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.
Commenting on this development, Dr. PJ Nayak, Chairman, Motilal Oswal Asset Management Company Ltd said, “We are delighted to get the final approval for our mutual fund business. It will be our endeavor to create a differentiated Mutual Fund business in the country”.
“We plan to launch our first set of products in early 2010, after obtaining necessary approvals. We are putting in place a robust Management team with a focus on launching products that help expand the Mutual Fund market”, stated Mr. Nitin Rakesh, MD & CEO, Motilal Oswal Asset Management Company Ltd.
About Motilal Oswal Financial Services Limited
Motilal Oswal Financial Services Ltd. (NSE :MOTILALOFS, BSE :532892, BLOOMBERG : MOFS IN) is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies. The company distributes these products through 1,257 business locations spread across 576 cities and the online channel to over 580,667 registered customers. MOFSL has strong research capabilities, which enables them to identify market trends and stocks with high growth potential, facilitating clients to take well- informed and timely decisions. MOFSL was ranked as the Best Brokerage in the ET Now – Starmine Analysts Awards 2009 and was also ranked among the top 2 Local Brokerages in the AsiaMoney and Institutional Investor Brokerage polls 2009.