Motilal Oswal Capital Limited

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates

One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/10/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 10, 2024 UNDER RULE 4 OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF MOFSL
FOR THEMATIC INSPECTION CONDUCTED UNDER THE THEME COMMON / MULTIPLE MOBILE NUMBER AND E-MAIL LINKED TO UCC FOR THE INSPECTION
PERIOD APRIL 1, 2022 TO AUGUST 31, 2023. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION
15-I OF SEBI ACT 1992 AGAINST MOFSL FOR VIOLATION OF CERTAIN PROVISIONS OF SEBI MASTER CIRCULAR DATED MAY 22, 2024 & OTHER
SECURITIES LAWS. SEBI VIDE ORDER DATED DECEMBER 31, 2024 LEVIED A PENALTY OF RS. 5 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY
TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATIONS SUCH AS MISMATCH IN MOBILE NUMBER AND E-MAIL
ID BETWEEN BACK OFFICE AND EXCHANGE PORTAL, INCORRECT UPLOAD OF MOBILE NUMBER AND E-MAIL ID AND AP OF MOFSL HAVING TERMINAL OF
OTHER TRADING MEMBER AS WELL. SYSTEM ENHANCEMENTS AND RECONCILIATIONS HAVE BEEN BUILT TO RECTIFY FIRST TWO OBSERVATIONS AND
UPDATIONS HAVE BEEN DONE IN EXCHANGE RECORDS. FOR LAST OBSERVATION; AS TRADING MEMBER CANNOT CONTROL THE SAME WE HAVE
WRITTEN TO SEBI TO REVIEW THE MENTIONED OBSERVATION AGAIN.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
12/31/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,298.08
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SEBI VIDE ORDER DATED DECEMBER 31, 2024 LEVIED A PENALTY OF RS. 5 LAKHS ON CONCERN SUBJECT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 10, 2024 UNDER RULE 4 OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF MOFSL
FOR THEMATIC INSPECTION CONDUCTED UNDER THE THEME COMMON / MULTIPLE MOBILE NUMBER AND E-MAIL LINKED TO UCC FOR THE INSPECTION
PERIOD APRIL 1, 2022 TO AUGUST 31, 2023. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION
15-I OF SEBI ACT 1992 AGAINST MOFSL FOR VIOLATION OF CERTAIN PROVISIONS OF SEBI MASTER CIRCULAR DATED MAY 22, 2024 & OTHER
SECURITIES LAWS. SEBI VIDE ORDER DATED DECEMBER 31, 2024 LEVIED A PENALTY OF RS. 5 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY
TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATIONS SUCH AS MISMATCH IN MOBILE NUMBER AND E-MAIL
ID BETWEEN BACK OFFICE AND EXCHANGE PORTAL, INCORRECT UPLOAD OF MOBILE NUMBER AND E-MAIL ID AND AP OF MOFSL HAVING TERMINAL OF
OTHER TRADING MEMBER AS WELL. SYSTEM ENHANCEMENTS AND RECONCILIATIONS HAVE BEEN BUILT TO RECTIFY FIRST TWO OBSERVATIONS AND
UPDATIONS HAVE BEEN DONE IN EXCHANGE RECORDS. FOR LAST OBSERVATION; AS TRADING MEMBER CANNOT CONTROL THE SAME WE HAVE
WRITTEN TO SEBI TO REVIEW THE MENTIONED OBSERVATION AGAIN.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/04/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED JULY 4, 2024 UNDER RULE 4 OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND RULE 4 OF SECURITIES CONTRACTS REGULATIONS (PROCEDURE
FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-I OF SEBI
ACT, 1992 AND 23 -I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI
CIRCULARS NOTED RELATED TO REPORTINGS AND SHORT COLLECTION OF MARGIN, PENDENCY OF COMPLAINTS BEYOND 30 DAYS, IMPROPER
MAINTENANCE OF BANK BOOKS AND SETTLEMENT OF FUNDS OF INACTIVE CLIENTS) DURING THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR
THE PERIOD APRIL 1, 2021 TO JUNE 30, 2022. SEBI VIDE ORDER DATED JANUARY 30, 2025 LEVIED A PENALTY OF RS. 7 LAKHS ON CONCERN SUBJECT.

