home > our businesses > Broking & Distribution
Broking & Distribution

Experience Phygital Investing

Our Broking and Distribution business helps retail customers take informed investment decisions with a strong research based advisory service.

Our clients are advised by a centralized advisory and dealing desk based in Mumbai. Extensive use of technology and the benefit of synergized operations under one roof have helped us deliver enhanced value to our clients.

With Solid Research, Solid Advice as our guiding philosophy, our services under the Broking and Distribution business include products such as Equities, Derivatives, Commodities, Currency, Depository Services & Distribution of Portfolio Management Services, Mutual Funds and Insurance.

We are able to provide these services to customers using a combination of 3 distribution models

  1. our unique Business Partner model provides a win-win-win relationship for entrepreneurs, customers and the company. Using a combination of centralized advisory, efficient execution and strong back office processes, we are able to reach out to customers across the length and breadth of the country.
  2. We have a network of branches spread across major cities. These provide the company a local footprint in important markets and also opportunities to cross- sell products and services.
  3. In addition to our Pan India presence, our services can be accessed through our 2 separate habit sensitive Mobile apps, Web platforms, Desktop application and Smart Watch app enabling customers to trade, track and review seamlessly and conveniently. We also have a bouquet of managed prepackaged products giving us a sustained revenue stream along with giving our customers ready-made need based solutions.
Business Highlights
  • Presence in over 2500+ locations across 550 cities covering 98% of pin codes with 42 lakh registered customers.

  • Leading full service broker in terms of gross brokerage (FY23).

  • Depository assets of Rs. 2,26,000 Crores & Distribution AUM of Rs. 27,038 Crores as on 31st March 2024.

  • Active clients count stood at 8 .8lakh as of 31st March 2024.

  • Ranked among the top 10 players in terms of NSE active clients.

  • Acquired 6.2 lakh clients in FY24.

  • One of the leading franchise house with over 8,000 franchisees.

  • Launched super app RISE for traders with full stack of financial products and services. 

  • Strong advisory capabilities with over 2,500 advisors providing unique value propositions to clients.

  • Ajay Menon Whole-time Director & CEO- Broking and Distribution

    Ajay Menon is the Whole-time Director & CEO - Broking and Distribution business of Motilal Oswal Financial Services Ltd. (MOFSL).


    Ajay is a member of the Institute of Chartered Accountants of India from Nov, 1997 and is a graduate from N.M. College of Commerce, Mumbai. He is also certified in Series 7, 24 and 63 of FINRA Regulations.


    Ajay has over 22 years of vast experience in Indian Capital Markets. He joined the MOFSL Group in 1998 as an Accounts Manager. Soon he was responsible for operations, compliance, legal, risk management, business process excellence and information technology. He has been the cornerstone of MOFSL’s strong track record and a driving force behind the operational excellence of the group.


    Ajay has always demonstrated his aptitude and passion for creating and building several cutting edge technology initiatives to provide the best experience to the customers and also the MOFSL team. He has been instrumental in laying the foundation of the group with a strong focus on Compliance and Risk Management. He has also engineered the development of several state-of-the-art technology initiatives to provide businesses a cutting edge and also a unique value proposition within the spaces they operate. Ajay encouraged building on AI capabilities to improve productivity and introduce newer avenues of business. Under Ajay’s leadership, many crucial initiatives took shape like a tie-up with banks, new training initiatives for business partners and launch of rob advisory products.


    Under Ajay’s stewardship, MOFSL has excelled by delivering superior business results even during volatile market conditions. His multi-product strategy helped the organization sustain its revenue in the changing scenario. He has been highly instrumental in garnering various accolades and awards for the MOFSL group. 


    He is an avid traveler and he loves playing various sports, especially cricket.

  • Kishore Narne Associate Director, Head Commodity & Currency Business - Broking & Distribution

    Did Masters in Financial Management from Pondicherry University.

    He joined Motilal Oswal Group to lead the Commodities and Currency broking business in 2012. He has been able to establish the brand Motilal Oswal in the space as the market share in both the segments rose multifold over the last four years and currently leads a team of over 100.

