Reviewed by Neil, Founder, PaisaTrade.in · Updated 2026-09-29
Motilal Oswal Review 2026
Research. Invest. Profit. — Complete brokerage analysis, charges breakdown, platform review, and honest verdict for Indian investors.
India's best equity research + 37-year legacy + PMS
Brokerage
₹20
AMC
₹400/year
Active Clients
7 Lakh
Founded
1987
About Motilal Oswal
Motilal Oswal is one of India's most recognized stock brokers, registered with SEBI (Registration No: INZ000158836). Founded in 1987 and headquartered in Mumbai, Maharashtra, Motilal Oswal has built a strong reputation in the Indian capital markets. With over 7 Lakh active NSE clients, a significant player in India's retail brokerage space in terms of registered clients.
As a full-service broker, Motilal Oswal offers trading across Equity, F&O, Currency, Commodity, Mutual Funds, PMS, IPO segments. The broker operates a full-featured desktop-first trading infrastructure, catering primarily to research-driven investors, hni investors, long-term equity investors.
The brokerage model at Motilal Oswal is research-driven. The broker charges percentage-based fees in exchange for dedicated advisory, research reports, and relationship manager services.
Account Opening Process
Opening an account with Motilal Oswal is a fully online, paperless process. You need your PAN card, Aadhaar, bank account details, and a signature image. The KYC verification is Aadhaar-based (eKYC) and typically completes within 24–48 hours. Account opening fee is ₹0.
Brokerage Calculation Example
Let's say you buy 100 shares of Reliance at ₹2,800 (total value = ₹2,80,000):
Margin & Leverage
For intraday equity trades, Motilal Oswal provides Up to 5x leverage. For F&O, margin requirements follow SEBI's SPAN + Exposure framework set by the exchanges. Note: As per SEBI regulations, naked short selling in options requires full premium upfront, and margin pledge requirements were updated in 2021.
Motilal Oswal offers margin funding through its NBFC arm, with competitive interest rates for maintaining leveraged positions.
Tax & Compliance Features
Motilal Oswal provides detailed P&L statements, tax P&L reports (for ITR filing), and SEBI-compliant contract notes for every executed trade. These are accessible from the web platform and downloadable as PDFs. For mutual fund investments, Motilal Oswal provides capital gains statements aligned with LTCG/STCG tax brackets.
SEBI Registration & Safety
Motilal Oswal is registered with SEBI under registration number INZ000158836. Client funds are held separately from the broker's own funds as per SEBI's client asset segregation norms. Motilal Oswal is also a registered member of NSE, BSE, MCX, and NCDEX (where applicable). Your demat account is held with NSDL or CDSL — separate from the broker — ensuring your securities are safe even if the broker faces financial difficulties.
Active Client Base
7 Lakh
Active NSE Clients (2026)
#10
NSE Rank by Active Clients
Motilal Oswal ranks #10 among all NSE-registered stockbrokers by active client count. NSE publishes this data monthly — Motilal Oswal's consistent presence in the top 20 reflects strong client retention and new account growth. The broker primarily serves research-driven investors, hni investors, long-term equity investors.
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