# Motilal Oswal Financial Services

Motilal Oswal Financial Services Limited is an Indian financial services company offering a range of financial products and services. The company was founded by Motilal Oswal and Raamdeo Agrawal in 1987.
The company is listed on BSE and NSE stock exchanges.

## History

Motilal Oswal Financial Services was set up by Motilal Oswal and Raamdeo Agrawal as a broking house in 1987.
The company entered into investment banking in 2005, followed by private equity fund in 2006.
In February 2006, the company acquired Peninsular Capital Markets, a Cochin, Kerala based broking company for Rs. 35 crore. The company tied up with State Bank of India in 2006, Punjab National Bank in 2007 and Axis Bank in 2013 to offer online trading to its customers.
In January 2010, the company set up a mutual fund business named as Motilal Oswal Asset Management Company (MOAMC).
In 2013, the company established Aspire Home Finance Corporation Limited (AHFCL). The company offers loans for home, construction, composite, improvement and extension in India.
In February 2024, Motilal Oswal Financial Services faced a cyberattack by the ransomware group LockBit, which claimed to have accessed confidential data. This breach could affect the information of over six million clients and put at risk data related to the company's asset management and investment banking operations.

## Management

| Position | Personnel |
| Founder and CEO of Motilal Group | Motilal Oswal |
| Co-founder and Chairman of Motilal Group | Raamdeo Agrawal |
| Managing Director at MOFSL Group | Navin Agarwal |
| CEO of Investment Banking | Amit Ramchandani |
| CEO of Institutional Equities | Rajat Rajgarhia |
| CEO of Broking | Ajay Menon |

## Listings and Shareholdings

The equity shares of Motilal Oswal Financial Services are listed on the Bombay Stock Exchange, and the National Stock Exchange of India.
| Shareholders (as on 31-12-2022) | Shareholding (%) |
| Promoters | 69.47% |
| Mutual Funds | 05.89% |
| Financial Institution/Banks/Insurance | 00.00% |
| Foreign Institutional Investors (FII) | 07.35% |
| Corporate Bodies | 00.72% |
| Individuals | 09.15% |
| NRIs/OCBs | 00.38% |
| ADRs/GDRs | NIL |
| Others | 7.04% |
| Total | 100% |

## Products and services

Motilal Oswal provides products and services related to equity trading, commodity trading and investment advisory services, IPOs and SIPs investment, portfolio management services, and mutual funds investment. Motilal Oswal's client base was around 7.3 million at the end of June 2024.

## Milestones

* 1987 – Founded in Bombay by Motilal Oswal and Raamdeo Agrawal.
* 1990 – Listed on BSE.
* 1994 – Listed on NSE.
* 2007 – Went public via IPO; Featured as a case study in Harvard Business School.
* 2009 – Customer base crossed 5,00,000.
* 2010 – Launched Motilal Oswal Foundation.
* 2021 – AUM (assets under management) crossed the Rs. 2 trillion mark.

## Controversies

Motilal Oswal along with a few other top brokers have been accused of various irregularities on the NSEL case. Agencies including the Economic Offence Wing-Mumbai and SFIO have found the top 5 brokers including Motilal Oswal guilty of misselling NSEL contracts, KYC manipulation, client code modification, illegal transactions & infusion of black money through their NBFCs on the Exchange platform. The EOW had arrested senior employees of three brokers namely IIFL, Geofin Comtrade & Anand Rathi in March, 2015. This was followed by the market regulator, SEBI issuing multiple show-cause notices to the brokers in 2016, 2017, 2018 and 2019 respectively. The EOW-Mumbai in its supplementary charge sheet has also accused the three brokers IIFL, Motilal Oswal & Anand Rathi of cheating clients. Based on the recommendations of SFIO & EOW against misdeeds of these brokers, SEBI declared Motilal Oswal along with India Infoline Commodities (IIFL) ‘not fit and proper’ as commodity derivative brokers, in the last week of February 2019.
In May 2022, SEBI imposed a fine of INR 2.5 million on Motilal Oswal for misutilization of client funds and incorrect reporting of margins.

## Awards and recognitions

The company received a gold for marketing effectiveness at the Global ACEF customer engagement awards for their "Think Equity. Think Motilal Oswal" T.V Advertisement along with 3 awards at the ABBY Awards for Creative Excellence for the same. The company featured in the Forbes Super 50 Companies in 2017.
The company has been awarded by multiple Indian news organizations, such as ET Now, CNBC TV18 and Zee Business.