New Delhi, Feb. 9 -- Tiger Global-backed Upstox has sought permits to offer non-bank lending, asset management, and other financial services, as the regulator's prolonged clampdown on retail frenzy in futures and options has clouded the broking industry's growth outlook.

While growth almost flattened in the previous fiscal ended March 2025 (FY25), Upstox expects profits to double in the ongoing (FY26) and the next (FY27) financial years, co-founder and CEO Ravi Kumar said in an interview.

The sharp improvement in the profitability of India's fourth-largest broker by clients in FY26 is driven by a tighter focus on high-value, active traders, which lifted the average revenue per active user (Arpu) and improved retention. "Our Arpu has gon...