Lesser-known and interesting facts about Motilal Oswal:
Motilal Oswal is an Indian business tycoon. He was born into a Rajasthani Jain family. In 1987, He co-founded Motilal Oswal Financial Services Ltd (MOFSL) with Raamdeo Agrawal and works as its managing director and chairman. In the 1990s, After their membership at the BSE, the Motilal Oswal Group had to inaugurate an office near the Bombay stock exchange building, and they relocated it into a 180 sq ft office at Natwar Chambers in Fort, Mumbai. First, Mr. Motilal Oswal and Mr. Raamdeo Agrawal functioned as sub-brokers. Subsequently, in 1994, a group firm, Vasant Holding Private Limited (VHPL), became a partner of the NSE. On 5th July, 1994, Mr. Motilal Oswal and Mr. Raamdeo Agrawal constructed Deo Securities Private Limited to employ in the trade of stock brokage and additional investment banking. Let’s have a look at some delightful facts about Motilal Oswal.
Oswal received the “Rashtriya Samman Patra” from the Government of India for existing among the country’s biggest income tax payers from 1995 to 99. In 1987, The business founded by Motilal Oswal is one of the aged full-service trading industries still in process today. He is an insatiable reader who has composed two books, “The Essence of Life,” and “The Essence of Business & Management.”
“The Ultimate Gift” written by Jim Stoval is Oswal’s favourite book. He was so intrigued with the book that he bought 1,000 copies to deliver to his friends, family, and colleagues. Motilal Oswal’s corporation was nominated and won the Best Performing Equity Broker (National) for the fifth consecutive year at the CNBC TV18 Financial Advisor Awards. It was enlisted into the ‘Hall of Fame’ at the 10th Financial Advisory Awards 2019.
The Institute of Economic Studies in New Delhi also offered him the “Udyog Rattan Award” for his offerings to the country’s financial advancement.
The Motilal Oswal skyscraper in Lower Parel of Mumbai imitates the market closure. The market closes off on Friday, therefore the skyscraper is brightened in red.
On November 30, 2000, Motilal Oswal Securities Limited changed its name to Motilal Oswal Investments Limited. On 12 December 2000, it became Motilal Oswal Investments Private Limited. Motilal Oswal’s father expected him to be a intelligent trader like himself, but Motilal wanted to experiment with the profession of CA and came to Mumbai for practices.
Oswald got awarded after entering into the “The Hall of Fame for Excellence in Franchising.” The award was bestowed by Franchising World Magazine. Motilal Oswal along with handful top brokers have been impeached of several abnormalities on NSEL. Agents including SFIO and EOW-Mumbai have organized the prime 5 brokers including The EOW had imprisoned old employees of three brokerages namely Anand Rathi, Geofin Comtrade, and IIFL. In March 2015, This was pursued by the market controller, SEBI handing out multiple show-cause notices to the dealers in 2016, 2017, 2018 & 2019 respectively. The EOW-Mumbai in its additional payment sheet has also indicted the three brokerages Anand Rathi, Motilal Oswal, and IIFL. Based on the proposals of SFIO & EOW’s summary against misconducts of brokers, SEBI announced Motilal Oswal along with India Infoline Commodities (IIFL) ‘not fit and proper’ as product derivative agents, in February 2019.