“Bearish on the broking industry, especially discount brokers, as the new 0.02% UPI MDR levy on transactions above ₹2,000, effective October 15, would make UPI prohibitively expensive. Brokers are pass-through entities for client funds, and levying MDR on the entire fund flow rather than just brokerage revenue would render UPI a non-starter for the industry, severely impacting wafer-thin margins.”