    Mr. Kishore Narne possesses rich experience of over 15 years in Commodity and Currency markets. He started his career in commodities in 2001 with Refco Commodities (currently Phillip Commodities), servicing their global customer base and creating research for global audience well before the Indian commodity markets opened up.  As Indian markets opened up, he moved to Anand Rathi Commodities in 2004 to setup their commodities broking business and built it from scratch and served at various levels for nearly a decade.

    He is a voracious reader and writes regularly for many newspapers and financial magazines. He is also a regular on various business channels and has received various accolades from several industry bodies. He has been adjudged as ‘India’s Best Commodity Analyst’ Award by Zee Business and NCDEX in 2011 and has won the award of the ‘India’s Best Research Analyst for Forex’ in 2014 by Zee Business for Motilal Oswal.

    He is an avid reader and a traveler apart from being a photography enthusiast.

  • Mr. Harsh Joshi Associate Director and Head - IFA & Investment Product Business

    Harsh Joshi presently heads the IFA & Investment Product business at MOFSL.

    He is a management graduate from the Institute of Technology & Management, Mumbai.

    He joined Motilal Oswal Financial Services Ltd. in 2000 and has handled various profiles including Client Servicing, Client Acquisition, and Franchisee Acquisition. Harsh has been responsible for developing the entire Franchisee and Branch Business of MOFSL and also played a key role in developing the Wealth Management business of MOFSL. He has also handled the Chairman’s office for the Motilal Oswal Group.

    Before MOFSL he was associated with the Lexicon Group of Companies, where he was managing the stockbroking business.

  • Gaurav Manihar Associate Director & Head, Franchisee Business - Broking & Distribution

    A Chartered Accountant by qualification, he has spent nearly 14 years at MOFSL. He is a veteran in the broking business and stock markets, having spent more than 16 years in the industry. He has rich and varied experience in the non-institutional broking segment. He also headed MOFSL PCG Broking, handling more than 2,000 HNI families serviced by a highly qualified 75+ member advisory and sales team. To his credit, he has also headed MOFSL Equity Advisory comprising 300+ equity advisors and led the advisory training function for MOFSL and worked closely with franchisees for their business development.

    Before MOFSL, he was associated with Sovereign Securities Ltd.

    He has been awarded Best Employee Award in MOFSL and Special Award for creating Advisory Talent in MOFSL.

    He loves Cricket, Travelling, Reading Books, Spending time with friends and Watching Movies.

  • Navnit Bagri Associate Director & Head, PCG Business - Broking & Distribution

    He is a Chartered Accountant from Kolkata, India and a Certified Public Accountant from Colorado, USA.
    Navnit Bagri presently heads the Private Client business at MOFSL. He joined MOFSL in 2004 and has since handled various profiles including Client Servicing, Branch, and Franchisee Development.

    Before MOFSL he was managing his family stockbroking business.

    He is an avid reader of finance, philosophy and behavioral science.

  • Girish Karthik Director & Head Branch Business

    He currently spearheads Retail Branch Business at MOFSL with the team size of over 1500 people across the country. He did his Masters (Finance & Marketing ) from Madras University. A True Financial Services Professional with over 20 years’ experience with the know-how of profit center management. Girish been associated with MOSL for over 17 years and his accolades include Associate of the Year 2017 (MOFSL Group Senior Leadership) and the famous The Great Manager Award 2018 from PB – The Economic Times.

    He joined MOFSL in 2004 and has handled diverse roles and responsibilities. He established brand MOFSL in South India through branch and franchisee expansion before his national responsibility. He was instrumental in the success of major retail business acquisition and mergers. He has handled all India franchisee acquisition and is an integral part of the key member’s team who developed branch and franchisee business across India.  

    Before MOFSL he was associated with Apollo Sindhoori Capital Investments Ltd (Aditya Birla Money Limited) as a founder staff member and Regional Head (broking business) western region.