Form ADV (full filing)

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FORM ADV
UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION AND REPORT BY EXEMPT REPORTING ADVISERS

Primary Business Name: MOTILAL OSWAL CAPITAL LIMITED CRD Number: 286146
Annual Amendment - All Sections Rev. 10/2021
6/28/2026 12:38:49 PM

WARNING: Complete this form truthfully. False statements or omissions may result in denial of your application, revocation of your registration, or criminal
prosecution. You must keep this form updated by filing periodic amendments. See Form ADV General Instruction 4.
Item 1 Identifying Information

Responses to this Item tell us who you are, where you are doing business, and how we can contact you. If you are filing an umbrella registration, the
information in Item 1 should be provided for the filing adviser only. General Instruction 5 provides information to assist you with filing an umbrella registration.

A. Your full legal name (if you are a sole proprietor, your last, first, and middle names):
MOTILAL OSWAL CAPITAL LIMITED

B. (1) Name under which you primarily conduct your advisory business, if different from Item 1.A.
MOTILAL OSWAL CAPITAL LIMITED

List on Section 1.B. of Schedule D any additional names under which you conduct your advisory business.

(2) If you are using this Form ADV to register more than one investment adviser under an umbrella registration, check this box

If you check this box, complete a Schedule R for each relying adviser.

C. If this filing is reporting a change in your legal name (Item 1.A.) or primary business name (Item 1.B.(1)), enter the new name and specify whether the
name change is of
your legal name or your primary business name:

D. (1) If you are registered with the SEC as an investment adviser, your SEC file number: 801-110707
(2) If you report to the SEC as an exempt reporting adviser, your SEC file number:
(3) If you have one or more Central Index Key numbers assigned by the SEC ("CIK Numbers"), all of your CIK numbers:
No Information Filed

E. (1) If you have a number ("CRD Number") assigned by the FINRA's CRD system or by the IARD system, your CRD number: 286146

If your firm does not have a CRD number, skip this Item 1.E. Do not provide the CRD number of one of your officers, employees, or affiliates.

(2) If you have additional CRD Numbers, your additional CRD numbers:
No Information Filed

F. Principal Office and Place of Business
(1) Address (do not use a P.O. Box):
Number and Street 1: Number and Street 2:
10TH FLOOR, MOTILAL OSWAL TOWER RAHIMTULLAH SAYANI ROAD, OPP. PAREL ST DEPOT
City: State: Country: ZIP+4/Postal Code:
PRABHADEVI, MUMBAI India 400025

If this address is a private residence, check this box:

List on Section 1.F. of Schedule D any office, other than your principal office and place of business, at which you conduct investment advisory business. If
you are applying for registration, or are registered, with one or more state securities authorities, you must list all of your offices in the state or states to
which you are applying for registration or with whom you are registered. If you are applying for SEC registration, if you are registered only with the SEC, or
if you are reporting to the SEC as an exempt reporting adviser, list the largest twenty-five offices in terms of numbers of employees as of the end of your
most recently completed fiscal year.

(2) Days of week that you normally conduct business at your principal office and place of business:
Monday - Friday Other:

Normal business hours at this location:
9:00 AM - 6:00 PM
(3) Telephone number at this location:
+91 22 39804200
(4) Facsimile number at this location, if any:
(5) What is the total number of offices, other than your principal office and place of business, at which you conduct investment advisory business as of
the end of your most recently completed fiscal year?
0

G. Mailing address, if different from your principal office and place of business address:

Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

H. If you are a sole proprietor, state your full residence address, if different from your principal office and place of business address in Item 1.F.:

Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Yes No
I. Do you have one or more websites or accounts on publicly available social media platforms (including, but not limited to, Twitter, Facebook and
LinkedIn)?

If "yes," list all firm website addresses and the address for each of the firm's accounts on publicly available social media platforms on Section 1.I. of Schedule D.
If a website address serves as a portal through which to access other information you have published on the web, you may list the portal without listing
addresses for all of the other information. You may need to list more than one portal address. Do not provide the addresses of websites or accounts on publicly
available social media platforms where you do not control the content. Do not provide the individual electronic mail (e-mail) addresses of employees or the
addresses of employee accounts on publicly available social media platforms.

J. Chief Compliance Officer
(1) Provide the name and contact information of your Chief Compliance Officer. If you are an exempt reporting adviser, you must provide the contact
information for your Chief Compliance Officer, if you have one. If not, you must complete Item 1.K. below.

Name: Other titles, if any:
Telephone number: Facsimile number, if any:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if Chief Compliance Officer has one:

(2) If your Chief Compliance Officer is compensated or employed by any person other than you, a related person or an investment company registered
under the Investment Company Act of 1940 that you advise for providing chief compliance officer services to you, provide the person's name and IRS
Employer Identification Number (if any):
Name:
IRS Employer Identification Number:

K. Additional Regulatory Contact Person: If a person other than the Chief Compliance Officer is authorized to receive information and respond to questions
about this Form ADV, you may provide that information here.

Name: Titles:
Telephone number: Facsimile number, if any:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if contact person has one:

Yes No
L. Do you maintain some or all of the books and records you are required to keep under Section 204 of the Advisers Act, or similar state law,
somewhere other than your principal office and place of business?

If "yes," complete Section 1.L. of Schedule D.
Yes No
M. Are you registered with a foreign financial regulatory authority?

Answer "no" if you are not registered with a foreign financial regulatory authority, even if you have an affiliate that is registered with a foreign financial
regulatory authority. If "yes," complete Section 1.M. of Schedule D.
Yes No
N. Are you a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934?

Yes No
O. Did you have $1 billion or more in assets on the last day of your most recent fiscal year?
If yes, what is the approximate amount of your assets:
$1 billion to less than $10 billion

$10 billion to less than $50 billion
$50 billion or more

For purposes of Item 1.O. only, "assets" refers to your total assets, rather than the assets you manage on behalf of clients. Determine your total assets using
the total assets shown on the balance sheet for your most recent fiscal year end.

P. Provide your Legal Entity Identifier if you have one:

A legal entity identifier is a unique number that companies use to identify each other in the financial marketplace. You may not have a legal entity
identifier.

SECTION 1.B. Other Business Names

No Information Filed

SECTION 1.F. Other Offices

No Information Filed

SECTION 1.I. Website Addresses

List your website addresses, including addresses for accounts on publicly available social media platforms where you control the content (including, but not
limited to, Twitter, Facebook and/or LinkedIn). You must complete a separate Schedule D Section 1.I. for each website or account on a publicly available
social media platform.

Address of Website/Account on Publicly Available Social Media Platform: https://www.motilaloswalmf.com/InternationalBusiness

SECTION 1.L. Location of Books and Records

No Information Filed

SECTION 1.M. Registration with Foreign Financial Regulatory Authorities

List the name and country, in English, of each foreign financial regulatory authority with which you are registered. You must complete a separate Schedule D
Section 1.M. for each foreign financial regulatory authority with whom you are registered.

Name of Country/Foreign Financial Regulatory Authority:
India - Securities and Exchange Board of India

Other:

Item 2 SEC Registration/Reporting

Responses to this Item help us (and you) determine whether you are eligible to register with the SEC. Complete this Item 2.A. only if you are applying for
SEC registration or submitting an annual updating amendment to your SEC registration. If you are filing an umbrella registration, the information in Item 2
should be provided for the filing adviser only.

A. To register (or remain registered) with the SEC, you must check at least one of the Items 2.A.(1) through 2.A.(12), below. If you are submitting an
annual updating amendment to your SEC registration and you are no longer eligible to register with the SEC, check Item 2.A.(13). Part 1A Instruction 2
provides information to help you determine whether you may affirmatively respond to each of these items.
You (the adviser):

(1) are a large advisory firm that either:

(a) has regulatory assets under management of $100 million (in U.S. dollars) or more; or

(b) has regulatory assets under management of $90 million (in U.S. dollars) or more at the time of filing its most recent annual updating
amendment and is registered with the SEC;

(2) are a mid-sized advisory firm that has regulatory assets under management of $25 million (in U.S. dollars) or more but less than $100
million (in U.S. dollars) and you are either:
(a) not required to be registered as an adviser with the state securities authority of the state where you maintain your principal office and place
of business; or

(b) not subject to examination by the state securities authority of the state where you maintain your principal office and place of business;

Click HERE for a list of states in which an investment adviser, if registered, would not be subject to examination by the state securities
authority.

(3) Reserved

(4) have your principal office and place of business outside the United States;

(5) are an investment adviser (or subadviser) to an investment company registered under the Investment Company Act of 1940;

(6) are an investment adviser to a company which has elected to be a business development company pursuant to section 54 of the
Investment Company Act of 1940 and has not withdrawn the election, and you have at least $25 million of regulatory assets under
management;

(7) are a pension consultant with respect to assets of plans having an aggregate value of at least $200,000,000 that qualifies for the exemption
in rule 203A-2(a);

(8) are a related adviser under rule 203A-2(b) that controls, is controlled by, or is under common control with, an investment adviser that is
registered with the SEC, and your principal office and place of business is the same as the registered adviser;

If you check this box, complete Section 2.A.(8) of Schedule D.

(9) are an adviser relying on rule 203A-2(c) because you expect to be eligible for SEC registration within 120 days;

If you check this box, complete Section 2.A.(9) of Schedule D.

(10) are a multi-state adviser that is required to register in 15 or more states and is relying on rule 203A-2(d);

If you check this box, complete Section 2.A.(10) of Schedule D.

(11) are an Internet adviser relying on rule 203A-2(e);

If you check this box, complete Section 2.A.(11) of Schedule D.

(12) have received an SEC order exempting you from the prohibition against registration with the SEC;

If you check this box, complete Section 2.A.(12) of Schedule D.

(13) are no longer eligible to remain registered with the SEC.

State Securities Authority Notice Filings and State Reporting by Exempt Reporting Advisers
C. Under state laws, SEC-registered advisers may be required to provide to state securities authorities a copy of the Form ADV and any amendments they
file with the SEC. These are called notice filings. In addition, exempt reporting advisers may be required to provide state securities authorities with a copy
of reports and any amendments they file with the SEC. If this is an initial application or report, check the box(es) next to the state(s) that you would
like to receive notice of this and all subsequent filings or reports you submit to the SEC. If this is an amendment to direct your notice filings or reports to
additional state(s), check the box(es) next to the state(s) that you would like to receive notice of this and all subsequent filings or reports you submit
to the SEC. If this is an amendment to your registration to stop your notice filings or reports from going to state(s) that currently receive them, uncheck
the box(es) next to those state(s).

Jurisdictions

AL IL NE SC
AK IN NV SD
AZ IA NH TN
AR KS NJ TX
CA KY NM UT
CO LA NY VT
CT ME NC VI
DE MD ND VA
DC MA OH WA
FL MI OK WV
GA MN OR WI
GU MS PA WY
HI MO PR
ID MT RI

If you are amending your registration to stop your notice filings or reports from going to a state that currently receives them and you do not want to pay that
state's notice filing or report filing fee for the coming year, your amendment must be filed before the end of the year (December 31).

SECTION 2.A.(8) Related Adviser
If you are relying on the exemption in rule 203A-2(b) from the prohibition on registration because you control, are controlled by, or are under common control
with an investment adviser that is registered with the SEC and your principal office and place of business is the same as that of the registered adviser,
provide the following information:

Name of Registered Investment Adviser

CRD Number of Registered Investment Adviser

SEC Number of Registered Investment Adviser
-

SECTION 2.A.(9) Investment Adviser Expecting to be Eligible for Commission Registration within 120 Days
If you are relying on rule 203A-2(c), the exemption from the prohibition on registration available to an adviser that expects to be eligible for SEC registration
within 120 days, you are required to make certain representations about your eligibility for SEC registration. By checking the appropriate boxes, you will b e
deemed to have made the required representations. You must make both of these representations:
I am not registered or required to be registered with the SEC or a state securities authority and I have a reasonable expectation that I will be eligible to
register with the SEC within 120 days after the date my registration with the SEC becomes effective.
I undertake to withdraw from SEC registration if, on the 120th day after my registration with the SEC becomes effective, I would be prohibited by Section
203A(a) of the Advisers Act from registering with the SEC.

SECTION 2.A.(10) Multi-State Adviser
If you are relying on rule 203A-2(d), the multi-state adviser exemption from the prohibition on registration, you are required to make certain representations
about your eligibility for SEC registration. By checking the appropriate boxes, you will be deemed to have made the required representations.

If you are applying for registration as an investment adviser with the SEC, you must make both of these representations:
I have reviewed the applicable state and federal laws and have concluded that I am required by the laws of 15 or more states to register as an
investment adviser with the state securities authorities in those states.
I undertake to withdraw from SEC registration if I file an amendment to this registration indicating that I would be required by the laws of fewer than 15
states to register as an investment adviser with the state securities authorities of those states.

If you are submitting your annual updating amendment, you must make this representation:
Within 90 days prior to the date of filing this amendment, I have reviewed the applicable state and federal laws and have concluded that I am required
by the laws of at least 15 states to register as an investment adviser with the state securities authorities in those states.

SECTION 2.A.(11) Internet Adviser
If you are relying on rule 203A-2(e), the Internet adviser exemption from the prohibition on registration, you are required to make a representation about
your eligibility for SEC registration. By checking the appropriate box, you will be deemed to have made the required representation.

