Motilal Oswal Financial Services Limited (MOFSL) has issued a corrigendum to its postal ballot notice dated November 28, 2025, making important corrections to the resolution types for director appointments. The company continues to seek shareholder approval for the appointment of six directors, including two next-generation leaders as Non-Executive Directors.

Corrigendum Details

The company issued the corrigendum on December 19, 2025, to correct specific aspects of the original postal ballot notice:

Key Appointments Under Consideration

The postal ballot seeks approval for the following director appointments:

Non-Executive Directors (Ordinary Resolutions)

Pratik Oswal (DIN: 06704419)

• Son of Motilal Oswal (Managing Director & CEO)
• Currently leads the Passive & Quant Funds Division at MOAMC
• Educational background: Mathematics and Economics from Emory University, MBA from London Business School

Vaibhav Agrawal (DIN: 06663890)

• Son of Raamdeo Agarawal (Non-Executive Chairman)
• Chief Investment Officer for Alternate Investments and PMS at MOAMC
• Oversees AUM of approximately ₹10,000.00 crores
• Educational background: Computer Science from University of Pennsylvania, MBA from London Business School

Independent Directors (Special Resolutions)

Joseph Conrad Agnelo D'Souza (DIN: 00010576)

• Former HDFC Limited executive with 39 years of experience
• Expertise in strategy, treasury, corporate planning, and investor relations
• Multiple directorships including Chalet Hotels, Bharat Bijlee Limited, and Prism Johnson Limited

Ashok Kumar Parasmal Kothari (DIN: 11233451)

• Retired Indian Revenue Service Officer
• Former Commissioner of Central Board of Indirect Taxes and Customs
• Chartered Accountant with extensive regulatory experience

Remuneration Structure

The proposed remuneration for the next-generation directors remains unchanged:

Voting Timeline and Process

The e-voting process details remain as originally announced:

Strategic Implications

This corrigendum reflects the company's commitment to proper corporate governance procedures. The correction of resolution types for independent director appointments to Special Resolutions aligns with regulatory requirements under the Companies Act, 2013, and SEBI Listing Regulations.

The appointments represent a strategic generational transition, with both Pratik Oswal and Vaibhav Agrawal bringing international education and specialized expertise in asset management. The addition of experienced independent directors like Conrad D'Souza and Ashok Kumar P Kothari is expected to strengthen the board's oversight capabilities and governance standards.

Shareholders can access the revised notice on the company's website at www.motilaloswalgroup.com and on stock exchange platforms. The corrigendum ensures all procedural requirements are met for the upcoming postal ballot process.

Motilal Oswal Financial Services Limited (MOFSL) has announced a significant development in its employee stock option program. The company's Finance Committee has approved the allotment of 2,72,379 equity shares to option grantees who exercised their stock options across four different Employee Stock Option (ESOP) schemes.

ESOP Allotment Details

The allotment, which took place on November 20, 2025, was distributed across four ESOP schemes as follows:

Key Points of the Allotment

• ESOP Scheme IX accounted for the largest portion of the allotment with 2,17,879 shares.
• The newly allotted shares will rank equally with existing equity shares in all respects.
• This move is part of MOFSL's ongoing commitment to employee ownership and retention.

Regulatory Compliance

The company has informed the BSE Limited and the National Stock Exchange of India Limited about this allotment, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This equity share allotment under the ESOP schemes demonstrates Motilal Oswal Financial Services' continued focus on aligning employee interests with those of the company and its shareholders. It provides eligible employees with an opportunity to participate in the company's growth and success.