Motilal oswal financial services Limited has filed its quarterly compliance certificate with stock exchanges, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company submitted the mandatory certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 to both BSE Limited and National Stock Exchange of India Limited on April 09, 2026. The filing was signed by Kailash Purohit, Company Secretary and Compliance Officer.

Registrar Confirmation

The compliance certificate was issued by MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, which serves as the company's Registrar to an Issue and Share Transfer Agent. The certificate was signed by Ashok Shetty, Sr. Vice President-Corporate Registry.

Certificate Confirmations

The registrar confirmed several key compliance aspects for the quarter:

• Securities received from depository participants for dematerialisation were properly confirmed to depositories
• All securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialisation were confirmed or rejected within prescribed timelines
• Security certificates were mutilated and cancelled after due verification by depository participants
• Depository names were substituted in the register of members as registered owners

Company Information

Motilal Oswal Financial Services Limited operates with CIN L67190MH2005PLC153397 and maintains multiple regulatory registrations including SEBI Registration No. INZ000158836. The company holds memberships across major exchanges with NSE Member ID 10412, BSE Member ID 446, MCX Member ID 55930, and NCDEX Member ID 1240.

Regulatory Framework

This quarterly filing represents part of the ongoing compliance requirements under SEBI regulations designed to ensure proper handling of dematerialisation processes and maintenance of accurate shareholder records. The certificate confirms adherence to prescribed timelines and procedures for processing securities transactions during the quarter.

Motilal Oswal Financial Services has issued a comprehensive warning about potential fiscal and monetary risks facing the Indian economy, highlighting how fuel under-recoveries and increased government subsidies could significantly impact key economic indicators.

Fiscal Deficit Concerns

The financial services firm projects that high fuel under-recoveries, ranging from ₹20-30 per liter, combined with excise duty cuts and higher fertilizer subsidies, could widen India's fiscal deficit to approximately 5%. This represents a substantial fiscal expansion with far-reaching implications for government finances.

Bond Market and Yield Implications

The analysis suggests that the fiscal expansion could put upward pressure on government bond yields, potentially pushing them to 7.1-7.2% levels. This yield increase reflects market concerns about increased government borrowing requirements and fiscal sustainability.

Inflationary Pressures

Motilal Oswal Financial Services warns of mounting inflationary pressures, with inflation potentially rising by 10-36 basis points. The firm also indicates the possibility of fuel price hikes ranging from ₹2-4 per liter, which could further contribute to overall price pressures in the economy.

Monetary Policy Implications

The analysis concludes that these combined fiscal and inflationary pressures are likely to keep the Reserve Bank of India cautious in its monetary policy approach. The central bank will need to carefully balance growth objectives with inflation management amid these emerging economic risks and challenges.