Major retail brokers are testing integration with the Metropolitan Stock Exchange as the exchange looks to expand its retail participation.
Groww and Zerodha are reportedly testing integration with the Metropolitan Stock Exchange of India (MSE), potentially giving their customers another platform for cash-market trading. The development comes as MSE works to increase participation and build deeper liquidity in its equity segment.
According to people familiar with the development, Groww, Zerodha and other large retail brokers are currently testing the integration of MSE into their trading platforms. The process will require changes to their existing trading products before the exchange can be made available to customers. The integration is expected to take around three to four months, although the timeline remains subject to testing and technical changes.
The activity of the MSE cash market.
The Metropolitan Stock Exchange has recently recorded cash-market turnover in the range of roughly ₹400-500 crore a day, including activity supported by its market maker, according to the report.
MSE’s own market data shows that traded value has remained substantial in recent sessions. On September 9, 2026, the exchange reported equity traded value of about ₹381.71 crore as of the published market update. At present, participants such as proprietary trading firms and brokers account for a significant portion of activity on the exchange.
F&O launch also in the pipeline.
MSE is also preparing to introduce a futures and options (F&O) segment. However, the exchange is expected to proceed with the launch only after its cash market achieves more sustainable trading volumes. The F&O rollout is also expected around the three-to-four-month timeframe, broadly coinciding with the anticipated completion of broker integration, according to the report.
If the integration goes ahead, adding major retail brokers could give MSE access to a significantly wider investor base. It could also help diversify trading activity beyond institutional and proprietary participants. However, the plans aren’t final. Groww, Zerodha and other brokers still need to complete testing and make the necessary product-level changes before MSE trading can be offered to customers.
