In the 18 months to March, Groww and Angel One lent their customers more than Rs 8,000 crore combined to buy more stocks than they can afford. This is not their core business, or at least it wasn’t supposed to be. 

Discount brokerages in India made their money by executing trades cheaply. Now they’re increasingly making money by financing those trades.

Margin trading—once a side offering—is turning into a meaningful revenue line. And in a slower market with tighter rules on........

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