show the best case. Before you join any partner program, as an authorised person for an Indian stock broker or as an introducing broker abroad, go through this checklist and get the answers in writing.

Regulation and safety

1. Is the broker registered? For Indian stock brokers, confirm SEBI registration on the SEBI website and exchange membership on NSE, BSE or MCX. For international brokers, check the regulator's official register; see our list of regulators.
2. Is the product legal for your clients? For Indian residents, forex is only permitted in specific pairs on recognised Indian exchanges. Read forex rules in India.
3. What approval do you need? In India, partners of stock brokers need exchange approval as an authorised person.

Money

4. Revenue share basis: a percentage of gross or net brokerage, and the full list of deductions. See how revenue sharing works.
5. Slabs: does a higher slab apply to all your revenue or only the part above the threshold?
6. Payouts: monthly or quarterly, minimum payout, statement detail and TDS handling.
7. Deposits and fees: security deposit amount, refund conditions and any software or branding fees.

Tools and support

8. Partner dashboard: can you see sign-ups, funded accounts, client activity and earnings in real time?
9. Onboarding experience: fast, fully digital account opening converts far better than paper forms. Try it yourself.
10. Partner support: do you get a named relationship manager, and how fast do they reply?

Rules and exit

11. Marketing rules: which channels you may use, whether you need pre-approval for content, and how the broker applies SEBI's finfluencer rules.
12. Termination and client ownership: notice period, what happens to your clients and your revenue share if either side ends the agreement.

How to compare two programs fairly

Ask each broker to calculate your payout for the same example: the same number of clients, the same trading activity and the same month. Put the answers side by side, then weigh support, tools and exit terms. The highest headline percentage is rarely the whole story. For international forex and CFD deals, our IB agreement checklist covers the contract side in more depth.

Questions to ask on the first call

• "Can you show me a sample partner statement with real columns, not a brochure?"
• "How many days does exchange approval usually take for a new authorised person?"
• "Which marketing channels are allowed, and what content needs your approval?"
• "Who handles client complaints, and what's the escalation path?"
• "What training do you give new partners in the first month?"

Scoring programs side by side

Give each program a score from 1 to 5 on the 12 checks above, then weight what matters most for your audience. A creator with an online audience might weight digital onboarding and the partner dashboard heavily; a local office partner might weight relationship-manager support and branch rules. Write down why you scored each item the way you did, so you can revisit it after three months of real results.

Review after 90 days

Once you've joined, check the program against what you were promised: payout accuracy, support response times, onboarding success rates and complaint handling. If something is consistently off, raise it in writing. A good partner program fixes problems; a poor one explains them away.

Frequently asked questions

Which broker has the best partner program?

It depends on your audience and how they trade. A program that pays well on derivatives brokerage may pay little for delivery investors. Compare programs with the checklist above rather than relying on rankings.

Can I join more than one partner program?

For Indian stock brokers, exchange rules generally allow one broker per exchange segment for an authorised person. Check current rules and your agreement before joining a second program.

Do partner programs charge a joining fee?

Some ask for a refundable security deposit and some don't. Get every fee and refund condition in writing before you sign.