If you are applying for registration as an investment adviser with the SEC or changing your existing Item 2 response regarding your eligibility for SEC
registration, you must make this representation:
I will provide investment advice on an ongoing basis to more than one client exclusively through an operational interactive website.
If you are filing an annual updating amendment to your existing registration and are continuing to rely on the Internet adviser exemption for SEC
registration, you must make this representation:
I have provided and will continue to provide investment advice on an ongoing basis to more than one client exclusively through an operational interactive
website.

SECTION 2.A.(12) SEC Exemptive Order
If you are relying upon an SEC order exempting you from the prohibition on registration, provide the following information:

Application Number:
803-

Date of order:

Item 3 Form of Organization
If you are filing an umbrella registration, the information in Item 3 should be provided for the filing adviser only.
A. How are you organized?
Corporation

Sole Proprietorship

Limited Liability Partnership (LLP)

Partnership
Limited Liability Company (LLC)

Limited Partnership (LP)

Other (specify):

If you are changing your response to this Item, see Part 1A Instruction 4.

B. In what month does your fiscal year end each year?
MARCH

C. Under the laws of what state or country are you organized?
State Country
India

If you are a partnership, provide the name of the state or country under whose laws your partnership was formed. If you are a sole proprietor, provide the
name of the state or country where you reside.

If you are changing your response to this Item, see Part 1A Instruction 4.

Item 4 Successions
Yes No
A. Are you, at the time of this filing, succeeding to the business of a registered investment adviser, including, for example, a change of your
structure or legal status (e.g., form of organization or state of incorporation)?

If "yes", complete Item 4.B. and Section 4 of Schedule D.

B. Date of Succession: (MM/DD/YYYY)

If you have already reported this succession on a previous Form ADV filing, do not report the succession again. Instead, check "No." See Part 1A Instruction 4.

SECTION 4 Successions

No Information Filed

Item 5 Information About Your Advisory Business - Employees, Clients, and Compensation

Responses to this Item help us understand your business, assist us in preparing for on-site examinations, and provide us with data we use when making
regulatory policy. Part 1A Instruction 5.a. provides additional guidance to newly formed advisers for completing this Item 5.

Employees

If you are organized as a sole proprietorship, include yourself as an employee in your responses to Item 5.A. and Items 5.B.(1), (2), (3), (4), and (5). If an
employee performs more than one function, you should count that employee in each of your responses to Items 5.B.(1), (2), (3), (4), and (5).

A. Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
7

B. (1) Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
2
(2) Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
0
(3) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser
representatives?
0
(4) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser
representatives for an investment adviser other than you?
0
(5) Approximately how many of the employees reported in 5.A. are licensed agents of an insurance company or agency?
0
(6) Approximately how many firms or other persons solicit advisory clients on your behalf?
0
In your response to Item 5.B.(6), do not count any of your employees and count a firm only once – do not count each of the firm's employees that solicit on
your behalf.

Clients

In your responses to Items 5.C. and 5.D. do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship
with those investors.

C. (1) To approximately how many clients for whom you do not have regulatory assets under management did you provide investment advisory services
during your most recently completed fiscal year?
0
(2) Approximately what percentage of your clients are non-United States persons?
100%

D. For purposes of this Item 5.D., the category "individuals" includes trusts, estates, and 401(k) plans and IRAs of individuals and their family members, but does
not include businesses organized as sole proprietorships.
The category "business development companies" consists of companies that have made an election pursuant to section 54 of the Investment Company Act of
1940. Unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment
Company Act of 1940, do not answer (1)(d) or (3)(d) below.

Indicate the approximate number of your clients and amount of your total regulatory assets under management (reported in Item 5.F. below)
attributable to each of the following type of client. If you have fewer than 5 clients in a particular category (other than (d), (e), and (f)) you may check
Item 5.D.(2) rather than respond to Item 5.D.(1).

The aggregate amount of regulatory assets under management reported in Item 5.D.(3) should equal the total amount of regulatory assets under
management reported in Item 5.F.(2)(c) below.

If a client fits into more than one category, select one category that most accurately represents the client to avoid double counting clients and assets. If
you advise a registered investment company, business development company, or pooled investment vehicle, report those assets in categories (d), (e),
and (f) as applicable.

(1) Number of (2) Fewer than (3) Amount of Regulatory Assets
Type of Client Client(s) 5 Clients under Management
(a) Individuals (other than high net worth individuals) $
(b) High net worth individuals $
(c) Banking or thrift institutions $
(d) Investment companies $
(e) Business development companies $
(f) Pooled investment vehicles (other than investment companies and 1 $ 116,114,208
business development companies)
(g) Pension and profit sharing plans (but not the plan participants or $
government pension plans)
(h) Charitable organizations $
(i) State or municipal government entities (including government pension $
plans)
(j) Other investment advisers $
(k) Insurance companies $
(l) Sovereign wealth funds and foreign official institutions $
(m) Corporations or other businesses not listed above $
(n) Other: $

Compensation Arrangements
E. You are compensated for your investment advisory services by (check all that apply):
(1) A percentage of assets under your management
(2) Hourly charges
(3) Subscription fees (for a newsletter or periodical)
(4) Fixed fees (other than subscription fees)
(5) Commissions
(6) Performance-based fees
(7) Other (specify): % OF EXPENSES OF FUND

Item 5 Information About Your Advisory Business - Regulatory Assets Under Management
Regulatory Assets Under Management
Yes No
F. (1) Do you provide continuous and regular supervisory or management services to securities portfolios?

(2) If yes, what is the amount of your regulatory assets under management and total number of accounts?
U.S. Dollar Amount Total Number of Accounts
Discretionary: (a) $ 0 (d) 0
Non-Discretionary: (b) $ 116,114,208 (e) 1
Total: (c) $ 116,114,208 (f) 1

Part 1A Instruction 5.b. explains how to calculate your regulatory assets under management. You must follow these instructions carefully when
completing this Item.

(3) What is the approximate amount of your total regulatory assets under management (reported in Item 5.F.(2)(c) above) attributable to clients who
are non-United States persons?
$ 116,114,208

Item 5 Information About Your Advisory Business - Advisory Activities
Advisory Activities
G. What type(s) of advisory services do you provide? Check all that apply.
(1) Financial planning services
(2) Portfolio management for individuals and/or small businesses
(3) Portfolio management for investment companies (as well as "business development companies" that have made an election pursuant to
section 54 of the Investment Company Act of 1940)
(4) Portfolio management for pooled investment vehicles (other than investment companies)
(5) Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and
other pooled investment vehicles)
(6) Pension consulting services
(7) Selection of other advisers (including private fund managers)
(8) Publication of periodicals or newsletters
(9) Security ratings or pricing services
(10) Market timing services
(11) Educational seminars/workshops
(12) Other(specify):

Do not check Item 5.G.(3) unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the
Investment Company Act of 1940, including as a subadviser. If you check Item 5.G.(3), report the 811 or 814 number of the investment company or
investment companies to which you provide advice in Section 5.G.(3) of Schedule D.

H. If you provide financial planning services, to how many clients did you provide these services during your last fiscal year?
0

1 - 10
11 - 25
26 - 50
51 - 100
101 - 250
251 - 500
More than 500
If more than 500, how many?
(round to the nearest 500)

In your responses to this Item 5.H., do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship
with those investors.

Yes No
I. (1) Do you participate in a wrap fee program?

(2) If you participate in a wrap fee program, what is the amount of your regulatory assets under management attributable to acting as:
(a) sponsor to a wrap fee program
$
(b) portfolio manager for a wrap fee program?
$
(c) sponsor to and portfolio manager for the same wrap fee program?
$

If you report an amount in Item 5.I.(2)(c), do not report that amount in Item 5.I.(2)(a) or Item 5.I.(2)(b).

If you are a portfolio manager for a wrap fee program, list the names of the programs, their sponsors and related information in Section 5.I.(2) of Schedule D.
If your involvement in a wrap fee program is limited to recommending wrap fee programs to your clients, or you advise a mutual fund that is offered through a
wrap fee program, do not check Item 5.I.(1) or enter any amounts in response to Item 5.I.(2).
Yes No
J. (1) In response to Item 4.B. of Part 2A of Form ADV, do you indicate that you provide investment advice only with respect to limited types of
investments?
(2) Do you report client assets in Item 4.E. of Part 2A that are computed using a different method than the method used to compute your
regulatory assets under management?

K. Separately Managed Account Clients
Yes No
(1) Do you have regulatory assets under management attributable to clients other than those listed in Item 5.D.(3)(d)-(f) (separately
managed account clients)?

If yes, complete Section 5.K.(1) of Schedule D.

(2) Do you engage in borrowing transactions on behalf of any of the separately managed account clients that you advise?

If yes, complete Section 5.K.(2) of Schedule D.

(3) Do you engage in derivative transactions on behalf of any of the separately managed account clients that you advise?

If yes, complete Section 5.K.(2) of Schedule D.

(4) After subtracting the amounts in Item 5.D.(3)(d)-(f) above from your total regulatory assets under management, does any custodian hold
ten percent or more of this remaining amount of regulatory assets under management?

If yes, complete Section 5.K.(3) of Schedule D for each custodian.

L. Marketing Activities
Yes No
(1) Do any of your advertisements include:

(a) Performance results?

(b) A reference to specific investment advice provided by you (as that phrase is used in rule 206(4)-1(a)(5))?

(d) Endorsements (other than those that satisfy rule 206(4)-1(b)(4)(ii))?

(e) Third-party ratings?

(2) If you answer "yes" to L(1)(c), (d), or (e) above, do you pay or otherwise provide cash or non-cash compensation, directly or indirectly, in
connection with the use of testimonials, endorsements, or third-party ratings?

(3) Do any of your advertisements include hypothetical performance ?

(4) Do any of your advertisements include predecessor performance ?

SECTION 5.G.(3) Advisers to Registered Investment Companies and Business Development Companies

No Information Filed

SECTION 5.I.(2) Wrap Fee Programs

No Information Filed

SECTION 5.K.(1) Separately Managed Accounts
After subtracting the amounts reported in Item 5.D.(3)(d)-(f) from your total regulatory assets under management, indicate the approximate percentage of
this remaining amount attributable to each of the following categories of assets. If the remaining amount is at least $10 billion in regulatory assets under
management, complete Question (a). If the remaining amount is less than $10 billion in regulatory assets under management, complete Question (b).

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.
If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you
subadvise.

End of year refers to the date used to calculate your regulatory assets under management for purposes of your annual updating amendment . Mid-year is the
date six months before the end of year date. Each column should add up to 100% and numbers should be rounded to the nearest percent.

Investments in derivatives, registered investment companies, business development companies, and pooled investment vehicles should be reported in
those categories. Do not report those investments based on related or underlying portfolio assets. Cash equivalents include bank deposits, certificates of
deposit, bankers' acceptances and similar bank instruments.

Some assets could be classified into more than one category or require discretion about which category applies. You may use your own internal
methodologies and the conventions of your service providers in determining how to categorize assets, so long as the methodologies or conventions are
consistently applied and consistent with information you report internally and to current and prospective clients. However, you should not double count
assets, and your responses must be consistent with any instructions or other guidance relating to this Section.

(a) Asset Type Mid-year End of year
(i) Exchange-Traded Equity Securities % %
(ii) Non Exchange-Traded Equity Securities % %
(iii) U.S. Government/Agency Bonds % %
(iv) U.S. State and Local Bonds % %
(v) Sovereign Bonds % %
(vi) Investment Grade Corporate Bonds % %
(vii) Non-Investment Grade Corporate Bonds % %
(viii) Derivatives % %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies % %
(x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business % %
Development Companies)
(xi) Cash and Cash Equivalents % %
(xii) Other % %
Generally describe any assets included in "Other"

(b) Asset Type End of year
(i) Exchange-Traded Equity Securities %
(ii) Non Exchange-Traded Equity Securities %
(iii) U.S. Government/Agency Bonds %
(iv) U.S. State and Local Bonds %
(v) Sovereign Bonds %
(vi) Investment Grade Corporate Bonds %
(vii) Non-Investment Grade Corporate Bonds %
(viii) Derivatives %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies %
(x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development %
Companies)
(xi) Cash and Cash Equivalents %
(xii) Other %
Generally describe any assets included in "Other"

SECTION 5.K.(2) Separately Managed Accounts - Use of Borrowingsand Derivatives

No information is required to be reported in this Section 5.K.(2) per the instructions of this Section 5.K.(2)

If your regulatory assets under management attributable to separately managed accounts are at least $10 billion, you should complete Question (a). If your
regulatory assets under management attributable to separately managed accounts are at least $500 million but less than $10 billion, you should complete
Question (b).

(a) In the table below, provide the following information regarding the separately managed accounts you advise. If you are a subadviser to a separately
managed account, you should only provide information with respect to the portion of the account that you subadvise. End of year refers to the date
used to calculate your regulatory assets under management for purposes of your annual updating amendment. Mid-year is the date six months before
the end of year date.

In column 1, indicate the regulatory assets under management attributable to separately managed accounts associated with each level of gross
notional exposure. For purposes of this table, the gross notional exposure of an account is the percentage obtained by dividing (i) the sum of (a) the
dollar amount of any borrowings and (b) the gross notional value of all derivatives, by (ii) the regulatory assets under management of the account.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

In column 3, provide aggregate gross notional value of derivatives divided by the aggregate regulatory assets under management of the accounts
included in column 1 with respect to each category of derivatives specified in 3(a) through (f).

