Motilal Oswal Broker Review
In-depth Analysis of Motilal Oswal’s Platforms, Research & Brokerage.
Open Account with Motilal Oswal1. Broker Overview
Full Name: Motilal Oswal Financial Services Ltd. (MOFSL)
Brand Name: Motilal Oswal
Year of Establishment: 1987
Type: Full-Service Broker
Headquarters: Mumbai, Maharashtra
SEBI Stock Broker Reg. No: INZ000158836
SEBI Research Analyst Reg. No: INH000000412
Depository Participant: CDSL & NSDL (DP ID: IN-DP-16-2015)
Website: motilaloswal.com
2. Investment Products Offered
Motilal Oswal offers a wide array of financial products and services accessible through its web and mobile platforms, featuring advanced charting tools and renowned research support.
- Equity Trading (Stocks – Delivery, Intraday on NSE, BSE)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX, NCDEX)
- Mutual Funds (Direct & Regular Plans)
- Initial Public Offerings (IPOs)
- ETFs (Exchange Traded Funds)
- Bonds & Debentures / NCDs
- SGBs (Sovereign Gold Bonds)
- Portfolio Management Services (PMS)
- Insurance Products
- Fixed Deposits (FDs)
- Structured Products
3. International Investing: U.S. Stocks and Global Markets
Motilal Oswal facilitates international investing through its subsidiary, Motilal Oswal Securities International Private Limited.
This allows Indian investors to access global markets, including U.S. equities and ETFs. Investors can diversify their portfolios by investing in global markets. Specific platform details and charges for international investing should be verified directly with Motilal Oswal.
4. Portfolio Management Services (PMS)
Motilal Oswal offers Portfolio Management Services catering to high-net-worth individuals seeking personalized investment strategies:
Customized Portfolios: Tailored investment portfolios based on individual risk profiles and financial goals.
Professional Management: Dedicated portfolio managers to oversee and adjust investments.
Diversification: Investments across equities, fixed income, and structured products.
Transparency: Commitment to transparent fee structures and regular performance reporting.
PMS is suitable for investors looking for a hands-off approach with professional oversight.
5. Mutual Fund Offerings
Motilal Oswal Mutual Fund (and through its distribution arm) offers both Direct and Regular plans for mutual fund investments.
Plan Types:
- Direct Plans: Offered directly by the AMC (Asset Management Company) without intermediaries. These plans generally have lower expense ratios as no distributor commission is paid.
- Regular Plans: Involve intermediaries or distributors (like Motilal Oswal acting as a distributor). These plans have slightly higher expense ratios due to the embedded commission fees paid to the distributor.
Investor Choice:
Investors can choose between these plans based on their preferences, need for advisory (often associated with Regular plans), and investment strategies.
6. Overall Ratings & Breakdown
7. Account Opening & Maintenance
Account Opening Charges:₹0 (Free)
AMC (Annual Maintenance Charge – Demat):
- First Year: ₹0 (Free)
- From Second Year Onwards: ₹299 + GST
Process:Online (eKYC) & Offline options available, with branch support.
Required Documents:PAN Card, Aadhaar Card (linked with mobile), Bank Proof (Cancelled Cheque/Bank Statement), Signature, Income Proof (for F&O).
8. Brokerage Charges
Motilal Oswal has a standard brokerage structure. They may also offer customized plans or value packs, so it’s advisable to check for current offers.
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | 0.20% of transaction value |
| Equity Intraday | 0.02% of transaction value |
| Equity Futures | 0.02% of transaction value |
| Equity Options | ₹20 per lot |
| Currency Futures | ₹20 per lot |
| Currency Options | ₹20 per lot |
| Commodity Futures | 0.05% of transaction value |
| Commodity Options | ₹200 per lot |
Note: Brokerage charges are subject to change and may vary based on specific plans or promotional offers. Statutory charges (STT, Exchange Fees, GST, etc.) apply in addition to brokerage. Always verify the latest details on the official Motilal Oswal website.
