Leading Indian new-age brokerages, including Groww, Zerodha, Angel One and Upstox, are expanding into overseas equity investing after obtaining licences from the International Financial Services Centres Authority (IFSCA), the regulator overseeing Gujarat's GIFT City, according to disclosures made by IFSCA and reported by ET.
Regulatory Approvals and Licence Details
Under the IFSCA framework, the four brokerages received two types of approvals. Groww and Upstox were granted Global Access Provider (GAP) licences, while Zerodha and Angel One received broker-dealer approvals, according to IFSCA disclosures cited by ET.
| Brokerage | Licence Type | Approval Date |
|---|---|---|
| Groww | GAP | June 2, 2026 |
| Zerodha | Broker-dealer | June 2, 2026 |
| Angel One | Broker-dealer | June 12, 2026 |
| Upstox | GAP | Not specified |
GAP licence holders connect directly with US-based brokers for trade settlement, while broker-dealers facilitate such services by partnering with GAP operators and American brokerage firms, the regulatory framework states. The approvals place Groww and Upstox alongside existing GAP operators such as Vested Finance and IndMoney, which already provide Indian investors access to global equities.
Investor Outflows and LRS Framework
Data from the Reserve Bank of India (RBI) showed that Indian investors allocated approximately $440 million to overseas equities in March 2026, marking a 43% increase from the $306 million invested during the same month a year earlier, as reported by ET. Current RBI regulations allow individuals to remit up to $250,000 annually under the Liberalised Remittance Scheme (LRS), enabling them to invest in overseas assets including international stocks.
Market Reaction and Industry Views
Trading activity in US equities surged by around 20% on Friday, June 15, 2026, according to an ET report, with investor interest largely fuelled by excitement surrounding SpaceX's anticipated public market debut. Zerodha Chief Executive Officer Nithin Kamath had said in October 2025 that the brokerage was preparing to offer access to US stocks on its platform and had already sought the necessary regulatory approvals to launch the service.
GIFT City as a Cross-Border Hub
GIFT City is witnessing growing activity as an increasing number of fintech firms seek licences there to broaden their participation in cross-border financial transactions involving India, the ET report noted. A recent report in the financial daily said that several payment companies were evaluating the GIFT City framework as a potential route for launching wallet-based services within the international financial centre, enabling them to facilitate international fund transfers and related cross-border payment flows.
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