When we come across these two words – “Motilal Oswal” the first image that comes in our minds is of a Non-banking Financial Company that offers a wide range of financial products and services. The company is one of the leading financial services firms of India. It deals in Broking and Distribution, Institutional Equities, Wealth Management, Investment Banking, Private Equity and Asset Management. Most of us probably know all these things. But, very few know the story of the person Motilal Oswal who is behind the success story of Motilal Oswal Financial Services Limited!
Motilal Oswal was born in a family of grain traders
Motilal Oswal was born in Padru, a small village in the Barmer district of Rajasthan, India. His family was into grain trading business. After completing his schooling from a Government School of his village, everybody in his family expected him to join the family business. However, Oswal had some other plans. He wanted to study further and try a career in some other field. Once in an interview, Oswal said that he always had the option to get into his family business if something went wrong.
Motilal Oswal’s decision to study Chartered Accountancy
After completing regular education, Motilal Oswal decided to pursue Chartered Accountancy. It was during this time Oswal met Raamdeo Agrawal in the same hostel where he was staying in Mumbai. In gradual course of time, they became good friends. Oswal found Agrawal to be an expert financial analyst. He was the person who introduced Oswal to the world of stocks.
Entering the Stock Market
Motilal Oswal took up a job with an audit firm in Mumbai after clearing CA exams. He left the job in a few months. Along with Raamdeo Agrawal he decided to foray into the stock market as a sub-broker. But getting into the sub-broking business without any contacts was quite tough at that time. Agrawal was, however, lucky to get in touch with a broker at BSE who was willing to help them. The broker promised them a sub-broker’s position on the floor as soon as a vacancy arises. In a few months’ time, a position fell vacant and “Motilal Oswal” was incorporated as a sub-broking firm in 1987.
From a small sub-broking firm, Motilal Oswal Group gradually expanded to offer a wide range of financial services. The company presently has a customer base of more than 7,50,000 with offices in 500 cities of India. It has depository assets whose approximate value is Rs. 27,000 crore. Motilal Oswal Investment Services is also a 5-time winner of Best Performing Equity Broker (National) by CNBC TV18 Financial Advisor Awards. The success story seems to be endless.
Both Raamdeo Agrawal and Motilal Oswal have equal stakes in the company. While Agrawal heads the finance division and supervises all research related activities, Oswal on the other hand, is in charge of human resources, operations and the franchise network.
The decision to study further after completing schooling was perhaps the best ever decision which Motilal Oswal took in his life. Otherwise, he would have been trading grains now instead of dealing in stocks!
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