You may, but are not required to, complete the table with respect to any separately managed account with regulatory assets under management of
less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

(i) Mid-Year

Gross Notional (1) Regulatory Assets (2)
Exposure Under Management Borrowings (3) Derivative Exposures
(a) Interest (b) Foreign
Rate Exchange (c) Credit (d) Equity (e) Commodity (f) Other
Derivative Derivative Derivative Derivative Derivative Derivative
Less than 10% $ $ % % % % % %

10-149% $ $ % % % % % %

150% or more $ $ % % % % % %

Optional: Use the space below to provide a narrative description of the strategies and/or manner in which borrowings and derivatives are used in the
management of the separately managed accounts that you advise.

(ii) End of Year

10-149% $ $ % % % % % %

150% or more $ $ % % % % % %

(b) In the table below, provide the following information regarding the separately managed accounts you advise as of the date used to calculate your
regulatory assets under management for purposes of your annual updating amendment. If you are a subadviser to a separately managed account, you
should only provide information with respect to the portion of the account that you subadvise.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

You may, but are not required to, complete the table with respect to any separately managed accounts with regulatory assets under management of
less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

Gross Notional Exposure (1) Regulatory Assets Under Management (2) Borrowings
Less than 10% $ $

10-149% $ $

150% or more $ $

No Information Filed

Item 6 Other Business Activities

In this Item, we request information about your firm's other business activities.

A. You are actively engaged in business as a (check all that apply):
(1) broker-dealer (registered or unregistered)
(2) registered representative of a broker-dealer
(3) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(4) futures commission merchant
(5) real estate broker, dealer, or agent
(6) insurance broker or agent
(7) bank (including a separately identifiable department or division of a bank)
(8) trust company
(9) registered municipal advisor
(10) registered security-based swap dealer
(11) major security-based swap participant
(12) accountant or accounting firm
(13) lawyer or law firm
(14) other financial product salesperson (specify):

If you engage in other business using a name that is different from the names reported in Items 1.A. or 1.B.(1), complete Section 6.A. of Schedule D.
Yes No
B. (1) Are you actively engaged in any other business not listed in Item 6.A. (other than giving investment advice)?

(2) If yes, is this other business your primary business?

If "yes," describe this other business on Section 6.B.(2) of Schedule D, and if you engage in this business under a different name, provide that name.
Yes No
(3) Do you sell products or provide services other than investment advice to your advisory clients?

If "yes," describe this other business on Section 6.B.(3) of Schedule D, and if you engage in this business under a different name, provide that name.

SECTION 6.A. Names of Your Other Businesses

No Information Filed

SECTION 6.B.(2) Description of Primary Business
Describe your primary business (not your investment advisory business):

If you engage in that business under a different name, provide that name:

SECTION 6.B.(3) Description of Other Products and Services
Describe other products or services you sell to your client. You may omit products and services that you listed in Section 6.B.(2) above.

If you engage in that business under a different name, provide that name:

Item 7 Financial Industry Affiliations

In this Item, we request information about your financial industry affiliations and activities. This information identifies areas in which conflicts of interest may
occur between you and your clients.

A. This part of Item 7 requires you to provide information about you and your related persons, including foreign affiliates. Your related persons are all of your
advisory affiliates and any person that is under common control with you.
You have a related person that is a (check all that apply):
(1) broker-dealer, municipal securities dealer, or government securities broker or dealer (registered or unregistered)
(2) other investment adviser (including financial planners)
(3) registered municipal advisor
(4) registered security-based swap dealer
(5) major security-based swap participant
(6) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(7) futures commission merchant
(8) banking or thrift institution
(9) trust company
(10) accountant or accounting firm
(11) lawyer or law firm
(12) insurance company or agency
(13) pension consultant
(14) real estate broker or dealer
(15) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(16) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles

Note that Item 7.A. should not be used to disclose that some of your employees perform investment advisory functions or are registered representatives of a
broker-dealer. The number of your firm's employees who perform investment advisory functions should be disclosed under Item 5.B.(1). The number of your
firm's employees who are registered representatives of a broker-dealer should be disclosed under Item 5.B.(2).

Note that if you are filing an umbrella registration, you should not check Item 7.A.(2) with respect to your relying advisers, and you do not have to complete
Section 7.A. in Schedule D for your relying advisers. You should complete a Schedule R for each relying adviser.

For each related person, including foreign affiliates that may not be registered or required to be registered in the United States, complete Section 7.A. of
Schedule D.

You do not need to complete Section 7.A. of Schedule D for any related person if: (1) you have no business dealings with the related person in connection with
advisory services you provide to your clients; (2) you do not conduct shared operations with the related person; (3) you do not refer clients or business to the
related person, and the related person does not refer prospective clients or business to you; (4) you do not share supervised persons or premises with the
related person; and (5) you have no reason to believe that your relationship with the related person otherwise creates a conflict of interest with your clients.

You must complete Section 7.A. of Schedule D for each related person acting as qualified custodian in connection with advisory services you provide to your
clients (other than any mutual fund transfer agent pursuant to rule 206(4)-2(b)(1)), regardless of whether you have determined the related person to be
operationally independent under rule 206(4)-2 of the Advisers Act.

SECTION 7.A. Financial Industry Affiliations

Complete a separate Schedule D Section 7.A. for each related person listed in Item 7.A.

1. Legal Name of Related Person:
MOTILAL OSWAL HOME FINANCE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL HOME FINANCE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer
(b) other investment adviser (including financial planners)
(c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles
Yes No
6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients?
(b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the
presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not
required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person?
(c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:
If this address is a private residence, check this box:
Yes No
9. (a) If the related person is an investment adviser, is it exempt from registration?

(b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ?
(b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.
Name of Country/English Name of Foreign Financial Regulatory Authority
Other - INDIA-RBI

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL CUSTODIAL SERVICES PRIVATE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL CUSTODIAL SERVICES PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?
8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients?
(b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the
presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not
required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person?
(c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:
If this address is a private residence, check this box:
Yes No
9. (a) If the related person is an investment adviser, is it exempt from registration?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL INTERNATIONAL WEALTH MANAGEMENT LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL INTERNATIONAL WEALTH MANAGEMENT LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL ASSET MANAGEMENT (IFSC) LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL ASSET MANAGEMENT (IFSC) LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL FINVEST LIMITED (MOFL)

2. Primary Business Name of Related Person:
MOTILAL OSWAL FINVEST LIMITED (MOFL)

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOMENTUM CAPEDGE LIMITED (FORMERLY MOTILAL OSWAL BROKING AND DISTRIBUTION LIMITED)

2. Primary Business Name of Related Person:
MOMENTUM CAPEDGE LIMITED (FORMERLY MOTILAL OSWAL BROKING AND DISTRIBUTION LIMITED)

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?
12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL FINSEC IFSC LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL FINSEC IFSC LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?
1. Legal Name of Related Person:
MOTILAL OSWAL TRUSTEE COMPANY LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL TRUSTEE COMPANY LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL FINANCIAL SERVICES LIMITED
2. Primary Business Name of Related Person:
MOTILAL OSWAL FINANCIAL SERVICES LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL ALTERNATIVE IFSC PRIVATE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL ALTERNATIVE IFSC PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL CAPITAL MARKETS (HONG KONG) PRIVATE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL CAPITAL MARKETS (HONG KONG) PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
INDIA BUSINESS EXCELLENCE MANAGEMENT COMPANY

2. Primary Business Name of Related Person:
INDIA BUSINESS EXCELLENCE MANAGEMENT COMPANY

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed
5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer
(b) other investment adviser (including financial planners)
(c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles
Yes No
6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL COMMODITIES BROKER PRIVATE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL COMMODITIES BROKER PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL WEALTH LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL WEALTH LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL SECURITIES INTERNATIONAL PRIVATE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL SECURITIES INTERNATIONAL PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
8 - 69093
or
Other

4. Related Person's
(a) CRD Number (if any):
164319
(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL INVESTMENT ADVISORS LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL INVESTMENT ADVISORS LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MOTILAL OSWAL CAPITAL MARKETS (SINGAPORE) PTE LIMITED

2. Primary Business Name of Related Person:
MOTILAL OSWAL CAPITAL MARKETS (SINGAPORE) PTE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
TM INVESTMENT TECHNOLOGIES PRIVATE LIMITED

2. Primary Business Name of Related Person:
TM INVESTMENT TECHNOLOGIES PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
MO ALTERNATE INVESTMENT ADVISORS PRIVATE LIMITED

2. Primary Business Name of Related Person:
MO ALTERNATE INVESTMENT ADVISORS PRIVATE LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
203(B)(3)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

Item 7 Private Fund Reporting

Yes No

B. Are you an adviser to any private fund?

If "yes," then for each private fund that you advise, you must complete a Section 7.B.(1) of Schedule D, except in certain circumstances described in the next
sentence and in Instruction 6 of the Instructions to Part 1A. If you are registered or applying for registration with the SEC or reporting as an SEC exempt
reporting adviser, and another SEC-registered adviser or SEC exempt reporting adviser reports this information with respect to any such private fund in Section
7.B.(1) of Schedule D of its Form ADV (e.g., if you are a subadviser), do not complete Section 7.B.(1) of Schedule D with respect to that private fund. You must,
instead, complete Section 7.B.(2) of Schedule D.

In either case, if you seek to preserve the anonymity of a private fund client by maintaining its identity in your books and records in numerical or alphabetical
code, or similar designation, pursuant to rule 204-2(d), you may identify the private fund in Section 7.B.(1) or 7.B.(2) of Schedule D using the same code or
designation in place of the fund's name.

SECTION 7.B.(1) Private Fund Reporting

Funds per Page: 15 Total Funds: 1

A. PRIVATE FUND

Information About the Private Fund

1. (a) Name of the private fund:
MO ALTERNATIVE IFSC TRUST
(b) Private fund identification number:
(include the "805-" prefix also)
805-9883337898

2. Under the laws of what state or country is the private fund organized:
State: Country:
India

3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):
Name of General Partner, Manager, Trustee, or Director
AKHIL JANARDAN CHATURVEDI
ROHIT MANTRI
VISHAL TULSYAN

(b) If filing an umbrella registration, identify the filing adviser and/or relying adviser(s) that sponsor(s) or manage(s) this private fund.
No Information Filed

4. The private fund (check all that apply; you must check at least one):
(1) qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940
(2) qualifies for the exclusion from the definition of investment company under section 3(c)(7) of the Investment Company Act of 1940

5. List the name and country, in English, of each foreign financial regulatory authority with which the private fund is registered.
Name of Country/English Name of Foreign Financial Regulatory Authority
Other - INDIA - INTERNATIONAL FINANCIAL SERVICES CENTERS AUTHORITY

Yes No
6. (a) Is this a "master fund" in a master-feeder arrangement?

(b) If yes, what is the name and private fund identification number (if any) of the feeder funds investing in this private fund?
No Information Filed

Yes No
(c) Is this a "feeder fund" in a master-feeder arrangement?

(d) If yes, what is the name and private fund identification number (if any) of the master fund in which this private fund invests?
Name of private fund:

Private fund identification number:
(include the "805-" prefix also)

NOTE: You must complete question 6 for each master-feeder arrangement regardless of whether you are filing a single Schedule D, Section 7.B.(1)
for the master-feeder arrangement or reporting on the funds separately.

7. If you are filing a single Schedule D, Section 7.B.(1) for a master-feeder arrangement according to the instructions to this Section 7.B.(1), for each of
the feeder funds answer the following questions:

No Information Filed

NOTE: For purposes of questions 6 and 7, in a master-feeder arrangement, one or more funds ("feeder funds") invest all or substantially all of their
assets in a single fund ("master fund"). A fund would also be a "feeder fund" investing in a "master fund" for purposes of this question if it issued
multiple classes (or series) of shares or interests, and each class (or series) invests substantially all of its assets in a single master fund.
Yes No
8. (a) Is this private fund a "fund of funds"?

NOTE: For purposes of this question only, answer "yes" if the fund invests 10 percent or more of its total assets in other pooled investment
vehicles, regardless of whether they are also private funds or registered investment companies.
(b) If yes, does the private fund invest in funds managed by you or by a related person?

Yes No
9. During your last fiscal year, did the private fund invest in securities issued by investment companies registered under the Investment
Company Act of 1940 (other than "money market funds," to the extent provided in Instruction 6.e.)?

10. What type of fund is the private fund?

hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund:
INDIA LISTED EQUITY FUND

NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.

11. Current gross asset value of the private fund:
$ 116,114,208

Ownership

12. Minimum investment commitment required of an investor in the private fund:
$ 150,000
NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the
organizational documents of the fund).

13. Approximate number of the private fund's beneficial owners:
7

14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
0%
15. (a) What is the approximate percentage of the private fund beneficially owned (in the aggregate) by funds of funds:
0%
Yes No
(b) If the private fund qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment
Company Act of 1940, are sales of the fund limited to qualified clients?

16. What is the approximate percentage of the private fund beneficially owned by non-United States persons:
100%

Your Advisory Services
Yes No
17. (a) Are you a subadviser to this private fund?

