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Motilal Oswal Financial Services was set up by Motilal Oswal and Raamdeo Agrawal as a broking house in 1987. [5] The company entered into investment banking in 2005, followed by private equity fund in 2006. [6] In February 2006, the company acquired Peninsular Capital Markets, a Cochin, Kerala based broking company for Rs. 35 crore. [7]
However, instead of joining the family trade, Oswal decided to pursue formal education. He studied at the SPU Jain College in Falna before moving to Mumbai to study CA. In 1987, during his stay at a Mumbai hostel, the Rajasthan Vidyarthi grih Oswal met Raamdeo Agarwal, his friend with whom he later founded Motilal Oswal Financial Services. [2]
National Spot Exchange Limited (NSEL) case relates to a payment default at the National Spot Exchange Limited that occurred in 2013 involving Financial Technologies India Ltd, when a payment default took place after a commodities market regulator, the Forward Markets Commission (FMC), directed NSEL to stop launching contracts.