WE HAVE PAID PENALTY TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATION AS OBSERVED IN THEIR
REGULAR INSPECTION SUCH AS MARGIN COLLECTION AND REPORTING, CASH AND CASH EQUIVALENT REPORTING, CLIENT COMPLAINTS PERTAINING
TO BROKING AND DP OPERATIONS, INVESTMENTS MADE BY MOFSL IN ASSOCIATE COMPANIES, MTF REPORTING, HANDLING OF CUSPA, MAINTENANCE
OF BANK BOOKS, SETTLEMENT OF CLIENT FUNDS. ABOVE MENTIONED OBSERVATIONS ARE OPERATIONAL IN NATURE FOR WHICH CORRECTIVE
ACTIONS HAVE ALREADY BEEN IMPLEMENTED.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
01/30/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 7,417.38
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SEBI VIDE ORDER DATED JANUARY 30, 2025 LEVIED A PENALTY OF RS. 7 LAKHS ON CONCERN SUBJECT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED JULY 4, 2024 UNDER RULE 4 OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND RULE 4 OF SECURITIES CONTRACTS REGULATIONS (PROCEDURE
FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-I OF SEBI
ACT, 1992 AND 23 -I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI
CIRCULARS NOTED RELATED TO REPORTINGS AND SHORT COLLECTION OF MARGIN, PENDENCY OF COMPLAINTS BEYOND 30 DAYS, IMPROPER
MAINTENANCE OF BANK BOOKS AND SETTLEMENT OF FUNDS OF INACTIVE CLIENTS) DURING THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR
THE PERIOD APRIL 1, 2021 TO JUNE 30, 2022. SEBI VIDE ORDER DATED JANUARY 30, 2025 LEVIED A PENALTY OF RS. 7 LAKHS ON CONCERN SUBJECT.
WE HAVE PAID PENALTY TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATION AS OBSERVED IN THEIR
REGULAR INSPECTION SUCH AS MARGIN COLLECTION AND REPORTING, CASH AND CASH EQUIVALENT REPORTING, CLIENT COMPLAINTS PERTAINING
TO BROKING AND DP OPERATIONS, INVESTMENTS MADE BY MOFSL IN ASSOCIATE COMPANIES, MTF REPORTING, HANDLING OF CUSPA, MAINTENANCE
OF BANK BOOKS, SETTLEMENT OF CLIENT FUNDS. ABOVE MENTIONED OBSERVATIONS ARE OPERATIONAL IN NATURE FOR WHICH CORRECTIVE
ACTIONS HAVE ALREADY BEEN IMPLEMENTED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/23/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE UNDER SECTIONS 11(1), 11(4), 11(4A), 11B(1) AND 11B
(2) OF SEBI ACT, R/W RULE 4(1) OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTY ) RULES, 1995, IN THE MATTER OF CNBC AWAZ

SHOW CO-HOSTED BY MR. HEMANT GHAI. IT IS INTER ALIA ALLEGED THAT MOFSL DID NOT ENSURE ADEQUATE SUPERVISION OF ITS AUTHORIZED
PERSON (AP) MAS CONSULTANCY SERVICES. SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY
IN RELATION TO THE ACTIVITIES OF THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES. WE HAVE PAID PENALTY TO SEBI AND THE MATTER
IS CLOSED.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/19/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,298.11
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY IN RELATION TO THE ACTIVITIES OF
THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE UNDER SECTIONS 11(1), 11(4), 11(4A), 11B(1) AND 11B
(2) OF SEBI ACT, R/W RULE 4(1) OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTY ) RULES, 1995, IN THE MATTER OF CNBC AWAZ
SHOW CO-HOSTED BY MR. HEMANT GHAI. IT IS INTER ALIA ALLEGED THAT MOFSL DID NOT ENSURE ADEQUATE SUPERVISION OF ITS AUTHORIZED
PERSON (AP) MAS CONSULTANCY SERVICES. SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY
IN RELATION TO THE ACTIVITIES OF THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES. WE HAVE PAID PENALTY TO SEBI AND THE MATTER