(b) If the answer to question 17.(a) is "yes," provide the name and SEC file number, if any, of the adviser of the private fund. If the answer to
question 17.(a) is "no," leave this question blank.
No Information Filed

Yes No
18. (a) Do any investment advisers (other than the investment advisers listed in Section 7.B.(1).A.3.(b)) advise the private fund?

(b) If the answer to question 18.(a) is "yes," provide the name and SEC file number, if any, of the other advisers to the private fund. If the answer
to question 18.(a) is "no," leave this question blank.
No Information Filed

Yes No
19. Are your clients solicited to invest in the private fund?

NOTE: For purposes of this question, do not consider feeder funds of the private fund.

20. Approximately what percentage of your clients has invested in the private fund?
0%

Private Offering
Yes No
21. Has the private fund ever relied on an exemption from registration of its securities under Regulation D of the Securities Act of 1933?

22. If yes, provide the private fund's Form D file number (if any):
No Information Filed

B. SERVICE PROVIDERS

Auditors
Yes No
23. (a) (1) Are the private fund's financial statements subject to an annual audit?

(2) If the answer to question 23.(a)(1) is "yes," are the financial statements prepared in accordance with U.S. GAAP?

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm,
you must complete questions (b) through (f) separately for each auditing firm.

Additional Auditor Information : 1 Record(s) Filed.

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one
auditing firm, you must complete questions (b) through (f) separately for each auditing firm.

(b) Name of the auditing firm:
S.R. BATLIBOI & ASSOCIATES

(c) The location of the auditing firm's office responsible for the private fund's audit (city, state and country):
City: State: Country:
MUMBAI India
Yes No
(d) Is the auditing firm an independent public accountant?

(e) Is the auditing firm registered with the Public Company Accounting Oversight Board?

If yes, Public Company Accounting Oversight Board-Assigned Number:
(f) If "yes" to (e) above, is the auditing firm subject to regular inspection by the Public Company Accounting Oversight Board in
accordance with its rules?

Yes No
(g) Are the private fund's audited financial statements for the most recently completed fiscal year distributed to the private fund's
investors?

(h) Do all of the reports prepared by the auditing firm for the private fund since your last annual updating amendment contain unqualified opinions?

Yes No Report Not Yet Received

If you check "Report Not Yet Received," you must promptly file an amendment to your Form ADV to update your response when the report is available.

Prime Broker
Yes No
24. (a) Does the private fund use one or more prime brokers?

If the answer to question 24.(a) is "yes," respond to questions (b) through (e) below for each prime broker the private fund uses. If the private
fund uses more than one prime broker, you must complete questions (b) through (e) separately for each prime broker.

No Information Filed

Custodian
Yes No
25. (a) Does the private fund use any custodians (including the prime brokers listed above) to hold some or all of its assets?

If the answer to question 25.(a) is "yes," respond to questions (b) through (g) below for each custodian the private fund uses. If the private
fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

Additional Custodian Information : 2 Record(s) Filed.

If the answer to question 25.(a) is "yes," respond to questions (b) through g) below for each custodian the private fund uses. If the private
fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

(b) Legal name of custodian:
KOTAK MAHINDRA BANK LIMITED

(d) The location of the custodian's office responsible for custody of the private fund's assets (city, state and country):
City: State: Country:
MUMBAI India
Yes No
(e) Is the custodian a related person of your firm?

(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):

(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity
identifier (if any)

(b) Legal name of custodian:
KOTAK MAHINDRA BANK LIMITED

(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):

(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity
identifier (if any)

Administrator
Yes No
26. (a) Does the private fund use an administrator other than your firm?

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you
must complete questions (b) through (f) separately for each administrator.

Additional Administrator Information : 1 Record(s) Filed.

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one
administrator, you must complete questions (b) through (f) separately for each administrator.

(b) Name of administrator:
OHM DOVETAIL GLOBAL SERVICES (IFSC) PRIVATE LIMITED

(c) Location of administrator (city, state and country):
City: State: Country:
WORLI, MUMBAI India
Yes No
(d) Is the administrator a related person of your firm?

(e) Does the administrator prepare and send investor account statements to the private fund's investors?
Yes (provided to all investors) Some (provided to some but not all investors) No (provided to no investors)

(f) If the answer to question 26.(e) is "no" or "some," who sends the investor account statements to the (rest of the) private fund's
investors? If investor account statements are not sent to the (rest of the) private fund's investors, respond "not applicable."

27. During your last fiscal year, what percentage of the private fund's assets (by value) was valued by a person, such as an administrator, that is not
your related person?
100%
Include only those assets where (i) such person carried out the valuation procedure established for that asset, if any, including obtaining any
relevant quotes, and (ii) the valuation used for purposes of investor subscriptions, redemptions or distributions, and fee calculations (including
allocations) was the valuation determined by such person.

Marketers
Yes No
28. (a) Does the private fund use the services of someone other than you or your employees for marketing purposes?

You must answer "yes" whether the person acts as a placement agent, consultant, finder, introducer, municipal advisor or other solicitor, or
similar person. If the answer to question 28.(a) is "yes," respond to questions (b) through (g) below for each such marketer the private fund
uses. If the private fund uses more than one marketer you must complete questions (b) through (g) separately for each marketer.

No Information Filed
Funds per Page: 15 Total Funds: 1

SECTION 7.B.(2) Private Fund Reporting

No Information Filed

Item 8 Participation or Interest in Client Transactions

In this Item, we request information about your participation and interest in your clients' transactions. This information identifies additional areas in which
conflicts of interest may occur between you and your clients. Newly-formed advisers should base responses to these questions on the types of participation
and interest that you expect to engage in during the next year.

Like Item 7, Item 8 requires you to provide information about you and your related persons, including foreign affiliates.

Proprietary Interest in Client Transactions
A. Do you or any related person: Yes No
(1) buy securities for yourself from advisory clients, or sell securities you own to advisory clients (principal transactions)?

(2) buy or sell for yourself securities (other than shares of mutual funds) that you also recommend to advisory clients?

(3) recommend securities (or other investment products) to advisory clients in which you or any related person has some other proprietary
(ownership) interest (other than those mentioned in Items 8.A.(1) or (2))?

Sales Interest in Client Transactions
B. Do you or any related person: Yes No
(1) as a broker-dealer or registered representative of a broker-dealer, execute securities trades for brokerage customers in which advisory
client securities are sold to or bought from the brokerage customer (agency cross transactions)?
(2) recommend to advisory clients, or act as a purchaser representative for advisory clients with respect to, the purchase of securities for
which you or any related person serves as underwriter or general or managing partner?
(3) recommend purchase or sale of securities to advisory clients for which you or any related person has any other sales interest (other than
the receipt of sales commissions as a broker or registered representative of a broker-dealer)?

Investment or Brokerage Discretion
C. Do you or any related person have discretionary authority to determine the: Yes No
(1) securities to be bought or sold for a client's account?

(2) amount of securities to be bought or sold for a client's account?

(3) broker or dealer to be used for a purchase or sale of securities for a client's account?

(4) commission rates to be paid to a broker or dealer for a client's securities transactions?

D. If you answer "yes" to C.(3) above, are any of the brokers or dealers related persons?

E. Do you or any related person recommend brokers or dealers to clients?

F. If you answer "yes" to E. above, are any of the brokers or dealers related persons?

G. (1) Do you or any related person receive research or other products or services other than execution from a broker-dealer or a third party
("soft dollar benefits") in connection with client securities transactions?
(2) If "yes" to G.(1) above, are all the "soft dollar benefits" you or any related persons receive eligible "research or brokerage services" under
section 28(e) of the Securities Exchange Act of 1934?

H. (1) Do you or any related person, directly or indirectly, compensate any person that is not an employee for client referrals?

(2) Do you or any related person, directly or indirectly, provide any employee compensation that is specifically related to obtaining clients for
the firm (cash or non-cash compensation in addition to the employee's regular salary)?

I. Do you or any related person, including any employee, directly or indirectly, receive compensation from any person (other than you or any related
person) for client referrals?
In your response to Item 8.I., do not include the regular salary you pay to an employee.

In responding to Items 8.H. and 8.I., consider all cash and non-cash compensation that you or a related person gave to (in answering Item 8.H.) or received
from (in answering Item 8.I.) any person in exchange for client referrals, including any bonus that is based, at least in part, on the number or amount of client
referrals.

Item 9 Custody

In this Item, we ask you whether you or a related person has custody of client (other than clients that are investment companies registered under the
Investment Company Act of 1940) assets and about your custodial practices.
A. (1) Do you have custody of any advisory clients': Yes No
(a) cash or bank accounts?

(b) securities?

If you are registering or registered with the SEC, answer "No" to Item 9.A.(1)(a) and (b) if you have custody solely because (i) you deduct your advisory fees
directly from your clients' accounts, or (ii) a related person has custody of client assets in connection with advisory services you provide to clients, but you
have overcome the presumption that you are not operationally independent (pursuant to Advisers Act rule 206(4)-2(d)(5)) from the related person.

(2) If you checked "yes" to Item 9.A.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which
you have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ (b)

If you are registering or registered with the SEC and you have custody solely because you deduct your advisory fees directly from your clients' accounts, do not
include the amount of those assets and the number of those clients in your response to Item 9.A.(2). If your related person has custody of client assets in
connection with advisory services you provide to clients, do not include the amount of those assets and number of those clients in your response to 9.A.(2).
Instead, include that information in your response to Item 9.B.(2).

B. (1) In connection with advisory services you provide to clients, do any of your related persons have custody of any of your advisory clients': Yes No
(a) cash or bank accounts?

(b) securities?

You are required to answer this item regardless of how you answered Item 9.A.(1)(a) or (b).

(2) If you checked "yes" to Item 9.B.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which
your related persons have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ (b)

C. If you or your related persons have custody of client funds or securities in connection with advisory services you provide to clients, check all the following
that apply:
(1) A qualified custodian(s) sends account statements at least quarterly to the investors in the pooled investment vehicle(s) you manage.
(2) An independent public accountant audits annually the pooled investment vehicle(s) that you manage and the audited financial statements
are distributed to the investors in the pools.
(3) An independent public accountant conducts an annual surprise examination of client funds and securities.
(4) An independent public accountant prepares an internal control report with respect to custodial services when you or your related persons
are qualified custodians for client funds and securities.

If you checked Item 9.C.(2), C.(3) or C.(4), list in Section 9.C. of Schedule D the accountants that are engaged to perform the audit or examination or prepare
an internal control report. (If you checked Item 9.C.(2), you do not have to list auditor information in Section 9.C. of Schedule D if you already provided this
information with respect to the private funds you advise in Section 7.B.(1) of Schedule D).

D. Do you or your related person(s) act as qualified custodians for your clients in connection with advisory services you provide to clients? Yes No
(1) you act as a qualified custodian

(2) your related person(s) act as qualified custodian(s)

If you checked "yes" to Item 9.D.(2), all related persons that act as qualified custodians (other than any mutual fund transfer agent pursuant to rule
206(4)-2(b)(1)) must be identified in Section 7.A. of Schedule D, regardless of whether you have determined the related person to be operationally independent
under rule 206(4)-2 of the Advisers Act.

E. If you are filing your annual updating amendment and you were subject to a surprise examination by an independent public accountant during your last
fiscal year, provide the date (MM/YYYY) the examination commenced:

F. If you or your related persons have custody of client funds or securities, how many persons, including, but not limited to, you and your related persons, act
as qualified custodians for your clients in connection with advisory services you provide to clients?

SECTION 9.C. Independent Public Accountant

No Information Filed
Item 10 Control Persons

In this Item, we ask you to identify every person that, directly or indirectly, controls you. If you are filing an umbrella registration, the information in Item 10
should be provided for the filing adviser only.

If you are submitting an initial application or report, you must complete Schedule A and Schedule B. Schedule A asks for information about your direct owners
and executive officers. Schedule B asks for information about your indirect owners. If this is an amendment and you are updating information you reported
on either Schedule A or Schedule B (or both) that you filed with your initial application or report, you must complete Schedule C.
Yes No
A. Does any person not named in Item 1.A. or Schedules A, B, or C, directly or indirectly, control your management or policies?

If yes, complete Section 10.A. of Schedule D.

B. If any person named in Schedules A, B, or C or in Section 10.A. of Schedule D is a public reporting company under Sections 12 or 15(d) of the Securities
Exchange Act of 1934, please complete Section 10.B. of Schedule D.

SECTION 10.A. Control Persons

No Information Filed

SECTION 10.B. Control Person Public Reporting Companies

No Information Filed

Item 11 Disclosure Information

In this Item, we ask for information about your disciplinary history and the disciplinary history of all your advisory affiliates. We use this information to
determine whether to grant your application for registration, to decide whether to revoke your registration or to place limitations on your activities as an
investment adviser, and to identify potential problem areas to focus on during our on-site examinations. One event may result in "yes" answers to more than
one of the questions below. In accordance with General Instruction 5 to Form ADV, "you" and "your" include the filing adviser and all relying advisers under an
umbrella registration.

Your advisory affiliates are: (1) all of your current employees (other than employees performing only clerical, administrative, support or similar functions); (2) all
of your officers, partners, or directors (or any person performing similar functions); and (3) all persons directly or indirectly controlling you or controlled by you.
If you are a "separately identifiable department or division" (SID) of a bank, see the Glossary of Terms to determine who your advisory affiliates are.

