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In my experience as a serious trader, trust and reliability are always defined first by clear, robust regulatory oversight. With Motilal Oswal, the clear lack of valid regulatory licenses gives me significant pause. From what I have seen, Motilal Oswal operates without any recognized external regulation, and this is not a detail to overlook. Trusted brokers I would consider typically have their operations supervised by reputable bodies, which helps protect clients’ funds and ensures fair trading practices. The absence of such oversight means there’s less recourse if something goes wrong, and that introduces a high level of risk for anyone opening an account. Motilal Oswal does have a long operating history and offers a wide variety of products, primarily in equities, commodities, mutual funds, and related financial instruments, but notably, it does not provide forex trading. While its product diversity and experience in the Indian market are positives, for me, these do not compensate for the core issue of missing regulation. Furthermore, the recent fines and warnings issued by the Indian regulator SEBI further reinforce my cautious stance. For my personal trading activities—especially where real money and sensitive information are involved—the lack of demo accounts and global regulation are additional drawbacks. I avoid trading where independent regulatory assurance is missing, no matter how established the broker’s reputation may seem locally or how comprehensive their offerings. For genuine security and trust, I only use brokers that are demonstrably regulated and transparent, prioritizing safety over convenience or legacy brand recognition.