Motilal Oswal Financial Services Limited is an Indian businessman of financial services company offering a huge range of financial products and services. The company was founded by both Motilal Oswal and Raamdeo Agrawal in the year 1987.
The company was listed on BSE and NSE stock exchanges.
Education and Personal Life
In February 2006, Motilal Oswal Financial ServicesLtd. acquired Peninsular Capital Markets, a Cochin, Kerala grounded broking company for Rs. 35 crores. The company tied up with the State Bank of India in 2006, Punjab National Bank in 2007, and Axis Bank in 2013 to offer online trading to its guests. In January 2010, Motilal Oswal Financial Services. set up a collective fund business named Motilal Oswal Asset Management Company (MOAMC). In 2013, Motilal Oswal Financial Services. established Aspire Home Finance Corporation Limited (FCL). The company offers loans for homes, construction, compound, enhancement, and extension in India.
Controversies
Motilal Oswal along with many other top brokers has been indicted of colorful irregularities in the NSEL case. Agencies including EOW- Mumbai, and SFIO have set up the top 5 brokers including Oswal shamefaced of misselling NSEL contracts, KYC manipulation, customer law revision, Benami deals & infusion of black plutocrat through their NBFCs on the Exchange platform. The EOW arrested elderly workers of three brokerages videlicet IIFL, Geofin Comtrade & Anand Rathi in March 2015. This was followed by the request controller, SEBI, issuing multiple show-cause notices to the brokers in 2016, 2017, 2018 & 2019 independently.
The EOW- Mumbai in its supplementary charge distance has also indicted the three brokerages IIFL, Oswal & Anand Rathi of cheating guests. Grounded on the recommendations of SFIO & EOW’s report against errors of brokers, SEBI declared Oswal along with India Infoline Goods (IFL ‘not fit and proper as commodity secondary brokers, in the last week of February 2019. In May 2022, SEBI assessed a forfeiture of INR2.5 million on Oswal for misutilization of customer finances and incorrect reporting of perimeters.
