Motilal Oswal and Family

Motilal Oswal built a brokerage in 1987 when Indian equity markets were opaque and retail participation was minimal. The subsequent decades validated the timing.

Oswal started his brokerage firm in 1987 with a partner, in an era when Indian equity markets were opaque, trading was paper-based and retail participation was minimal. The subsequent decades of market development, demat accounts, online trading, mutual fund growth and SEBI regulation, created the infrastructure through which a firm like Motilal Oswal could scale from a regional brokerage into a financial services business spanning wealth management, asset management, private equity and investment banking, with offices in over 550 cities.

The firm's asset management business, which includes equity funds with a documented value-investing philosophy, has been among the more visible parts of the Motilal Oswal brand in the retail investor market. Consistent execution of that philosophy over market cycles is harder than the statement of it suggests. The next generation, Pratik and Vaibhav Oswal, are active in the business, and the transition from a founder-identified firm to one identified with its investment process rather than its founders' personalities is the challenge the family is currently navigating.