9. Depository Participant (DP) Charges
DP Transaction Charges (Sell Side):₹20 or 0.025% of transaction value, whichever is higher (per ISIN)
Dematerialization Charges:₹150 per certificate + ₹50 per request (courier charges)
Rematerialization Charges:₹10 for every 100 securities (minimum ₹15 per request)
10. Regulatory & Other Charges
These charges are levied by the government and exchanges and are applicable over and above brokerage.
Securities Transaction Tax (STT)
Equity Delivery:0.1% on both buy and sell
Equity Intraday:0.025% on sell side
Equity Futures:0.01% on sell side
Equity Options:0.05% on sell side (on premium)
Stamp Duty (Example: Gujarat – Varies by State)
Equity Delivery:0.015% on buy side
Equity Intraday:0.003% on buy side
Equity Futures:0.002% on buy side
Equity Options:0.003% on buy side
Exchange Transaction Charges
Equity Delivery (NSE):0.00335% of transaction value
Equity Intraday (BSE):0.01% of transaction value (may vary by scrip group)
Equity Futures (NSE):0.0019% (Exchange) + 0.00025% (Clearing) = 0.00215% (approx.)
Equity Options (NSE):0.05% (Exchange, on premium) + 0.002% (Clearing, on premium) = 0.052% (approx. on premium)
Other Levies
SEBI Turnover Fees:₹10 per crore of turnover (Approx. 0.0001%)
Goods & Services Tax (GST):18% on (Brokerage + Exchange Transaction Charges + SEBI Fees)
11. Additional Charges
Call & Trade Charges:₹20 per order
Auto Square-Off Charges:₹50 per order + GST
Payment Gateway Charges:₹10 on UPI payments and net banking
Pledge / Unpledge Charges:₹12.5 per transaction + GST (for margin pledge/unpledge)
Note: All charges are exclusive of GST and other statutory levies. For the most accurate and up-to-date information, please refer to Motilal Oswal’s official Website.
12. Margin & Leverage
Intraday (Equity):Up to 5x-7x (Varies based on stock category & SEBI norms, often requires specific order types like Cover Order or Bracket Order).
F&O (All Segments):As per Exchange requirements (SPAN + Exposure margin).
Delivery (Equity – MTF/eMargin):Margin Trading Facility (eMargin) available with applicable interest charges.
Against Pledged Shares:Yes, margin benefit available post applicable haircut on pledged securities.
13. Trading Platforms
Web:MO Trader Web, MO Investor Web (Dedicated platforms for trading and investment)
Mobile:MO Trader App, MO Investor App (Android & iOS)
Desktop:Trade Unnati (Downloadable Terminal – verify current active promotion and features)
Notable Features:
- Comprehensive research reports and trading calls integrated directly into platforms.
- Advanced charting tools (e.g., TradingView, ChartIQ libraries).
- Portfolio health check tools, AI-powered recommendations (EDUMO).
- Option Store for strategy trading, Smart Watchlists, Algo-based advisory features.
- User-friendly interface with quick order placement.
14. Tools, Features & Advisory
Charting:Advanced charting with a wide range of indicators and drawing tools.
Option Chain & Strategy:Advanced Option Chain with Greeks, payoff charts, and tools for building & analyzing option strategies.
API Access:Yes, Motilal Oswal provides APIs for algo trading and custom platform development. (Verify charges/access criteria).
Order Types:Market, Limit, Stop Loss (SL), GTT (Good Till Triggered), AMO (After Market Order), Bracket Order (BO), Cover Order (CO), Basket Order.
Research & Advisory:
This is a core strength of Motilal Oswal, offering:
- Detailed research reports (Daily, Weekly, Thematic, Sectoral, Company-specific).
- Stock recommendations, trading ideas, and model portfolios.
- Dedicated Relationship Manager and advisory support (often plan dependent).
- EDUMO (AI-powered advisory tool for recommendations and portfolio insights).
15. Extra Features & Value Adds
Award-Winning Research:Renowned for its strong in-house research team and comprehensive market analysis.
Personalized Advisory & RM:Access to financial advisors and relationship managers for tailored investment advice (service level may depend on the plan/AUM).