If you are registered or registering with the SEC or if you are an exempt reporting adviser, you may limit your disclosure of any event listed in Item 11 to ten years
following the date of the event. If you are registered or registering with a state, you must respond to the questions as posed; you may, therefore, limit your
disclosure to ten years following the date of an event only in responding to Items 11.A.(1), 11.A.(2), 11.B.(1), 11.B.(2), 11.D.(4), and 11.H.(1)(a). For purposes of
calculating this ten-year period, the date of an event is the date the final order, judgment, or decree was entered, or the date any rights of appeal from preliminary
orders, judgments, or decrees lapsed.

You must complete the appropriate Disclosure Reporting Page ("DRP") for "yes" answers to the questions in this Item 11.

Yes No
Do any of the events below involve you or any of your supervised persons?

For "yes" answers to the following questions, complete a Criminal Action DRP:
A. In the past ten years, have you or any advisory affiliate: Yes No
(1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to any felony?

(2) been charged with any felony?

If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.A.(2) to
charges that are currently pending.

B. In the past ten years, have you or any advisory affiliate:
(1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to a misdemeanor involving:
investments or an investment-related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury,
forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?
(2) been charged with a misdemeanor listed in Item 11.B.(1)?

If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.B.(2) to
charges that are currently pending.

For "yes" answers to the following questions, complete a Regulatory Action DRP:
C. Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: Yes No
(1) found you or any advisory affiliate to have made a false statement or omission?
(2) found you or any advisory affiliate to have been involved in a violation of SEC or CFTC regulations or statutes?

(3) found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business denied,
suspended, revoked, or restricted?
(4) entered an order against you or any advisory affiliate in connection with investment-related activity?

(5) imposed a civil money penalty on you or any advisory affiliate, or ordered you or any advisory affiliate to cease and desist from any activity?

D. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:
(1) ever found you or any advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical?

(2) ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes?

(3) ever found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business
denied, suspended, revoked, or restricted?
(4) in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity?

(5) ever denied, suspended, or revoked your or any advisory affiliate's registration or license, or otherwise prevented you or any advisory
affiliate, by order, from associating with an investment-related business or restricted your or any advisory affiliate's activity?

E. Has any self-regulatory organization or commodities exchange ever:
(1) found you or any advisory affiliate to have made a false statement or omission?

(2) found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule
violation" under a plan approved by the SEC)?
(3) found you or any advisory affiliate to have been the cause of an investment-related business having its authorization to do business denied,
suspended, revoked, or restricted?
(4) disciplined you or any advisory affiliate by expelling or suspending you or the advisory affiliate from membership, barring or suspending you
or the advisory affiliate from association with other members, or otherwise restricting your or the advisory affiliate's activities?

F. Has an authorization to act as an attorney, accountant, or federal contractor granted to you or any advisory affiliate ever been revoked or
suspended?

G. Are you or any advisory affiliate now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 11.C.,
11.D., or 11.E.?

For "yes" answers to the following questions, complete a Civil Judicial Action DRP:
H. (1) Has any domestic or foreign court: Yes No
(a) in the past ten years, enjoined you or any advisory affiliate in connection with any investment-related activity?

(b) ever found that you or any advisory affiliate were involved in a violation of investment-related statutes or regulations?

(c) ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or any advisory affiliate by
a state or foreign financial regulatory authority?
(2) Are you or any advisory affiliate now the subject of any civil proceeding that could result in a "yes" answer to any part of Item 11.H.(1)?

Item 12 Small Businesses

The SEC is required by the Regulatory Flexibility Act to consider the effect of its regulations on small entities. In order to do this, we need to determine
whether you meet the definition of "small business" or "small organization" under rule 0-7.

Answer this Item 12 only if you are registered or registering with the SEC and you indicated in response to Item 5.F.(2)(c) that you have regulatory assets
under management of less than $25 million. You are not required to answer this Item 12 if you are filing for initial registration as a state adviser, amending a
current state registration, or switching from SEC to state registration.

For purposes of this Item 12 only:

Total Assets refers to the total assets of a firm, rather than the assets managed on behalf of clients. In determining your or another person's total
assets, you may use the total assets shown on a current balance sheet (but use total assets reported on a consolidated balance sheet with
subsidiaries included, if that amount is larger).
Control means the power to direct or cause the direction of the management or policies of a person, whether through ownership of securities, by
contract, or otherwise. Any person that directly or indirectly has the right to vote 25 percent or more of the voting securities, or is entitled to 25 percent
or more of the profits, of another person is presumed to control the other person.

Yes No
A. Did you have total assets of $5 million or more on the last day of your most recent fiscal year?

If "yes," you do not need to answer Items 12.B. and 12.C.

B. Do you:
(1) control another investment adviser that had regulatory assets under management (calculated in response to Item 5.F.(2)(c) of Form ADV)
of $25 million or more on the last day of its most recent fiscal year?
(2) control another person (other than a natural person) that had total assets of $5 million or more on the last day of its most recent fiscal
year?

C. Are you:
(1) controlled by or under common control with another investment adviser that had regulatory assets under management (calculated in
response to Item 5.F.(2)(c) of Form ADV) of $25 million or more on the last day of its most recent fiscal year?
(2) controlled by or under common control with another person (other than a natural person) that had total assets of $5 million or more on the
last day of its most recent fiscal year?

Schedule A
Direct Owners and Executive Officers
1. Complete Schedule A only if you are submitting an initial application or report. Schedule A asks for information about your direct owners and executive
officers. Use Schedule C to amend this information.
2. Direct Owners and Executive Officers. List below the names of:
(a) each Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Chief Legal Officer, Chief Compliance Officer(Chief Compliance Officer is
required if you are registered or applying for registration and cannot be more than one individual), director, and any other individuals with similar
status or functions;
(b) if you are organized as a corporation, each shareholder that is a direct owner of 5% or more of a class of your voting securities, unless you are a
public reporting company (a company subject to Section 12 or 15(d) of the Exchange Act);
Direct owners include any person that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 5% or more of a
class of your voting securities. For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-
law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to
purchase the security.
(c) if you are organized as a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or
have contributed, 5% or more of your capital;
(d) in the case of a trust that directly owns 5% or more of a class of your voting securities, or that has the right to receive upon dissolution, or has
contributed, 5% or more of your capital, the trust and each trustee; and
(e) if you are organized as a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have contributed, 5%
or more of your capital, and (ii) if managed by elected managers, all elected managers.
3. Do you have any indirect owners to be reported on Schedule B? Yes No

4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or
"I" if the owner or executive officer is an individual.
5. Complete the Title or Status column by entering board/management titles; status as partner, trustee, sole proprietor, elected manager, shareholder, or
member; and for shareholders or members, the class of securities owned (if more than one is issued).
6. Ownership codes are: NA - less than 5% B - 10% but less than 25% D - 50% but less than 75%
A - 5% but less than 10% C - 25% but less than 50% E - 75% or more
7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does
not have control. Note that under this definition, most executive officers and all 25% owners, general partners, elected managers, and trustees are
control persons.
(b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act.
(c) Complete each column.
FULL LEGAL NAME (Individuals: Last DE/FE/I Title or Status Date Title or Status Ownership Control PR CRD No. If None: S.S. No. and Date of
Name, First Name, Middle Name) Acquired MM/YYYY Code Person Birth, IRS Tax No. or Employer ID No.
MOTILAL OSWAL ASSET MANAGEMENT LTD FE SHAREHOLDER 09/2016 E Y N
KARMASE, APARNA I CHIEF 01/2017 NA Y N 6744514
COMPLIANCE
OFFICER
OSWAL, MOTILAL I DIRECTOR 09/2016 NA Y N 6739166
CHATURVEDI, AKHIL I DIRECTOR 10/2016 NA Y N 7399555
Dala, Juzer I CHIEF 01/2022 NA Y N 7589359
OPERATING
OFFICER
AGRAWAL, VAIBHAV, RAAMDEO I PORTFOLIO 06/2023 NA Y N 7775616
MANAGER
NAIR, DEEPAK, KVENUGOPAL I CHIEF 07/2024 NA Y N 8123823
EXECUTIVE
OFFICER
Anand, Abhishek I PORTFOLIO 06/2024 NA Y N 8304899
MANAGER

Schedule B
Indirect Owners
1. Complete Schedule B only if you are submitting an initial application or report. Schedule B asks for information about your indirect owners; you must first
complete Schedule A, which asks for information about your direct owners. Use Schedule C to amend this information.
2. Indirect Owners. With respect to each owner listed on Schedule A (except individual owners), list below:
(a) in the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct
the sale of, 25% or more of a class of a voting security of that corporation;

For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence;
or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to purchase the security.
(b) in the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon
dissolution, or have contributed, 25% or more of the partnership's capital;
(c) in the case of an owner that is a trust, the trust and each trustee; and
(d) in the case of an owner that is a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have
contributed, 25% or more of the LLC's capital, and (ii) if managed by elected managers, all elected managers.
3. Continue up the chain of ownership listing all 25% owners at each level. Once a public reporting company (a company subject to Sections 12 or 15(d) of
the Exchange Act) is reached, no further ownership information need be given.
4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or
"I" if the owner is an individual.
5. Complete the Status column by entering the owner's status as partner, trustee, elected manager, shareholder, or member; and for shareholders or
members, the class of securities owned (if more than one is issued).
6. Ownership codes are: C - 25% but less than 50% E - 75% or more
D - 50% but less than 75% F - Other (general partner, trustee, or elected manager)
7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does
not have control. Note that under this definition, most executive officers and all 25% owners, general partners, elected managers, and trustees are
control persons.
(b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act.
(c) Complete each column.
FULL LEGAL NAME (Individuals: Last DE/FE/I Entity in Which Status Date Status Ownership Control PR CRD No. If None: S.S. No.
Name, First Name, Middle Name) Interest is Owned Acquired Code Person and Date of Birth, IRS Tax
MM/YYYY No. or Employer ID No.
MOTILAL OSWAL FINANCIAL SERVICES FE MOTILAL OSWAL SHAREHOLDER 08/2018 E Y N
LTD ASSET MANAGEMENT
LTD
AGRAAWAL, RAAMDEO I MOTILAL OSWAL SHAREHOLDER 08/1995 C Y N 6739174
FINANCIAL SERVICES
LTD
MOTILAL OSWAL FAMILY TRUST FE MOTILAL OSWAL SHAREHOLDER 03/2022 C Y N
FINANCIAL SERVICES
LTD

Schedule D - Miscellaneous
You may use the space below to explain a response to an Item or to provide any other information.
THE CO-FOUNDERS OF THE REGISTRANT HAVE INVESTED THEIR PERSONAL CAPITAL IN MOTILAL OSWAL ASSET MANAGEMENT COMPANY'S DISCRETIONARY
MANAGED ACCOUNT STRATEGIES TO BE USED AS CONSISTENT MODEL PORTFOLIOS FOR TRACK RECORD AND ALIGNMENT OF INTERESTS PURPOSES. STOCKS
IN THE ACCOUNT ARE PURCHASED IN THE PORTFOLIO MANAGER'S DISCRETION AND ARE ALSO PURCHASED IN CLIENT PORTFOLIOS. CO-FOUNDERS ARE NOT
INVOLVED IN THE DAY-TO-DAY MANAGEMENT OF THE FUND. OTHER THAN MOTILAL OSWAL SECURITIES INTERNATIONAL PRIVATE LIMITED, PERSONS
REFLECTED AS "BROKERS-DEALERS" AND "FUTURES COMMISSION MERCHANTS" ARE NOT REGISTERED, NOR DO THEY HAVE OPERATIONS, IN THE UNITED
STATES OF AMERICA. PLEASE NOTE THAT THE FINANCIAL YEAR END FOR MOTILAL OSWAL CAPITAL LIMITED IS MARCH 31ST AND REGISTRANT FILED THE
ANNUAL AMENDMENT TO FORM ADV (BOTH PART 1A AND PART 2A) ON JUNE 29, 2018. HOWEVER, DUE TO A FILING ERROR ON THE IARD SYSTEM THE ANNUAL
AMENDMENT IS SHOWN FOR THE INCORRECT YEAR (2017, NOT 2018). PLEASE ALSO NOTE THAT ON THE DISCIPLINARY REPORTING PAGE, THE DISCLOSURES
AS NOTED ARE ASSOCIATED WITH MOTILAL OSWAL SECURITIES LIMITED (MOSL) WHICH MERGED WITH MOTILAL OSWAL FINANCIAL SERVICES LTD (MOFSL)
EFFECTIVE AUGUST 21, 2018.

Schedule R

No Information Filed

DRP Pages

CRIMINAL DISCLOSURE REPORTING PAGE (ADV)

No Information Filed

REGULATORY ACTION DISCLOSURE REPORTING PAGE (ADV)

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
OR
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LTD
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES AND EXCHANGE BOARD OF INDIA

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
PLEASE NOTE THE DRP AS FILED IS ASSOCIATED WITH MOTILAL OSWAL SECURITIES LIMITED (MOSL) WHICH MERGED WITH MOTILAL OSWAL
FINANCIAL SERVICES LTD (MOFSL) EFFECTIVE AUGUST 21, 2018.

