I have an Offline account with Motilal Oswal Securities Limited (MOSL) and so my review will be from the offline account point of view.
Positives
- Brokerage is lowest and this is not based on negotiation but is always on the lower side for them. If you compare any other broker they lower the brokerages if you opt for digital contract notes but Motilal offers lower brokerages even for paper contract notes and if you opt for email contract notes only they may lower the brokerage further.
- Very good phone trading facility with adviser keeping tracks of your stock and advices you but to avail the off line trading facility minimum amount you should invest is 1 lac.
- Good recommendation and being an investor I always like the investing research more than trading ones and some of them I do share in the blog here as well.
Negatives
- They offer two type of accounts. Offline and Online but you cannot have both. I have an offline account but if I want to do anything using my PC it is not possible.
- As I have an an offline account I have no option to purchase mutual funds online.
- Very bad backoffice interface and it just does not work many times. Backoffice login does not work on latest browsers and you need to have WinXP and IE6 to see your backoffice ledgers 🙁 .
- I have an account with them for quite some time now and the issue is their phone number just keeps on changing all the time. Each few months I have some new numbers to fetch before I can execute a trade.
All in all a good service to do some handsome trading but I am also planning to close this account for lack of good backoffice interface.
If you have some experience with Online account at Motilal Oswal or if you would like to add more to offline account review please share in comments below.
Update 7th July 2012: Motilal Oswal’s services has degraded to a large extent especially for offline trading and so I don’t recommend them any more.
