Motilal Oswal Financial Services Ltd (MOFSL) is a non-banking financial company (NBFC) registered under the Reserve Bank of India Act 1934. The Company offers a range of financial products and services such as stock broking Private Wealth Management Retail Broking and Distribution Institutional Broking Asset Management Investment Banking Private Equity proprietary investments Commodity Broking Currency Broking and Home Finance. It has a diversified client base that includes retail customers (including High Net worth Individuals) mutual funds foreign institutional investors financial institutions and corporate clients. Motilal Oswal Financial Services is headquartered in Mumbai and as of 31 March 2018 it had a network spread over 588 cities and towns comprising 2200+ business locations and more than 9 lakh registered customers. As of March 31 2018 the Company had 18 subsidiaries (including step down subsidiaries). MOFSL carries its lending business by running Loan against shares book and retail mortgage backed lending under the name of Aspire Home finance.Motilal Oswal Financial Services Ltd was incorporated on May 18 2005 and received the certificate of commencement of business on June 3 2005. The company was established to offer financial services and products. In the year 2006 Motilal Oswal Securities Ltd became a subsidiary of the company upon acquisition of shares of MOSL from the promoters Motilal Oswal and Raamdeo Agrawal and some members of promoter group. Also Motilal Oswal Commodities Broker Pvt Ltd became a subsidiary of the company upon acquisition of shares from promoter. During the year the company acquired Motilal Oswal Venture Capital Advisors Pvt Ltd and Motilal Oswal Investment Advisors Pvt Ltd from promoters Motilal Oswal and Raamdeo Agrawal and thus those companies became the subsidiaries of the company. Also Motilal Oswal Securities Ltd acquired customer rights and other assets of Peninsular Capital Markets Limited broking entity based in Kerala. During the year 2007-08 the company implemented a fully automated web-based back office application for mutual fund distribution which can be accessed across the country. Also Motilal Oswal Capital Markets Pvt. Ltd became the subsidiary of Motilal Oswal Securities Ltd and in turn of the company.During the year the company made an Initial Public Offer (IPO) of 2982710 equity shares of Rs 5 each in the price band of Rs 725 - Rs 825 per share. The issue constituted 10.50% of the paid-up share capital of the company. The Shares were allotted on September 5 2007 and got listed on Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd on September 11 2007.During the year 2008-09 Antop Traders Pvt Ltd became the subsidiary of Motilal Oswal Securities Ltd and in turn subsidiary of the company. Subsequent to the year-end Motilal Oswal Insurance Brokers Pvt Ltd and Motilal Oswal Asset Management Company Ltd became the subsidiaries of the company.During the year the company and Passionate Investment Management Pvt Ltd received in-principle approval from the Securities Exchange Board of India (SEBI) for setting up a mutual fund business in India.During the year 2009-10 the company jointly with their subsidiary Motilal Oswal Securities Ltd acquired an office building at Prabhadevi in Mumbai for a consideration of Rs 164.58 crore. Also Motilal Oswal Asset Management Company became 100% subsidiary of Motilal Oswal Securities Ltd which is a subsidiary of the company.In 2010 Motilal Oswal Financial Services' DP assets crossed Rs 10000 crore mark. During the year Motilal Oswal Asset Management Company launched its maiden mutual fund offering - India's first fundamentally enhanced ETF. In 2011 Motilal Oswal Financial Services group crossed Rs 1000 crore net worth mark. The group's network crossed more than 1500 business locations and customer base crossed 7 lakh. Motilal Oswal Asset Management became India's first asset management company to ring the opening bell at NASDAQ Stock Market on 30 March 2011. The opening bell ringing heralds MOSt Shares NASDAQ 100 India's first US Equities based ETF tracking the NASDAQ-100 Index listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In 2016 Motilal Oswal Investment Advisors Pvt Ltd tied up with IMAP Advisors - one of the Top 6 Global M&A specialists as their exclusive India partner. During the year Motilal Oswal Asset Management Company crossed over 1 billion USD in equity mutual fund and PMS assets making it the fastest growing asset management company in the country. During the year Aspire Home Finance cumulatively disbursed over Rs 1000 crore of loans to over 10000 families. Aspire Home Finance is a housing finance company promoted by Motilal Oswal Financial Services Limited (MOFSL) and it is active in affordable housing space.On 3 October 2016 Motilal Oswal Asset Management India (MOAMC) announced that it would be expanding its footprints into international markets with the Motilal Oswal India Fund (MOIF). MOIF will give global institutional investors access to its Indian equity capabilities. The fund has received seed investments from offshore clients. In 2017 Motilal Oswal Asset Management crossed the milestone of US $2.5 billion equity assets under management.During the financial year ended 31 March 2018 Motilal Oswal Securities' (MOSL) broking business registered highest-ever annual revenue and crossed the milestone of Rs 1000 crore.During the year under review the Board of Directors of the Company at its meeting held on November 04 2017 had approved Scheme of Amalgamation of Motilal Oswal Securities Limited (Transferor Company/wholly owned subsidiary company) with Motilal Oswal Financial Services Limited (Transferee Company/the Company) and their respective shareholders. The Scheme was filed by the Company with the Hon'ble NCLT on November 29 2017. Pursuant to Order dated December 22 2017 passed by Hon'ble NCLT the meeting of the Members of the Company was held on February 20 2018 wherein the Scheme was approved by the Members. Further the Members of the Company have provided their approval through Postal Ballot Process on February 19 2018 for transferring the existing lending business of the Company to Motilal Oswal Capital Markets Limited (Erstwhile Motilal Oswal Capital Markets Private Limited) (MOCML) its wholly owned subsidiary as a going concern via slump sale. Pursuant to Order dated July 30 2018 the Hon'ble NCLT has approved the Scheme. Subsequently the Board of the Company at its meeting held on August 21 2018 has made the Scheme effective from the Said Date i.e. August 21 2018. The Appointed Date for the Scheme is April 1 2017.Pursuant to Regulation 16(1)(c) of Listing Regulations Motilal Oswal Asset Management Company Limited (MOAMC) has become material subsidiary of the Company for FY 2017-18. Accordingly the Company has three Material subsidiaries namely Motilal Oswal Securities Limited (MOSL) Aspire Home Finance Corporation Limited (AHFCL) and MOAMC as on March 31 2018.During the year 2019 the Company and MOSL has acquired 60344826 and 51724141 equity shares of Re.1/- each respectively of its subsidiary Aspire Home Finance Corporation Limited (AHFCL).