India’s market regulator is one of the most progressive in the world: Groww’s Lalit Keshre on recent F&O curbs

Groww founder and CEO Lalit Keshre

India’s markets regulator, the Securities and Exchange Commission of India, is among the most progressive in the world, enabling broking and wealth-tech companies to scale, Lalit Keshre, founder and CEO of Groww told Moneycontrol.

“We have seen a lot of progressive regulation. I think our regulator is the most progressive across the world. A lot of things that they brought in helped us grow. I don’t think Groww would have been where it is, you know, if not for those,” Keshre said.

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He pointed out that the direct mutual fund introduced by SEBI in 2013, which reduced the expense ratio and increased the customer returns on investment, was instrumental in Groww’s initial stage of growth.

“Then there was entry load reduction and onboarding regulations that helped us grow,” Keshre said a day after the company announced IPO price band on October 29.

Watch the full video interview here

This values the company at around Rs 62,500 crore ($7.1 billion). The Rs 6,632 crore issue includes a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572 crore.

For FY25, the Bengaluru-based fintech reported revenue of Rs 4,056 crore and net profit of Rs 1,899 crore, with net margins of 44.85%. The IPO will be open for subscription between November 4 and 7, 2025.

Keshre was addressing the concerns regarding the decline in revenue for brokers post several SEBI regulations that clamped down on Futures and Options (F&O) trading. However, Keshre said that over the long term, these will help ensure customer trust in the stock market investment.

“Everything kind of helps in growing and in customer protection, which is also very important along with growth, as trust in the system is very important. So, all these regulations also build a lot more trust in the system,” Keshre added.

He added that over time, as the Indian economy grows and the country’s wealth increases, companies will see growth returning.

“India is the only country that is going to compound so fast over the next many years. And capital markets are a very core component. And capital markets will continue growing, and as Groww, we play a lead player in this, we'll continue kind of expanding and grow the market,” Keshre added.