IS CLOSED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/27/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED AUGUST 27, 2024 UNDER RULE 4(1) OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-
I OF SEBI ACT, 1992 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI CIRCULARS NOTED DURING THE COURSE OF THEMATIC
INSPECTION UNDER THE THEME CONTROL OVER AUTHORIZED PERSONS FOR THE PERIOD APRIL 1, 2022 TO JANUARY 31, 2024. SEBI VIDE ORDER
DATED JUNE 9, 2025 LEVIED A PENALTY OF RS. 3 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI ON 1ST JULY 2025 AND THE MATTER
STANDS CLOSED. WE HAVE TAKEN CORRECTIVE ACTION RELATED TO TERMINALS DURING THE COURSE OF INSPECTION AND ALSO SENSITIZED ALL
OUR AP S TO OBSERVE STRICT COMPLIANCE OF ALL REGULATORY GUIDELINES.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/01/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 3,178.54
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SEBI VIDE ORDER DATED JUNE 9, 2025 LEVIED A PENALTY OF RS. 3 LAKHS ON CONCERN SUBJECT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED AUGUST 27, 2024 UNDER RULE 4(1) OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-
I OF SEBI ACT, 1992 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI CIRCULARS NOTED DURING THE COURSE OF THEMATIC
INSPECTION UNDER THE THEME CONTROL OVER AUTHORIZED PERSONS FOR THE PERIOD APRIL 1, 2022 TO JANUARY 31, 2024. SEBI VIDE ORDER
DATED JUNE 9, 2025 LEVIED A PENALTY OF RS. 3 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI ON 1ST JULY 2025 AND THE MATTER
STANDS CLOSED. WE HAVE TAKEN CORRECTIVE ACTION RELATED TO TERMINALS DURING THE COURSE OF INSPECTION AND ALSO SENSITIZED ALL
OUR AP S TO OBSERVE STRICT COMPLIANCE OF ALL REGULATORY GUIDELINES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/27/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ORDER/AN/PR/2025-26/31590
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED SEPTEMBER 27, 2024 UNDER RULE 4(1) OF THE
SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER
SECTION 15HB OF SEBI ACT, 1992 AND IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI / EXCHANGE CIRCULARS NOTED DURING
THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR THE PERIOD APRIL 1, 2022 TO OCTOBER 31, 2023. SEBI VIDE ORDER NO.
ORDER/AN/PR/2025-26/31590 DATED AUGUST 12, 2025 LEVIED A PENALTY OF RS. 11 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI
ON SEPTEMBER 4, 2025 AND THE MATTER IS CLOSED. CORRECTIVE ACTION: RECONCILIATIONS HAVE BEEN BUILT IN TO ENSURE TIMELY SETTLEMENT
OF CLIENT FUNDS AND CORRECT REPORTING. WE HAVE RECTIFIED TERMINAL DETAILS IN EXCHANGE RECORDS WITH CORRECT USER DETAILS WHO
WAS OPERATING TERMINALS AND USERS ARE SENSITISED W.R.T OPERATION OF TERMINALS AS PER GUIDELINES. WITH RESPECT TO REPORTING OF
TECHNICAL GLITCH, NECESSARY PROCESS HAS BEEN SETUP & WE HAVE ALSO ESTABLISHED DR SETUP AS PER REGULATORY REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final

g
pp
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/04/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,654.64
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SEBI VIDE ORDER NO. ORDER/AN/PR/2025-26/31590 DATED AUGUST 12, 2025 LEVIED A PENALTY OF RS. 11 LAKHS ON CONCERN SUBJECT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED SEPTEMBER 27, 2024 UNDER RULE 4(1) OF THE
SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER
SECTION 15HB OF SEBI ACT, 1992 AND IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI / EXCHANGE CIRCULARS NOTED DURING
THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR THE PERIOD APRIL 1, 2022 TO OCTOBER 31, 2023. SEBI VIDE ORDER NO.
