Groww, Zerodha Test MSE Integration as Exchange Looks to Expand Retail Trading

Metropolitan Stock Exchange of India (MSE) could soon find a place alongside the existing exchange options available to retail investors on some of India’s largest broking platforms. 

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Groww and Zerodha are currently testing an integration with MSE that could allow their customers to trade in the exchange’s cash market. Other large retail brokers are also expected to offer MSE as an additional trading option, according to people familiar with the development cited by Moneycontrol. 

The rollout will not be immediate. Brokers still need to make changes to their trading products and complete testing before MSE can be opened to customers. That process is expected to take around three to four months. 

Why Retail Brokers Matter for MSE 

MSE already has activity in its cash market, but much of it currently comes from proprietary trading firms and brokers, including Zanskar and Jainam. 

Daily cash-market volumes on the exchange are around ₹400-500 crore, including transactions facilitated by its market maker. 

Bringing large retail platforms into the mix could change the profile of participation on the exchange. Groww and Zerodha have also previously invested in MSE. 

The exchange raised a total of ₹1,240 crore across two funding rounds held in December 2024 and August 2025. Both Groww and Zerodha participated in the fundraising. 

For now, however, their involvement as trading platforms remains at the testing stage, and the proposed integration is subject to the required product changes being completed. 

F&O Launch Also on the Cards 

MSE is working on another part of its market offering at the same time — futures and options. 

The exchange is preparing to introduce an F&O segment, although it wants its cash market to first reach healthy and sustainable trading volumes. 

The derivatives launch is expected in roughly three to four months, putting its timeline broadly alongside the proposed integration with larger retail brokers. 

That makes the coming months important for MSE’s expansion. Its cash market currently relies heavily on proprietary participants, while the addition of major retail brokers would give individual investors another route to access the exchange. 

If the ongoing testing and product changes are completed as planned, Groww, Zerodha and other large brokers could begin offering MSE as an additional cash-market option within the next three to four months.