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CHAPTER-III

COMPANY PROFILE

Motilal Oswal Financial Services Ltd. (BSE, NIFTY, NASDAQ, Dow Jones, Hang Seng)
is a diversified financial services firm offering a range of financial products and services such
as Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset
Management, Private Equity, Investment Banking, Commodity Broking and Home Finance.

Background

The company was formed in 1987 by Motilal Oswal and Raamdeo Agrawal after they
acquired membership on The BSE.[2] Motilal Oswal was elected director and joined the
Governing Board of the Bombay Stock Exchange in 1998.
Motilal Oswal Securities is a Depository Participant of NSDL[3] and a Depository Participant
of Central Depository Services Limited (CDSIL)[4] in 2000. The company started offering
Derivatives products and advisory services on both BSE as well as NSE in 2001

In 2006 the company entered Private Equity and Investment Banking business. In the same
year, Motilal Oswal group acquired South Indian brokerage firm – Peninsular Capital
Markets. The company tied up with State Bank of India and Punjab National Bank in 2006
and 2007 to offer online trading to its customers. 2008 saw the company create one of India's
largest EquityDealing & Advisory rooms, spread over 26,000 sq ft (2,400 m2) in Malad,
Mumbai.

In January 2010, Motilal Oswal Financial Services (through its subsidiary Motilal Oswal
Securities Ltd.) received the final certificate of registration approval from Securities and
Exchange Board of India (SEBI) to set up a mutual fund business in the country.

In January 2010, Motilal Oswal Financial Services (through its subsidiary Motilal Oswal
Securities Ltd.) received the final certificate of registration approval from Securities and
Exchange Board of India (SEBI) to set up a mutual fund business in the country. Motilal
Oswal Asset Management Company is registered with SEBI as the Investment Manager for
Motilal Oswal Mutual Fund. It was incorporated on November 14, 2008.

MOAMC is a 100% subsidiary of Motilal Oswal Securities Limited. It provides Investment


Management and Advisory Services to investors based within and outside India and having
Portfolio Management Services business, ETFs and Mutual Funds. Motilal Oswal Asset
Management Company Ltd., one of the fastest growing Asset Management Companies in
India and has recently crossed the $1 billion in equity Assets Under Management (AUM)
mark in June 2015 registering itself into an elite club.

AHFCL is a subsidiary of Motilal Oswal Securities Limited (MOSL) which is a part of


Motilal Oswal Financial Services Limited (MOFSL) Aspire Home Finance Corporation
Limited (AHFCL) is a professionally managed housing finance company with unique
combination of financially sound and technically experienced promoters who are well known
in their domain for professional ethics and strong execution capabilities.

The Company has been rated “CRISIL A+/Stable” by CRISIL for long term borrowings and
“ICRA A1+” by ICRA for short term borrowings.
As on dated Total Login Number is 24,733 with Amount of Rs. 2882.16 Crore out of this
total Sanctioned Number 17,686 with Amount of Rs. 1954.95 Crores. Total Disbursement till
date Rs. 1444.38 Crore.

Company has received "The Most Admired and Valuable Home Finance Company, 2015, in
the recently held Indian Leadership Conclave award function.;[10] Financial Services
Institution of the Year” award by ASSOCHAM India at ICT 4 Development Awards 2015;
Agency Innovation of the Year (BFSI Sector)" at the Brand Excellence Awards 2015
presented by ABP News.