ORDER/AN/PR/2025-26/31590 DATED AUGUST 12, 2025 LEVIED A PENALTY OF RS. 11 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI
ON SEPTEMBER 4, 2025 AND THE MATTER IS CLOSED. CORRECTIVE ACTION: RECONCILIATIONS HAVE BEEN BUILT IN TO ENSURE TIMELY SETTLEMENT
OF CLIENT FUNDS AND CORRECT REPORTING. WE HAVE RECTIFIED TERMINAL DETAILS IN EXCHANGE RECORDS WITH CORRECT USER DETAILS WHO
WAS OPERATING TERMINALS AND USERS ARE SENSITISED W.R.T OPERATION OF TERMINALS AS PER GUIDELINES. WITH RESPECT TO REPORTING OF
TECHNICAL GLITCH, NECESSARY PROCESS HAS BEEN SETUP & WE HAVE ALSO ESTABLISHED DR SETUP AS PER REGULATORY REQUIREMENTS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/08/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 8, 2024 UNDER RULE 4(1) OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF
TRADETRON AND OTHER ALGO PLATFORMS WHEREIN IT WAS ALLEGED THAT MOFSL IS ASSOCIATED WITH CERTAIN ALGO PLATFORMS OFFERING
ASSURED RETURNS. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15HB OF SEBI ACT 1992
AGAINST MOFSL FOR VIOLATION OF SEBI CIRCULAR DATED SEPTEMBER 2, 2022 & SEBI STOCK BROKER REGULATIONS 1992. SEBI HAD INTRODUCED
SETTLEMENT SCHEME AS PER SEBI (SETTLEMENT PROCEEDINGS) REGULATIONS, 2018. MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER
FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS PASSED SETTLEMENT ORDER DATED MARCH 17, 2026. MOFSL HAS
PAID SETTLEMENT AMOUNT AND THE MATTER IS CLOSED. CORRECTIVE ACTION: CURRENTLY MOFSL IS NOT ASSOCIATED WITH SUCH ALGO PROVIDERS
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
03/17/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,059.51
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS
PASSED SETTLEMENT ORDER DATED MARCH 17, 2026.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 8, 2024 UNDER RULE 4(1) OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF
TRADETRON AND OTHER ALGO PLATFORMS WHEREIN IT WAS ALLEGED THAT MOFSL IS ASSOCIATED WITH CERTAIN ALGO PLATFORMS OFFERING
ASSURED RETURNS. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15HB OF SEBI ACT 1992
AGAINST MOFSL FOR VIOLATION OF SEBI CIRCULAR DATED SEPTEMBER 2, 2022 & SEBI STOCK BROKER REGULATIONS 1992. SEBI HAD INTRODUCED
SETTLEMENT SCHEME AS PER SEBI (SETTLEMENT PROCEEDINGS) REGULATIONS, 2018. MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER
FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS PASSED SETTLEMENT ORDER DATED MARCH 17, 2026. MOFSL HAS
PAID SETTLEMENT AMOUNT AND THE MATTER IS CLOSED. CORRECTIVE ACTION: CURRENTLY MOFSL IS NOT ASSOCIATED WITH SUCH ALGO PROVIDERS

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/20/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) RECEIVED A SHOW CAUSE NOTICE DATED FEBRUARY 20, 2025, FROM SEBI UNDER SECTION
11B(2) CONCERNING THE DEALINGS OF CLIENT RAJNI CHATURVEDI WHEREIN SEBI HAD ALLEGED THAT PRE TRADE CONSENT / ORDER INSTRUCTIONS
WERE NOT MAINTAINED BY AP OF MOFSL - OM SECURITIES. WE HAD FILED FOR SETTLEMENT IN THE MATTER FOR WHICH SEBI HAS APPROVED
SETTLEMENT AMOUNT OF RS. 34,85,000 AND THE SAME IS PAID. WE HAVE RECEIVED THE SETTLEMENT ORDER ON SEPTEMBER 18, 2025. CORRECTIVE
