With Groww overtaking Zerodha in active clients, Zerodha co-founder Nikhil Kamath has weighed in on competition in India’s broking industry, arguing that the market needs more players, not fewer. Speaking to Rahul Kanwal, Kamath defended the role of speculators in price discovery and called for a level playing field for retail investors, with a rethink of transaction-based taxation and trading practices that he says favour high-frequency traders.