3. Date Initiated (MM/DD/YYYY):

04/29/2014 Exact Explanation
If not exact, provide explanation:
4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Other
Other Product Types:
DISCRETIONARY ACCOUNT

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
ALLEGEDLY ENGAGING IN UNAUTHORIZED TRADING PLEASE NOTE THE DRP AS FILED IS ASSOCIATED WITH MOTILAL OSWAL SECURITIES LIMITED
(MOSL) WHICH MERGED WITH MOTILAL OSWAL FINANCIAL SERVICES LTD (MOFSL) EFFECTIVE AUGUST 21, 2018.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

01/11/2018 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 2,922.64
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
DISPOSITION RESULTED IN A PENALTY OF RS. 2,00,000/- ( RUPEES TWO LAKHS ONLY), WHICH IS APPROXIMATELY $2,922.64 U.S. DOLLARS.
PLEASE NOTE THE DRP AS FILED IS ASSOCIATED WITH MOTILAL OSWAL SECURITIES LIMITED (MOSL) WHICH MERGED WITH MOTILAL OSWAL
FINANCIAL SERVICES LTD (MOFSL) EFFECTIVE AUGUST 21, 2018.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
PLEASE NOTE THE DRP AS FILED IS ASSOCIATED WITH MOTILAL OSWAL SECURITIES LIMITED (MOSL) WHICH MERGED WITH MOTILAL OSWAL
FINANCIAL SERVICES LTD (MOFSL) EFFECTIVE AUGUST 21, 2018. A CLIENT ALLEGED TO SEBI THAT MOSL ENGAGED IN UNAUTHORIZED TRADING.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL
COMMODITIES BROKER
PRIVATE LIMITED
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Cease and Desist
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

10/28/2016 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:
7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
AN ORDER DATED FEBRUARY 22, 2019 PASSED BY WTM AGAINST ONE OF OUR WHOLLY OWNED SUBSIDIARY COMPANY I.E. MOTILAL OSWAL
COMMODITIES BROKER PRIVATE LIMITED ("MOCBPL"), WHEREIN SEBI HAD HELD THAT MOCBPL IS NOT A FIT AND PROPER PERSON TO HOLD, DIRECTLY
OR INDIRECTLY, THE CERTIFICATE OF REGISTRATION AS COMMODITY BROKER. IN THIS REGARD, MOCBPL HAD FILED AN APPEAL BEFORE HON'BLE
SECURITIES APPELLATE TRIBUNAL ("SAT") CHALLENGING THE SAID ORDER OF WTM OF SEBI. HON'BLE SAT HAS ALLOWED MOCBPL'S APPEAL AND
REMANDED THE MATTER BACK TO SEBI FOR DECIDING AFRESH. PURSUANT TO SAT ORDER WTM OF SEBI PASSED ORDER DATED NOVEMBER 29, 2022, BY
DEBARRING MOCBPL FROM MAKING A FRESH APPLICATION SEEKING REGISTRATION, BEFORE SEBI, FOR A PERIOD OF 3 (THREE) MONTHS FROM THE
DATE OF THE ORDER. MOCBPL HAS FILED AN APPEAL AGAINST SAD ORDERS BEFORE SECURITIES APPELLATE TRIBUNAL AND THE SAME IS CURRENTLY
PENDING

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

12/27/2018 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 661.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MCX ISSUED US SHOW CAUSE NOTICE DATED AUGUST 20,2018, ALLEGING THAT AS WE FAILED TO INFORM MCX ABOUT REJECTION OF OUR
REGISTRATION WITHDRAWAL THEREBY ACTED IN THE MANNER DETRIMENTAL TO THE INTEREST OF THE MCX WE FILED DETAILED REPLY ON THE
MATTER EXPLAINING THE REASON FOR DELAY IN INTIMATING MCX AND ALSO ARGUED THE MATTER BEFORE THE OFFICIALS OF MCX. MCX VIDE ITS
ORDER DATED DECEMBER 27, 2018 IMPOSED THE PENALTY OF RS.50,000/- ON MOCBPL. WE HAVE PAID THE PENALTY AMOUNT.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
AN ORDER DATED FEBRUARY 22, 2019 PASSED BY WTM AGAINST ONE OF OUR WHOLLY OWNED SUBSIDIARY COMPANY I.E. MOTILAL OSWAL
COMMODITIES BROKER PRIVATE LIMITED ("MOCBPL"), WHEREIN SEBI HAD HELD THAT MOCBPL IS NOT A FIT AND PROPER PERSON TO HOLD, DIRECTLY
OR INDIRECTLY, THE CERTIFICATE OF REGISTRATION AS COMMODITY BROKER. IN THIS REGARD, MOCBPL HAD FILED AN APPEAL BEFORE HON'BLE
SECURITIES APPELLATE TRIBUNAL ("SAT") CHALLENGING THE SAID ORDER OF WTM OF SEBI. HON'BLE SAT HAS ALLOWED MOCBPL'S APPEAL AND
REMANDED THE MATTER BACK TO SEBI FOR DECIDING AFRESH. PURSUANT TO SAT ORDER WTM OF SEBI PASSED ORDER DATED NOVEMBER 29, 2022, BY
DEBARRING MOCBPL FROM MAKING A FRESH APPLICATION SEEKING REGISTRATION, BEFORE SEBI, FOR A PERIOD OF 3 (THREE) MONTHS FROM THE
DATE OF THE ORDER. MOCBPL HAS FILED AN APPEAL AGAINST SAD ORDERS BEFORE SECURITIES APPELLATE TRIBUNAL AND THE SAME IS CURRENTLY
PENDING

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LTD
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
SETTLEMENT AND PAYMENT OF 17,000,000 INDIAN RUPEES (224,882.44 USD) PLEASE NOTE THE DRP AS FILED IS ASSOCIATED WITH MOTILAL OSWAL
SECURITIES LIMITED (MOSL) WHICH MERGED WITH MOTILAL OSWAL FINANCIAL SERVICES LTD (MOFSL) EFFECTIVE AUGUST 21, 2018.

3. Date Initiated (MM/DD/YYYY):

05/09/2019 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEBI VIDE NOTICE DATED MAY 09, 2019, UNDER RULE 4 (1) OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING
OFFICER) RULES , 2005 INQUIRED INTO ALLEGED VIOLATION OF THE PROVISIONS OF SEBI CIRCULAR NO. SMD/SED/CIR/93/23321 DATED NOVEMBER
18, 1993. SEBI CONDUCTED INSPECTION OF MOFSL TO EXAMINE WHETHER MOFSL HAS COMPLIED WITH REQUIREMENTS OF SEBI CIRCULAR DATED
NOVEMBER 18, 1993. INSPECTION TEAM OBSERVED THE MOFSL HAS MIS-UTILISED THE FUNDS OF CLIENT'S CREDIT BALANCE LYING WITH THE BROKER
FOR THE SETTLEMENT OBLIGATION OF THE DEBIT BALANCE CLIENTS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

02/28/2020 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 224,882.44
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MOFSL HAS FILED ITS REPLY DATED OCTOBER 03, 2019. SEBI HAS PASSED ADJUDICATION ORDER DATED 28TH FEBRUARY, 2020 AGAINST MOFSL
AND IMPOSED A MONETARY PENALTY OF RS. 17,00,000/- TO BE PAID WITHIN 45 DAYS OF ORDER ISSUED. WE HAVE PAID PENALTY TO SEBI AND
THE MATTER IS CLOSED.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEBI CONDUCTED INSPECTION OF MOFSL TO EXAMINE WHETHER MOFSL HAS COMPLIED WITH REQUIREMENTS OF SEBI CIRCULAR DATED NOVEMBER
18, 1993. INSPECTION TEAM OBSERVED THE MOFSL HAS MIS-UTILISED THE FUNDS OF CLIENT'S CREDIT BALANCE LYING WITH THE BROKER FOR THE
SETTLEMENT OBLIGATION OF THE DEBIT BALANCE CLIENTS. MOFSL IN ITS REPLY SUBMITTED THAT INSPECTION TEAM HAS NOT INCLUDED MARGIN
REQUIREMENTS OF CLIENTS WHILE CALCULATING TOTAL CREDITOR BALANCE AND HENCE THE SAME IS ON HIGHER SIDE AND THAT THERE WOULD BE
CONSIDERABLE DECREASE IN THE FIGURES IF THE MARGIN DUES ARE DEDUCTED FROM CREDITOR BALANCE. SEBI DID NOT ACCEPT ARGUMENT OF THE
MOFSL SINCE THE MARGINS COLLECTED FROM CLIENTS ARE IN THE FORM OF FUNDS AND/OR SECURITIES. THE FUND PORTION OF THE MARGIN
COLLECTED FROM THE CLIENT HAS ALREADY BEEN CONSIDERED WHILE CALCULATING CLIENT DEPOSITS WITH THE BROKER. IN VIEW OF THE ABOVE
SEBI CALLED UPON TO SHOW CAUSE AS TO WHY AN INQUIRY SHOULD NOT BE HELD AGAINST MOFSL IN TERMS OF RULE 4 OF THE ADJUDICATION
RULES READ WITH SECTION 23 OF THE SCRA 1956 AND WHY PENALTY SHOULD NOT BE IMPOSED ON TERMS OF THE PROVISIONS OF SECTION 23D OF
THE SCRA 1956. MOFSL HAS FILED ITS REPLY DATED OCTOBER 03, 2019. SEBI HAS PASSED ADJUDICATION ORDER DATED 28TH FEBRUARY, 2020
AGAINST MOFSL AND IMPOSED A MONETARY PENALTY OF RS. 17,00,000/- TO BE PAID WITHIN 45 DAYS OF ORDER ISSUED. WE HAVE PAID PENALTY TO
SEBI AND THE MATTER IS CLOSED.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LTD
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Other
Other Sanctions:
SEBI HAS INITIATED ADJUDICATION VIDE LETTER DATED DECEMBER 11, 2019, FOR TRANSACTIONS OF A CUSTOMER IN THE SCRIP OF ZYLOG SYSTEMS
LIMITED. MOFSL HAS ACCEPTED THE ORDER FOR TRADING IN ZSL FROM PERSON OTHER THAN CLIENT WITHOUT ANY AUTHORITY I.E. THE TRADE ORDER
WAS ISSUED BY MR. P SRIKANTH, HUSBAND OF CLIENT, MRS. SRIKANTH SRIPRIYA INSTEAD OF CLIENT HERSELF.

3. Date Initiated (MM/DD/YYYY):

12/11/2019 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6. Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEBI HAS INITIATED ADJUDICATION VIDE LETTER DATED DECEMBER 11, 2019, FOR TRANSACTIONS OF A CUSTOMER IN THE SCRIP OF ZYLOG SYSTEMS
LIMITED. MOFSL HAS ACCEPTED THE ORDER FOR TRADING IN ZSL FROM PERSON OTHER THAN CLIENT WITHOUT ANY AUTHORITY I.E. THE TRADE ORDER
WAS ISSUED BY MR. P SRIKANTH, HUSBAND OF CLIENT, MRS. SRIKANTH SRIPRIYA INSTEAD OF CLIENT HERSELF. WITH REGARD TO AFORESAID, MOFSL
SENT THE REPLY TO SEBI ON DECEMBER 30, 2019 THEREBY DENYING THE SAID ALLEGATIONS AND TO UNDERSTAND THE REASONS FOR ISSUANCE OF
SAID NOTICE WITHOUT ANY FACTUAL BACKGROUND. MOFSL SENT REPLY TO SEBI ON MAY 20, 2020. FURTHER OUR OFFICIALS ATTENDED THE VIDEO
HEARING WITH SEBI OFFICIALS ON 26TH MAY, 2020. SEBI ISSUED AN ORDER DATED 28TH MAY, 2020 WHEREBY THEY DISPOSED-OF THE SCN WITHOUT
ANY PENALTY OR ACTION. THE MATTER IS DISPOSED OFF.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

05/28/2020 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
SEBI ISSUED AN ORDER DATED 28TH MAY, 2020 WHEREBY THEY DISPOSED-OF THE SCN WITHOUT ANY PENALTY OR ACTION. THE MATTER IS
DISPOSED OFF.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
SEBI ISSUED AN ORDER DATED 28TH MAY, 2020 WHEREBY THEY DISPOSED-OF THE SCN WITHOUT ANY PENALTY OR ACTION. THE MATTER IS
DISPOSED OFF.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEBI HAS INITIATED ADJUDICATION VIDE LETTER DATED DECEMBER 11, 2019, FOR TRANSACTIONS OF A CUSTOMER IN THE SCRIP OF ZYLOG SYSTEMS
LIMITED. MOFSL HAS ACCEPTED THE ORDER FOR TRADING IN ZSL FROM PERSON OTHER THAN CLIENT WITHOUT ANY AUTHORITY I.E. THE TRADE ORDER
WAS ISSUED BY MR. P SRIKANTH, HUSBAND OF CLIENT, MRS. SRIKANTH SRIPRIYA INSTEAD OF CLIENT HERSELF. WITH REGARD TO AFORESAID, MOFSL
SENT THE REPLY TO SEBI ON DECEMBER 30, 2019 THEREBY DENYING THE SAID ALLEGATIONS AND TO UNDERSTAND THE REASONS FOR ISSUANCE OF
SAID NOTICE WITHOUT ANY FACTUAL BACKGROUND. MOFSL SENT REPLY TO SEBI ON MAY 20, 2020. FURTHER OUR OFFICIALS ATTENDED THE VIDEO
HEARING WITH SEBI OFFICIALS ON 26TH MAY, 2020. SEBI ISSUED AN ORDER DATED 28TH MAY, 2020 WHEREBY THEY DISPOSED-OF THE SCN WITHOUT
ANY PENALTY OR ACTION. THE MATTER IS DISPOSED OFF.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LTD
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