Awards and Recognitions

 Motilal Oswal Financial Services Ltd wins Banking Frontiers FINNOVITI Awards 2017
for its Watch App
 Motilal Oswal Securities won 2 awards at recently held CNBC TV18 Financial Advisory
Awards 2016 : Awarded for the 5th time as Best Equity Broker-National & Awarded as
Best Institution for Financial Education & Inclusion by Special Jury.
 Motilal Oswal Wealth Management Ltd participated in the CNBC TV18 Financial
Advisory Awards 2014 – 15; and in the very first year of its participation has been
adjudged Best Performing National Financial Advisor (Wealth distribution category).
 Motilal Oswal Securities Ltd. wins the “Best Research as Research Showcase Partner” at
RESEARCHBYTES IC AWARDS 2014. The winners were selected from a poll of over
1500 Fund Managers/Analysts!.
 Motilal Oswal Securities received two awards for its equity research in IT and
commodity (forex) segments at India's Best Market Analyst Awards 2014, India's biggest
Financial Market Awards also called as ZEE Business Awards 2014.
 Motilal Oswal Securities won the Best Performing Equity Broker (National) Award at
CNBC TV18 Financial Advisor Awards 2013 held in Mumbai.
 Motilal Oswal Financial Services Ltd's Analyst Mr. Jinesh Gandhi won the Best Market
Analyst Award for the categories Equity-Auto at ‘India`s Best Market Analyst Awards
2013 organized by Zee Business.
 Motilal Oswal Securities was declared "Best Equity Broker" at Bloomberg UTV
Financial Leadership Awards in April 2012.
 Motilal Oswal Securities was awarded with Best Performing National Financial Advisor
Equity Broker Award in 2012, second time in succession.[19][20]
 Motilal Oswal Financial Services was honoured with an award for Best Use in PR in
Financial Services Category at India PR & Corporate Communications Awards 2012.
 Motilal Oswal Securities received Best Equity Broking House Award by BSE IPF-D&B
Equity Broking Awards 2011
 Motilal Oswal Mutual Fund's MOSt Shares M50 ETF was adjudged Most Innovative
Fund of the Year by CNBC TV18 CRISIL Mutual Fund Award 2011 [23]
 Best Capital Markets & Related NBFC Award for FY11 by CNBC TV18 India Best
Banks & Financial Institutions Awards 2011
 CNBC TV18 awarded Motilal Oswal the Best Performing Equity Broker Award in 2010
at CNBC TV18 Financial Advisor Awards 2010
 Motilal Oswal IB team won the Asia Pacific Cross Border Deal of the year award in 2010
and the CEO Ashutosh Maheshvari got India M&A Investment Banker of the Year
award
 Motilal Oswal Securities Ltd. rated as No.1 Broker in ET Now – Starmine Analyst
Awards 2009[10].
 MOSL awarded 'The Best Franchisor in Financial Services' by Franchisee. World
Magazine 2008 for the second consecutive year.

Anti-Reservation remarks by Chairman of Motilal Oswal Group

On 2nd April, 2016, Mr. Motilal Oswal, Chairman of Motilal Oswal Group tweeted anti-
reservation remarks. Reservation, which is provided to so-called lower castes, is a
constitutional right. Motilal Oswal was criticized by many Dalit organisations, some of whom
initiated protests against him on social media. There were also threats to boycott the Motilal
Oswal Group and to file a case against Mr. Motilal Oswal under SC/ST act.

Later, Mr. Motilal Oswal posted another tweet saying 'sorry'.

SEBI Judgement

The company had to pay 500,000 Rupees as settlement as a consequence of their involvement
in a series of IPO irregularities in the years 2003-2005.

SEBI had passed a general ad interim ex-parte order dated April 27, 2006 in connection with
21 IPOs and had directed some depository participants, including MOSL, not to open fresh
demat accounts pending investigations. The said ad interim ex-parte order was treated as a
show cause notice by SEBI. Upon MOSL showing cause and making representations, SEBI
after hearing all relevant facts, passed another interim order dated August 31, 2006 removing
the restriction on MOSL in relation to opening of fresh demat accounts. An enquiry officer
appointed by SEBI had served a notice dated February 9, 2007, on MOSL under Regulation 6
of the SEBI (Procedure for Holding Enquiry and Imposing Penalties), Regulations, 2002,
(“DP Enquiry Notice”), in connection with the MOSL’s depository participant operations in
relation to some of the 21 IPOs referred to in the ad interim ex-parte order dated April 27,
2006. The DP Enquiry Notice required MOSL to show cause as to why action ought not to be
taken for (i) allegedly aiding and abetting various allottees who opened fictitious demat
accounts, and, (ii) alleged breach of “Know Your Client” norms, and a consequent breach of
securities laws including the SEBI DIP Guidelines. MOSL responded to the DP Enquiry
notice vide their letter dated April 3, 2007, wherein it, (i) demonstrated in detail as to how it
has complied with applicable SEBI Guidelines, instructions and directions, both in letter and
in spirit; and, (ii) presented detailed findings of an independent auditor empanelled with
SEBI. Subsequently, SEBI vide their letter dated November 3, 2009 has forwarded the
Enquiry Report dated October 23, 2009 and has asked MOSL to file its reply or apply for
consent order. Accordingly, MOSL has expressed its intention to apply for Consent Terms
vide letter dated November 26, 2009.