ACTION: THE COMPANY HAS SENSITISED ALL AUTHORISED PERSONS AND EMPLOYEES TO MAINTAIN PRE TRADE CONSENT/ ORDER INSTRUCTIONS
BEFORE PLACING TRADES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
09/18/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 36,924.02
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
WE HAD FILED FOR SETTLEMENT IN THE MATTER FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 34,85,000 AND THE SAME IS
PAID.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) RECEIVED A SHOW CAUSE NOTICE DATED FEBRUARY 20, 2025, FROM SEBI UNDER SECTION
11B(2) CONCERNING THE DEALINGS OF CLIENT RAJNI CHATURVEDI WHEREIN SEBI HAD ALLEGED THAT PRE TRADE CONSENT / ORDER INSTRUCTIONS
WERE NOT MAINTAINED BY AP OF MOFSL - OM SECURITIES. WE HAD FILED FOR SETTLEMENT IN THE MATTER FOR WHICH SEBI HAS APPROVED
SETTLEMENT AMOUNT OF RS. 34,85,000 AND THE SAME IS PAID. WE HAVE RECEIVED THE SETTLEMENT ORDER ON SEPTEMBER 18, 2025. CORRECTIVE
ACTION: THE COMPANY HAS SENSITISED ALL AUTHORISED PERSONS AND EMPLOYEES TO MAINTAIN PRE TRADE CONSENT/ ORDER INSTRUCTIONS
BEFORE PLACING TRADES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE

CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MOTILAL OSWAL ASSET
MANAGEMENT COMPANY
LIMITED
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
01/28/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SO/PSD/2025-26/8334-35
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
ALTERNATIVE INVESTMENT FUND
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SECURITY EXCHANGE BOARD OF INDIA CONDUCTED AN INSPECTION OF THE MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED - AIF FOR FY
2022-23 VIDE ITS LETTER DATED SEPTEMBER 10, 2024, UNDER REGULATION 30 OF THE SEBI (AIF) REGULATIONS, 2012. PURSUANT TO THE SAME,
MOAMC SUBMITTED A VOLUNTARY SETTLEMENT APPLICATION ON THE SEBI INTERMEDIARY PORTAL ON JANUARY 28, 2025. THE FINAL SETTLEMENT
AMOUNT OF INR 38,76,000 WAS PAID ON FEBRUARY 20, 2026. ACCORDINGLY, SEBI ISSUED A SETTLEMENT ORDER DATED APRIL 20, 2026 IN THE
MATTER RELATING TO MOAMC AND MOTILAL OSWAL ALTERNATIVE INVESTMENT TRUST.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:

Settled
11. Resolution Date (MM/DD/YYYY):
04/20/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 41,065.95
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE FINAL SETTLEMENT AMOUNT OF INR 38,76,000 WAS PAID ON FEBRUARY 20, 2026.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SECURITY EXCHANGE BOARD OF INDIA CONDUCTED AN INSPECTION OF THE MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED - AIF FOR FY
2022-23 VIDE ITS LETTER DATED SEPTEMBER 10, 2024, UNDER REGULATION 30 OF THE SEBI (AIF) REGULATIONS, 2012. PURSUANT TO THE SAME,
MOAMC SUBMITTED A VOLUNTARY SETTLEMENT APPLICATION ON THE SEBI INTERMEDIARY PORTAL ON JANUARY 28, 2025. THE FINAL SETTLEMENT
AMOUNT OF INR 38,76,000 WAS PAID ON FEBRUARY 20, 2026. ACCORDINGLY, SEBI ISSUED A SETTLEMENT ORDER DATED APRIL 20, 2026 IN THE
MATTER RELATING TO MOAMC AND MOTILAL OSWAL ALTERNATIVE INVESTMENT TRUST.