Nithin Kamath says new UPI charges on investing, broking don’t make sense: 'I don't see how we can absorb this indefinitely'

Zerodha CEO Nithin Kamath said the new UPI MDR framework may not make economic sense for investing and broking, where customers can transfer funds without trading. He said brokers may struggle to absorb the costs indefinitely, particularly under quarterly settlement rules, and suggested a lower MDR with a transaction-level cap.