The high powered advisory committee of SEBI recommended the case for settlement on
payment of Rs. 5,00,000/- towards settlement charges. MOSL paid the above amount and
accordingly SEBI has disposed off the pending inquiring proceedings against MOSL.

Financials[edit]

· Motilal Oswal Financial Services reports Q2FY17 Consolidated Revenues of Rs 461


crore, up 71% YoY; and PAT of Rs 102 crore, up 134% YoY

Mumbai, Oct 26, 2016: Motilal Oswal Financial Services Ltd., a leading financial services
company, announced its results for the quarter ended Sep 30, 2016 post approval by the
Board of Directors at a meeting held in Mumbai on Oct 26, 2016.

Performance Highlights

Rs Crore Q2FY17 Q2FY16 YoY Change Q1FY17 QoQ Change


Revenues 461 269 71% 365 26%

PBT 149 59 152% 106 40%

PAT 102 43 134% 79 28%

Diluted EPS - Rs (FV-Rs 1) 7.0 3.0 5.5

Performance for the Quarter ended Sep 30, 2016 · Consolidated revenues were Rs 461 crore
in Q2FY17, up 71% YoY. It was Rs 826 crore in H1FY17, up 72% YoY · Every business has
fired in terms of revenue growth during the quarter. Housing finance was up 222% YoY,
Asset management fee was up 48% YoY & Capital market businesses (broking & investment
banking) were up 46% YoY · Full exit of the 1st growth capital PE fund, IBEF I, would also
be a meaningful contributor in FY17/18 · Consolidated PAT was Rs 102 crore in Q2FY17,
up 134% YoY. It was Rs 181 crore in H1FY17, up 152% YoY · Q2FY17 included
exceptional items: a share in the profit on sale of investments (carry share) made in the first
PE growth fund as well as the impact of write-off on account of doubtful NPA. PAT impact
of carry share was Rs 63 crore in H1FY17; of this Rs 37 crore was earned in Q2FY17 ·
Impact of operating leverage is becoming visible, as PAT Margin improved to 22% in
Q2FY17 from 16% in Q2FY16 · Balance sheet had net worth of Rs 1,634 crore & gross
borrowings of Rs 4,714 crore (including Aspire), as of Sep 2016 · ROE for Q2FY17 was
26% on reported PAT vs 13% in Q2FYFY16. However, this does not include unrealized
gains on investments in Motilal Oswal’s mutual fund products (Rs 273 crore, as of Sep
2016)

Motilal Oswal Financial Services reports Q1FY17 Consolidated Revenues of Rs 365


crore, up 72% YoY; and PAT of Rs 79 crore, up 179% YoY

Mumbai, Jul 21, 2016: Motilal Oswal Financial Services Ltd., a leading financial services
company, announced its results for the quarter ended Jun 30, 2016 post approval by the
Board of Directors at a meeting held in Mumbai on Jul 21, 2016.
Performance Highlights

Comparison Comparison
Rs Crore Q1FY17 Q1FY16 Q4FY16
(YoY) (QoQ)

Revenues 365 212 72% 317 15%

PBT 106 39 170% 68 57%

PAT 79 28 179% 47 68%

Diluted EPS - Rs
5.5 2.0 3.3
(FV-Rs 1)

Performance for the Quarter ended Jun 30, 2016:

 Consolidated revenues were Rs 365 crore in Q1FY17, up 72% YoY


 Q1FY17 included exceptional items: a share in the profit on the sale of investments
(carry share) made in the first PE growth fund as well as the impact of write-off on
account of doubtful NPA
 Consolidated PAT was Rs 79 crore in Q1FY17, up 179% YoY
 Some impact of operating leverage from the strategic investments made in manpower,
technology and reach during FY16 was visible in this quarter, as the PAT margin
improved to 22% in Q1FY17 from 13% back in Q1FY16
 Balance sheet had net worth of Rs 1,525 crore and gross borrowings of Rs 3,576 crore
(including Aspire), as of Jun 2016.
 ROE for Q1FY17 was 22% on reported PAT vs 12.4% in FY16. However, this does not
include unrealized gains on investments in Motilal Oswal’s mutual fund products (Rs 182
crore, as of Jun 2016)