11/01/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
ORDER/BM/LD/2022-23/16301

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEBI HAS ISSUED ORDER BEARING NO. ORDER/BM/LD/2022-23/16301 DATED 29TH APRIL, 2022 ON JOINT INSPECTION CONDUCTED WHEREIN
CERTAIN DISCREPANCIES WERE FOUND IN ROUTINE COURSE OF BUSINESS AND SEBI IMPOSED PENALTY OF INR 25,00,000 (RUPEES TWENTY FIVE
LAKHS ONLY) ON MOFSL. THE SAID PENALTY AMOUNT WAS PAID BY MOFSL ON 23RD MAY, 2022.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

05/23/2022 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
FINE OF INR 25,00,000 (RUPEES TWENTY FIVE LAKHS ONLY)
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
SEBI IMPOSED PENALTY OF INR 25,00,000 (RUPEES TWENTY FIVE LAKHS ONLY) ON MOFSL. THE SAID PENALTY AMOUNT WAS PAID BY MOFSL ON
23RD MAY, 2022.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEBI HAS ISSUED ORDER BEARING NO. ORDER/BM/LD/2022-23/16301 DATED 29TH APRIL, 2022 ON JOINT INSPECTION CONDUCTED WHEREIN
CERTAIN DISCREPANCIES WERE FOUND IN ROUTINE COURSE OF BUSINESS AND SEBI IMPOSED PENALTY OF INR 25,00,000 (RUPEES TWENTY FIVE
LAKHS ONLY) ON MOFSL. THE SAID PENALTY AMOUNT WAS PAID BY MOFSL ON 23RD MAY, 2022.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL ASSET
MANAGEMENT COMPANY
LIMITED
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

03/23/2023 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Mutual Fund(s)
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
SECURITY EXCHANGE BOARD OF INDIA (SEBI) VIDE ITS E-MAIL DATED MARCH 3, 2023 HAS SOUGHT CERTAIN DATA AND RESPONSES FROM MOAMC
REGARDING SCHEME EXPENSES CHARGED TO THE AMC BOOKS, BASED ON THE DATA PROVIDED BY ASSOCIATION OF MUTUAL FUNDS IN INDIA. THE
TRUSTEE SUPPORT OFFICER HAS PROVIDED ITS DETAILED RESPONSE WITH ANNEXURES TO THE CLARIFICATIONS SOUGHT ON MARCH 20, 2023.
PURSUANT TO FURTHER CLARIFICATIONS SOUGHT BY SEBI, MOAMC HAS PROVIDED ADDITIONAL DATA AND INPUTS VIDE E-MAILS DATED MAY 18, 2023,
JUNE 16, 2023 AND JUNE 19, 2023. THEREAFTER, MOAMC SUBMITTED A VOLUNTARY APPLICATION FOR SETTLEMENT ON THE SEBI INTERMEDIARY
PORTAL ON AUGUST 14, 2023. THE SAME HAS BEEN CONCLUDED AND THE SETTLEMENT AMOUNT OF RS. 9,00,000 HAS BEEN PAID BY MOAMC.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

08/14/2023 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 900,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MOAMC SUBMITTED A VOLUNTARY APPLICATION FOR SETTLEMENT ON THE SEBI INTERMEDIARY PORTAL ON AUGUST 14, 2023. THE SAME HAS
BEEN CONCLUDED AND THE SETTLEMENT AMOUNT OF RS. 9,00,000 HAS BEEN PAID BY MOAMC.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SECURITY EXCHANGE BOARD OF INDIA (SEBI) VIDE ITS E-MAIL DATED MARCH 3, 2023 HAS SOUGHT CERTAIN DATA AND RESPONSES FROM MOAMC
REGARDING SCHEME EXPENSES CHARGED TO THE AMC BOOKS, BASED ON THE DATA PROVIDED BY ASSOCIATION OF MUTUAL FUNDS IN INDIA. THE
TRUSTEE SUPPORT OFFICER HAS PROVIDED ITS DETAILED RESPONSE WITH ANNEXURES TO THE CLARIFICATIONS SOUGHT ON MARCH 20, 2023.
PURSUANT TO FURTHER CLARIFICATIONS SOUGHT BY SEBI, MOAMC HAS PROVIDED ADDITIONAL DATA AND INPUTS VIDE E-MAILS DATED MAY 18, 2023,
JUNE 16, 2023 AND JUNE 19, 2023. THEREAFTER, MOAMC SUBMITTED A VOLUNTARY APPLICATION FOR SETTLEMENT ON THE SEBI INTERMEDIARY
PORTAL ON AUGUST 14, 2023. THE SAME HAS BEEN CONCLUDED AND THE SETTLEMENT AMOUNT OF RS. 9,00,000 HAS BEEN PAID BY MOAMC.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

10/10/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 10, 2024 UNDER RULE 4 OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF MOFSL
FOR THEMATIC INSPECTION CONDUCTED UNDER THE THEME COMMON / MULTIPLE MOBILE NUMBER AND E-MAIL LINKED TO UCC FOR THE INSPECTION
PERIOD APRIL 1, 2022 TO AUGUST 31, 2023. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION
15-I OF SEBI ACT 1992 AGAINST MOFSL FOR VIOLATION OF CERTAIN PROVISIONS OF SEBI MASTER CIRCULAR DATED MAY 22, 2024 & OTHER
SECURITIES LAWS. SEBI VIDE ORDER DATED DECEMBER 31, 2024 LEVIED A PENALTY OF RS. 5 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY
TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATIONS SUCH AS MISMATCH IN MOBILE NUMBER AND E-MAIL
ID BETWEEN BACK OFFICE AND EXCHANGE PORTAL, INCORRECT UPLOAD OF MOBILE NUMBER AND E-MAIL ID AND AP OF MOFSL HAVING TERMINAL OF
OTHER TRADING MEMBER AS WELL. SYSTEM ENHANCEMENTS AND RECONCILIATIONS HAVE BEEN BUILT TO RECTIFY FIRST TWO OBSERVATIONS AND
UPDATIONS HAVE BEEN DONE IN EXCHANGE RECORDS. FOR LAST OBSERVATION; AS TRADING MEMBER CANNOT CONTROL THE SAME WE HAVE
WRITTEN TO SEBI TO REVIEW THE MENTIONED OBSERVATION AGAIN.
8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

12/31/2024 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 5,298.08
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 10, 2024 UNDER RULE 4 OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF MOFSL
FOR THEMATIC INSPECTION CONDUCTED UNDER THE THEME COMMON / MULTIPLE MOBILE NUMBER AND E-MAIL LINKED TO UCC FOR THE INSPECTION
PERIOD APRIL 1, 2022 TO AUGUST 31, 2023. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION
15-I OF SEBI ACT 1992 AGAINST MOFSL FOR VIOLATION OF CERTAIN PROVISIONS OF SEBI MASTER CIRCULAR DATED MAY 22, 2024 & OTHER
SECURITIES LAWS. SEBI VIDE ORDER DATED DECEMBER 31, 2024 LEVIED A PENALTY OF RS. 5 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY
TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATIONS SUCH AS MISMATCH IN MOBILE NUMBER AND E-MAIL
ID BETWEEN BACK OFFICE AND EXCHANGE PORTAL, INCORRECT UPLOAD OF MOBILE NUMBER AND E-MAIL ID AND AP OF MOFSL HAVING TERMINAL OF
OTHER TRADING MEMBER AS WELL. SYSTEM ENHANCEMENTS AND RECONCILIATIONS HAVE BEEN BUILT TO RECTIFY FIRST TWO OBSERVATIONS AND
UPDATIONS HAVE BEEN DONE IN EXCHANGE RECORDS. FOR LAST OBSERVATION; AS TRADING MEMBER CANNOT CONTROL THE SAME WE HAVE
WRITTEN TO SEBI TO REVIEW THE MENTIONED OBSERVATION AGAIN.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

07/04/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED JULY 4, 2024 UNDER RULE 4 OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND RULE 4 OF SECURITIES CONTRACTS REGULATIONS (PROCEDURE
FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-I OF SEBI
ACT, 1992 AND 23 -I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI
CIRCULARS NOTED RELATED TO REPORTINGS AND SHORT COLLECTION OF MARGIN, PENDENCY OF COMPLAINTS BEYOND 30 DAYS, IMPROPER
MAINTENANCE OF BANK BOOKS AND SETTLEMENT OF FUNDS OF INACTIVE CLIENTS) DURING THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR
THE PERIOD APRIL 1, 2021 TO JUNE 30, 2022. SEBI VIDE ORDER DATED JANUARY 30, 2025 LEVIED A PENALTY OF RS. 7 LAKHS ON CONCERN SUBJECT.
WE HAVE PAID PENALTY TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATION AS OBSERVED IN THEIR
REGULAR INSPECTION SUCH AS MARGIN COLLECTION AND REPORTING, CASH AND CASH EQUIVALENT REPORTING, CLIENT COMPLAINTS PERTAINING
TO BROKING AND DP OPERATIONS, INVESTMENTS MADE BY MOFSL IN ASSOCIATE COMPANIES, MTF REPORTING, HANDLING OF CUSPA, MAINTENANCE
OF BANK BOOKS, SETTLEMENT OF CLIENT FUNDS. ABOVE MENTIONED OBSERVATIONS ARE OPERATIONAL IN NATURE FOR WHICH CORRECTIVE
ACTIONS HAVE ALREADY BEEN IMPLEMENTED.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

01/30/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 7,417.38
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED JULY 4, 2024 UNDER RULE 4 OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND RULE 4 OF SECURITIES CONTRACTS REGULATIONS (PROCEDURE
FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-I OF SEBI
ACT, 1992 AND 23 -I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI
CIRCULARS NOTED RELATED TO REPORTINGS AND SHORT COLLECTION OF MARGIN, PENDENCY OF COMPLAINTS BEYOND 30 DAYS, IMPROPER
MAINTENANCE OF BANK BOOKS AND SETTLEMENT OF FUNDS OF INACTIVE CLIENTS) DURING THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR
THE PERIOD APRIL 1, 2021 TO JUNE 30, 2022. SEBI VIDE ORDER DATED JANUARY 30, 2025 LEVIED A PENALTY OF RS. 7 LAKHS ON CONCERN SUBJECT.
WE HAVE PAID PENALTY TO SEBI AND THE MATTER IS CLOSED. CORRECTIVE ACTION: SEBI HAD PROVIDED OBSERVATION AS OBSERVED IN THEIR
REGULAR INSPECTION SUCH AS MARGIN COLLECTION AND REPORTING, CASH AND CASH EQUIVALENT REPORTING, CLIENT COMPLAINTS PERTAINING
TO BROKING AND DP OPERATIONS, INVESTMENTS MADE BY MOFSL IN ASSOCIATE COMPANIES, MTF REPORTING, HANDLING OF CUSPA, MAINTENANCE
OF BANK BOOKS, SETTLEMENT OF CLIENT FUNDS. ABOVE MENTIONED OBSERVATIONS ARE OPERATIONAL IN NATURE FOR WHICH CORRECTIVE
ACTIONS HAVE ALREADY BEEN IMPLEMENTED.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

03/23/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE UNDER SECTIONS 11(1), 11(4), 11(4A), 11B(1) AND 11B
(2) OF SEBI ACT, R/W RULE 4(1) OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTY ) RULES, 1995, IN THE MATTER OF CNBC AWAZ
SHOW CO-HOSTED BY MR. HEMANT GHAI. IT IS INTER ALIA ALLEGED THAT MOFSL DID NOT ENSURE ADEQUATE SUPERVISION OF ITS AUTHORIZED
PERSON (AP) MAS CONSULTANCY SERVICES. SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY
IN RELATION TO THE ACTIVITIES OF THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES. WE HAVE PAID PENALTY TO SEBI AND THE MATTER
IS CLOSED.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

03/19/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 5,298.11
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY IN RELATION TO THE ACTIVITIES OF
THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) HAS RECEIVED SHOW CAUSE NOTICE UNDER SECTIONS 11(1), 11(4), 11(4A), 11B(1) AND 11B
(2) OF SEBI ACT, R/W RULE 4(1) OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTY ) RULES, 1995, IN THE MATTER OF CNBC AWAZ
SHOW CO-HOSTED BY MR. HEMANT GHAI. IT IS INTER ALIA ALLEGED THAT MOFSL DID NOT ENSURE ADEQUATE SUPERVISION OF ITS AUTHORIZED
PERSON (AP) MAS CONSULTANCY SERVICES. SEBI VIDE ORDER DATED MARCH 19, 2025 HAS IMPOSED A PENALTY OF RS. 5,00,000/- ON THE COMPANY
IN RELATION TO THE ACTIVITIES OF THE AUTHORIZED PERSON (AP) MAS CONSULTANCY SERVICES. WE HAVE PAID PENALTY TO SEBI AND THE MATTER
IS CLOSED.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

