According to the exchange circular
(PDF),
beginning August 15, 2024, brokers are prohibited from paying referral commissions to individuals not registered as an Authorised Person (AP). As a result, Zerodha will not be permitted to pay the 10% brokerage generated by referrals through the referral programme from August 25, 2024, until the exchange provides further clarification. However, 300 reward points will still be given for each successful referral.
The amount in the referral wallet gets updated for a month’s brokerage in the first week of the following month. See How does the referral wallet work?