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Motilal Oswal Review
Motilal Oswal is a large Indian financial services group and stockbroker, not a forex broker. SEBI has fined it several times in recent years for rule breaches.
Min Deposit
N/A
Spreads From
Not applicable, pricing runs on brokerage commission, not currency spreads
Max Leverage
Set per product under SEBI margin trading rules, not one fixed retail ratio
Platforms
Motilal Oswal web and mobile trading platforms
Pros
- Full range of services, broking, asset management, and wealth management
- Holds SEBI registrations as broker, research analyst, and adviser
- Runs its own established mutual fund and ETF business
- Long track record, growing from a small firm founded in 1987
Cons
- SEBI has fined it multiple times in recent years for rule breaches
- Past fines cover misused client funds and incorrect margin reporting
- Fined again in 2025 for margin lapses and misplaced trading terminals
- Not a forex broker, so currency traders should look elsewhere
Motilal Oswal Financial Services Limited grew from a two person sub broking firm that Motilal Oswal and Raamdeo Agrawal started in 1987. The current listed company was incorporated in 2005, and it now covers broking, asset management, investment banking, and wealth management.
It is an Indian stockbroker, not a forex broker, holding SEBI registrations as a stock broker, research analyst, and investment adviser, with membership on the NSE, BSE, MCX, and NCDEX. It also runs Motilal Oswal Asset Management, one of India's larger mutual fund and ETF providers.
SEBI has fined the firm repeatedly in recent years. It paid 17 lakh rupees for failing to segregate client funds, 25 lakh rupees over misused client funds and incorrect margin reporting, 7 lakh rupees in January 2025 for margin and disclosure lapses, and 3 lakh rupees in June 2025 after trading terminals were found outside authorised locations.
Max Leverage
Set per product under SEBI margin trading rules, not one fixed retail ratio
Spreads From
Not applicable, pricing runs on brokerage commission, not currency spreads
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