08/27/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

07/01/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 3,178.54
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED AUGUST 27, 2024 UNDER RULE 4(1) OF THE SEBI
(PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15-
I OF SEBI ACT, 1992 IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI CIRCULARS NOTED DURING THE COURSE OF THEMATIC
INSPECTION UNDER THE THEME CONTROL OVER AUTHORIZED PERSONS FOR THE PERIOD APRIL 1, 2022 TO JANUARY 31, 2024. SEBI VIDE ORDER
DATED JUNE 9, 2025 LEVIED A PENALTY OF RS. 3 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI ON 1ST JULY 2025 AND THE MATTER
STANDS CLOSED. WE HAVE TAKEN CORRECTIVE ACTION RELATED TO TERMINALS DURING THE COURSE OF INSPECTION AND ALSO SENSITIZED ALL
OUR AP S TO OBSERVE STRICT COMPLIANCE OF ALL REGULATORY GUIDELINES.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

09/27/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
ORDER/AN/PR/2025-26/31590

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED SEPTEMBER 27, 2024 UNDER RULE 4(1) OF THE
SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER
SECTION 15HB OF SEBI ACT, 1992 AND IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI / EXCHANGE CIRCULARS NOTED DURING
THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR THE PERIOD APRIL 1, 2022 TO OCTOBER 31, 2023. SEBI VIDE ORDER NO.
ORDER/AN/PR/2025-26/31590 DATED AUGUST 12, 2025 LEVIED A PENALTY OF RS. 11 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI
ON SEPTEMBER 4, 2025 AND THE MATTER IS CLOSED. CORRECTIVE ACTION: RECONCILIATIONS HAVE BEEN BUILT IN TO ENSURE TIMELY SETTLEMENT
OF CLIENT FUNDS AND CORRECT REPORTING. WE HAVE RECTIFIED TERMINAL DETAILS IN EXCHANGE RECORDS WITH CORRECT USER DETAILS WHO
WAS OPERATING TERMINALS AND USERS ARE SENSITISED W.R.T OPERATION OF TERMINALS AS PER GUIDELINES. WITH RESPECT TO REPORTING OF
TECHNICAL GLITCH, NECESSARY PROCESS HAS BEEN SETUP & WE HAVE ALSO ESTABLISHED DR SETUP AS PER REGULATORY REQUIREMENTS.

8. Current Status? Pending On Appeal Final
9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

09/04/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 11,654.64
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED SEPTEMBER 27, 2024 UNDER RULE 4(1) OF THE
SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. SEBI HAS INITIATED ADJUDICATION PROCEEDINGS UNDER
SECTION 15HB OF SEBI ACT, 1992 AND IN RESPECT OF MOFSL FOR ALLEGED VIOLATIONS OF CERTAIN SEBI / EXCHANGE CIRCULARS NOTED DURING
THE COURSE OF COMPREHENSIVE JOINT INSPECTION FOR THE PERIOD APRIL 1, 2022 TO OCTOBER 31, 2023. SEBI VIDE ORDER NO.
ORDER/AN/PR/2025-26/31590 DATED AUGUST 12, 2025 LEVIED A PENALTY OF RS. 11 LAKHS ON CONCERN SUBJECT. WE HAVE PAID PENALTY TO SEBI
ON SEPTEMBER 4, 2025 AND THE MATTER IS CLOSED. CORRECTIVE ACTION: RECONCILIATIONS HAVE BEEN BUILT IN TO ENSURE TIMELY SETTLEMENT
OF CLIENT FUNDS AND CORRECT REPORTING. WE HAVE RECTIFIED TERMINAL DETAILS IN EXCHANGE RECORDS WITH CORRECT USER DETAILS WHO
WAS OPERATING TERMINALS AND USERS ARE SENSITISED W.R.T OPERATION OF TERMINALS AS PER GUIDELINES. WITH RESPECT TO REPORTING OF
TECHNICAL GLITCH, NECESSARY PROCESS HAS BEEN SETUP & WE HAVE ALSO ESTABLISHED DR SETUP AS PER REGULATORY REQUIREMENTS.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

10/08/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 8, 2024 UNDER RULE 4(1) OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF
TRADETRON AND OTHER ALGO PLATFORMS WHEREIN IT WAS ALLEGED THAT MOFSL IS ASSOCIATED WITH CERTAIN ALGO PLATFORMS OFFERING
ASSURED RETURNS. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15HB OF SEBI ACT 1992
AGAINST MOFSL FOR VIOLATION OF SEBI CIRCULAR DATED SEPTEMBER 2, 2022 & SEBI STOCK BROKER REGULATIONS 1992. SEBI HAD INTRODUCED
SETTLEMENT SCHEME AS PER SEBI (SETTLEMENT PROCEEDINGS) REGULATIONS, 2018. MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER
FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS PASSED SETTLEMENT ORDER DATED MARCH 17, 2026. MOFSL HAS
PAID SETTLEMENT AMOUNT AND THE MATTER IS CLOSED. CORRECTIVE ACTION: CURRENTLY MOFSL IS NOT ASSOCIATED WITH SUCH ALGO PROVIDERS

8. Current Status? Pending On Appeal Final
9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

03/17/2026 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 1,059.51
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS
PASSED SETTLEMENT ORDER DATED MARCH 17, 2026.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL)HAS RECEIVED SHOW CAUSE NOTICE DATED OCTOBER 8, 2024 UNDER RULE 4(1) OF
SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN THE MATTER OF
TRADETRON AND OTHER ALGO PLATFORMS WHEREIN IT WAS ALLEGED THAT MOFSL IS ASSOCIATED WITH CERTAIN ALGO PLATFORMS OFFERING
ASSURED RETURNS. BASED ON FINDINGS OF EXAMINATION, SEBI INITIATED ADJUDICATION PROCEEDINGS UNDER SECTION 15HB OF SEBI ACT 1992
AGAINST MOFSL FOR VIOLATION OF SEBI CIRCULAR DATED SEPTEMBER 2, 2022 & SEBI STOCK BROKER REGULATIONS 1992. SEBI HAD INTRODUCED
SETTLEMENT SCHEME AS PER SEBI (SETTLEMENT PROCEEDINGS) REGULATIONS, 2018. MOFSL HAD FILED SETTLEMENT APPLICATION IN THE MATTER
FOR WHICH SEBI HAS APPROVED SETTLEMENT AMOUNT OF RS. 1,00,000/- AND HAS PASSED SETTLEMENT ORDER DATED MARCH 17, 2026. MOFSL HAS
PAID SETTLEMENT AMOUNT AND THE MATTER IS CLOSED. CORRECTIVE ACTION: CURRENTLY MOFSL IS NOT ASSOCIATED WITH SUCH ALGO PROVIDERS

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL FINANCIAL
SERVICES LIMITED (MOFSL)
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

02/20/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) RECEIVED A SHOW CAUSE NOTICE DATED FEBRUARY 20, 2025, FROM SEBI UNDER SECTION
11B(2) CONCERNING THE DEALINGS OF CLIENT RAJNI CHATURVEDI WHEREIN SEBI HAD ALLEGED THAT PRE TRADE CONSENT / ORDER INSTRUCTIONS
WERE NOT MAINTAINED BY AP OF MOFSL - OM SECURITIES. WE HAD FILED FOR SETTLEMENT IN THE MATTER FOR WHICH SEBI HAS APPROVED
SETTLEMENT AMOUNT OF RS. 34,85,000 AND THE SAME IS PAID. WE HAVE RECEIVED THE SETTLEMENT ORDER ON SEPTEMBER 18, 2025. CORRECTIVE
ACTION: THE COMPANY HAS SENSITISED ALL AUTHORISED PERSONS AND EMPLOYEES TO MAINTAIN PRE TRADE CONSENT/ ORDER INSTRUCTIONS
BEFORE PLACING TRADES.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

09/18/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 36,924.02
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
MOTILAL OSWAL FINANCIAL SERVICES LIMITED (MOFSL) RECEIVED A SHOW CAUSE NOTICE DATED FEBRUARY 20, 2025, FROM SEBI UNDER SECTION
11B(2) CONCERNING THE DEALINGS OF CLIENT RAJNI CHATURVEDI WHEREIN SEBI HAD ALLEGED THAT PRE TRADE CONSENT / ORDER INSTRUCTIONS
WERE NOT MAINTAINED BY AP OF MOFSL - OM SECURITIES. WE HAD FILED FOR SETTLEMENT IN THE MATTER FOR WHICH SEBI HAS APPROVED
SETTLEMENT AMOUNT OF RS. 34,85,000 AND THE SAME IS PAID. WE HAVE RECEIVED THE SETTLEMENT ORDER ON SEPTEMBER 18, 2025. CORRECTIVE
ACTION: THE COMPANY HAS SENSITISED ALL AUTHORISED PERSONS AND EMPLOYEES TO MAINTAIN PRE TRADE CONSENT/ ORDER INSTRUCTIONS
BEFORE PLACING TRADES.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE
CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: MOTILAL OSWAL ASSET
MANAGEMENT COMPANY
LIMITED
(For individuals, Last, First,
Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

01/28/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
SO/PSD/2025-26/8334-35

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Other
Other Product Types:
ALTERNATIVE INVESTMENT FUND

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
SECURITY EXCHANGE BOARD OF INDIA CONDUCTED AN INSPECTION OF THE MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED - AIF FOR FY
2022-23 VIDE ITS LETTER DATED SEPTEMBER 10, 2024, UNDER REGULATION 30 OF THE SEBI (AIF) REGULATIONS, 2012. PURSUANT TO THE SAME,
MOAMC SUBMITTED A VOLUNTARY SETTLEMENT APPLICATION ON THE SEBI INTERMEDIARY PORTAL ON JANUARY 28, 2025. THE FINAL SETTLEMENT
AMOUNT OF INR 38,76,000 WAS PAID ON FEBRUARY 20, 2026. ACCORDINGLY, SEBI ISSUED A SETTLEMENT ORDER DATED APRIL 20, 2026 IN THE
MATTER RELATING TO MOAMC AND MOTILAL OSWAL ALTERNATIVE INVESTMENT TRUST.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

04/20/2026 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 41,065.95
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SECURITY EXCHANGE BOARD OF INDIA CONDUCTED AN INSPECTION OF THE MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED - AIF FOR FY
2022-23 VIDE ITS LETTER DATED SEPTEMBER 10, 2024, UNDER REGULATION 30 OF THE SEBI (AIF) REGULATIONS, 2012. PURSUANT TO THE SAME,
MOAMC SUBMITTED A VOLUNTARY SETTLEMENT APPLICATION ON THE SEBI INTERMEDIARY PORTAL ON JANUARY 28, 2025. THE FINAL SETTLEMENT
AMOUNT OF INR 38,76,000 WAS PAID ON FEBRUARY 20, 2026. ACCORDINGLY, SEBI ISSUED A SETTLEMENT ORDER DATED APRIL 20, 2026 IN THE
MATTER RELATING TO MOAMC AND MOTILAL OSWAL ALTERNATIVE INVESTMENT TRUST.

CIVIL JUDICIAL ACTION DISCLOSURE REPORTING PAGE (ADV)

No Information Filed

Part 2
Exemption from brochure delivery requirements for SEC-registered advisers

SEC rules exempt SEC-registered advisers from delivering a firm brochure to some kinds of clients. If these exemptions excuse you from delivering a
brochure to all of your advisory clients, you do not have to prepare a brochure.
Yes No
Are you exempt from delivering a brochure to all of your clients under these rules?

If no, complete the ADV Part 2 filing below.

Amend, retire or file new brochures:

Brochure ID Brochure Name Brochure Type(s)
416936 MOTILAL OSWAL CAPITAL LIMITED ADV High net worth individuals, Pension plans/profit
PART 2 sharing plans, Private funds or pools
432320 MOCL ADV PART 2 Individuals, High net worth individuals, Private funds
or pools

Part 3

CRS Type(s) Affiliate Info Retire

There are no CRS filings to display.

Execution Pages
DOMESTIC INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to
the SEC and all amendments.
Appointment of Agent for Service of Process

By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint the Secretary of State or other legally designated officer, of the
state in which you maintain your principal office and place of business and any other state in which you are submitting a notice filing, as your agents to
receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand
for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state
action, administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding, or
arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b)
is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939,
the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of the state
in which you maintain your principal office and place of business or of any state in which you are submitting a notice filing.

Signature

I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the investment adviser. The investment adviser and I both certify, under
penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other
information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.

I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having
custody or possession of these books and records to make them available to federal and state regulatory representatives.

Signature: Date: MM/DD/YYYY
Printed Name: Title:
Adviser CRD Number:
286146

NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to
the SEC and all amendments.

1. Appointment of Agent for Service of Process

By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or
other legally designated officer, of any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such
persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand for arbitration, or other process or
papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or
arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any
activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly or indirectly,
upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of
1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a
notice filing.

2. Appointment and Consent: Effect on Partnerships

If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws
from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this
irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.

3. Non-Resident Investment Adviser Undertaking Regarding Books and Records

By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in
Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission,
correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940.
This undertaking shall be binding upon you, your heirs, successors and assigns, and any person subject to your written irrevocable consents or powers of
attorney or any of your general partners and managing agents.

Signature

I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the non-resident investment adviser. The investment adviser and I both
certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits
and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.

Signature: Date: MM/DD/YYYY
APARNA KARMASE 06/28/2026
Printed Name: Title:
APARNA KARMASE CHIEF COMPLIANCE OFFICER
Adviser CRD Number:
286146