What It Means
Zero brokerage is a pricing model, popularized by discount brokers like Zerodha, where equity delivery trades carry no brokerage charge at all — you can buy and hold shares without paying the broker a fee for that specific transaction.
How It Works
"Zero brokerage" applies specifically to delivery trades, not every trade type — intraday, F&O, and other segments still typically carry brokerage or a flat fee per order. Even on a zero-brokerage delivery trade, several other charges still apply regardless of what the broker charges: STT, exchange transaction charges, SEBI turnover fees, stamp duty, and GST on the applicable charges. Brokers can offer zero brokerage on delivery because it's a small slice of their overall revenue — the bulk typically comes from intraday and F&O brokerage, along with other services.
Warning
"Zero brokerage" doesn't mean a trade is entirely free — STT, exchange charges, and other statutory fees still apply on every delivery trade, even with a broker that waives its own commission.