What is the FYERS 30 Day Challenge, and why was it discontinued?
To encourage discipline among traders, we introduced FYERS 30 Day Challenge. Essentially, if you are in net profits for a period of 30 trading days, the brokerage charges incurred during the period will be refunded up to a limit of ₹10,000 per challenge (refer to this notice). The aim of this initiative was to encourage retail traders to be sustainably profitable all year round, even if it will impact our revenues. The rules are really simple and straightforward.
We regret to announce that the 30-day challenge will be suspended with effect from 23rd January 2023, due to recent changes in regulations that prohibit competition or 'gamification'. Even though 30 Day challenge was neither a competition nor a game, since there had to be two or more parties to be classified as such, the interpretation of the regulations still disallowed it.
To know about the ongoing 30-day challenge, refer to this notice.