Portfolio Management Services (PMS):Offers discretionary and non-discretionary PMS strategies for HNI clients.
EDUMO (AI Advisory):AI-powered tool for investment recommendations, portfolio construction, and health checks.
Extensive Branch Network:Large physical presence across India, providing offline support, advisory, and services.
Wide Range of Financial Products:Includes insurance, loans, and other wealth management solutions beyond broking, offering a holistic financial ecosystem.
Motilal Oswal University:Educational initiatives, webinars, and training programs for investors and traders to enhance financial literacy.
16. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:Net Banking (Payment Gateway), UPI, NEFT/RTGS/IMPS, Cheque.
Withdrawal Process & Time:
Online process via trading platforms.
Standard withdrawal requests are typically processed within 24-48 working hours (1-2 business days).
Fund Transfer/Withdrawal Charges:UPI/Net banking via payment gateway: ₹10 per transaction. NEFT/RTGS may have bank charges. Verify specific charges.
17. Customer Support
Support Channels:
- Email: query@motilaloswal.com (or other specific service emails)
- Phone Support: [e.g., 022-40548000 / 022-33551212 – Verify current numbers]
- Live Chat / Chatbot (MO Gennie) on Website/Platform
- Branch Support (Extensive network across India for in-person assistance)
- Dedicated Relationship Manager (for eligible clients/plans)
- Comprehensive FAQ & Help Section on website and apps.
Support Timings:Standard business hours (e.g., 8:30 AM – 6:00 PM). Some channels may have extended support.
Turnaround Time (TAT):Varies by channel and query complexity. RM support can be quicker for personalized issues.
18. Broker Complaints & Reliability (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 1,014,875
Total Complaints: 1,078
Complaint Percentage: Approximately 0.11%
BSE (Bombay Stock Exchange)
Active Clients: 549,690
Total Complaints: 15
Complaint Percentage: Approximately 0.003%
Source: Chittorgarh – Motilal Oswal Complaint Monitor (Data for FY 2024-25). Complaint data is dynamic. For a fair comparison, always look at the ratio of complaints to active clients and refer to official exchange reports if possible.
19. Why Choose Motilal Oswal? (And Why It Might Not Be For You)
Reasons to Use Motilal Oswal (Pros)
- Industry-Leading Research & Advisory: Award-winning research, detailed reports, stock recommendations, model portfolios.
- Dedicated Relationship Manager support (often plan dependent).
- Wide Range of Investment Products: Equities, MFs (Direct & Regular), PMS, Insurance, Bonds, etc.
- Multiple Trading Platforms with advanced features and research integration.
- Extensive Physical Presence: Large network of branches across India for in-person support and advisory.
- Long-standing brand reputation (established 1987) and deep experience in financial services.
- Offers Margin Trading Facility (MTF/eMargin) and other value-added services like AI-powered advisory (EDUMO).
- Facilitates International Investing.
Reasons to Reconsider Motilal Oswal (Cons)
- Higher Brokerage on standard plans compared to discount brokers (e.g., 0.20% for delivery, ₹20/lot for options).
- Annual Maintenance Charges (AMC) of ₹299 + GST from the second year.
- Additional Charges: Call & Trade (₹20), Auto Square-off (₹50), Payment Gateway (₹10) can add up.
- Commodity Options brokerage (₹200/lot) is notably high.
- Trading platforms, while feature-rich, might feel more complex for absolute beginners.
- Full benefits (premium research, dedicated RM) are often tied to higher value accounts or premium brokerage plans.
20. Current Offers & Referral Program
Account Opening Offers:Motilal Oswal frequently provides offers like waiver of account opening fees (standard is free), free AMC for the first year, free research subscriptions for a period, or customized brokerage plans. Always check their official website.
Refer & Earn:Yes, Motilal Oswal typically has a referral program with benefits for both referrer and referee. Check website for current details.
Promo Code:May be available during specific marketing campaigns, through partners, or via referrals.
Important: Offers and promotions are dynamic and subject to change. Always verify current details on Motilal Oswal’s official website before making any decisions.