Brief Profile of MOSIPL
Motilal Oswal Securities Limited (MOSL) is a company registered under SEBI with broker license to carry on securities business in India. As part of its broking business it deals with Foreign Institutional Investors who have been domiciled in the United States (U.S) as regards their investments in Indian Equities. In order to cater to such U.S. based Institutions within the framework provided by SEC, MOSL has set up a 100% subsidiary domiciled in India - Motilal Oswal Securities International Private Limited (MOSIPL) which has received an approval for broker dealer registration from FINRA and act as a chaperoning broker in accordance with section 15a-6.
MOSIP will deal with only Institutional Investors and Major Institutional Investors, as defined in Rule 15a-6, transmitting orders in Indian equity securities to MOSL. The main activity of MOSIPL would be to distribute research published in India and advise institutional clients based in United States (U.S) on investments in Indian equities markets and serve as a chaperoning broker dealer pursuant to Rule 15 a-6(a)(3) of the US Securities Exchange Act 1934, as amended by the U.S. Securities and Exchange Commission (SEC). For the avoidance of doubt, MOSIP will not receive customer funds or securities, carry margin accounts, hold principal positions, or be involved in futures and options trading. MOSIP will not have back office settlement and custody functions. Such services will all be handled by MOSL and the Third Party Custodians appointed by US Clients. The Company will only reach out to Major Institutional Investors as defined in Rule 15a-6 and never to retail investors.
Seventeen years of experience in sales trading, relationship management, acquisition & servicing of Institutional Client with promotions to positions of increased responsibilities. Accustomed to interfacing with individuals at all levels of the organization as well as regulators.
During his tenure in MOSL as Head of Derivatives Desk he had been entrusted with the following responsibilities:
- Setting Derivative Trading Desk of the firm including derivative research/trading strategies desk
- Managed relationship with Clients based out 3 important financial regions i.e. Asia – Pacific, Europe & Americas
- Managing & growing relationship of Institutional derivative desk of the Firm
- Heading derivative research/trading strategies desk
- Motivating Teams to generate business opportunity ideas and regular client coverage as part of a business development function ensure timely execution of deals & providing strategic vision to Motilal Oswal Group.
- Directorship & providing strategic guidance to Commodities Broking business of the group.
- Providing Strategic Vision to the Motilal Oswal Group
Prior to MOSL he had been in Refco- Sify Ltd (part of MF Global Group ) Mumbai – India as Associate Vice President Institutional Sales. He is a member of Institute of Chartered Accountants of India (Indian equivalent of CPA).
AJAY MENON :
Thirteen years of experience in operations, legal, compliance, risk management, business process mapping and excellence with promotions to positions of increased responsibilities. Accustomed to interfacing with individuals at all levels of the organization as well as regulators.
He is the Chief Operating Office of MOSL and is entrusted with the following responsibilities.
- Responsible for Finance & Accounts Functions of firm including overseeing monthly closures, accruals, supporting analysis & external financial reporting.
- Liaisoning with SEBI/RBI(Indian Regulators)
- Responsible for creating firm’s AML policy & Compliance Manuals.
- Ensuring Independent audit checks of existing AML/Compliance policies
- Continuous reviewing and updating existing AML policies and procedures.
- Fully implemented firm’s compliance program by reviewing advertisements, monitoring and training employee compliance by performing internal compliance tests through annual compliance meetings/continuing education
- introduced Business Process Mapping & Excellence practice in firm
- Championing new ideas that leverage technology to increase customer engagement.
- Leverage technology to bring low latency products for Institutional Clients.
- Implementation of BCP initiatives in the Firm including implementation of setting up Data Center & alternative DR site selection.
- Set parameters for improving internal scorings on customer satisfaction.
- Leading the firm to ISO 9001:2008 Quality Certifications
- Spearheading the firm’s subsidiary approval for Broker-Dealer with FINRA/SEC
Both Mr. Menon and Mr. Dharamshi have had related experience with supervising a U.S. regulated broker-dealer through their similar experience with MOSL, an India regulated broker-dealer. Mr. Dharamshi oversees the Institutional Trading and has 17 years of experience in his role.
Furthermore, Mr. Menon and Mr. Dharamshi have over a year of related experience with a U.S. regulated broker-dealer through their roles in the existing chaperoning arrangement between MOSL and Marco Polo Securities Inc. Through their involvement in the chaperoning arrangement, both Mr. Menon and Mr. Dharamshi have acquired familiarity with U.S. legal compliance requirements and Rule 15a-6. Mr. Menon and Mr. Dharamshi are both Series 7, 63 and 24 registered.