Market onlookers say discount brokers like Groww, Upstox, Zerodha Angel One, Zerodha, and 5Paisa will feel the brunt of the Sebi circular. Under the previous slab-wise regime, they could pocket the difference between the transaction charges paid to the exchanges (lower due to high trading volumes) and the charges passed on to clients (typically higher).To illustrate with a random example, brokers may charge clients Rs 47.50 per lakh of premium value for equity options and pay a lower rate of Rs 27.50 per lakh when volumes exceed a certain threshold, keeping the difference for themselves. For stock exchanges, the reduced transaction charges for end-users (investors) could potentially increase trading volumes, which could positively impact the exchanges. However, the actual outcome is yet to be seen. BSE shares surged Rs 18 to Rs 3,663 after this announcement. Discount brokers such as Angel One, 5 Paisa, and Motilal Oswal surged Rs 31, Rs 5, and Rs 3 today. All these stocks are in green monthly.