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As an experienced trader, my first consideration when assessing Motilal Oswal is the glaring lack of regulatory oversight. This broker currently operates without any valid regulatory license, which, for me, raises immediate red flags regarding the safety of my funds and the fairness of the trading environment. Regulation is fundamental for protecting client interests, ensuring transparency, and providing avenues for recourse in case of disputes. Without it, I would have no official protections as a client, nor guarantees about issues like fund segregation, risk management, or the integrity of order execution. Another significant concern involves recent penalties and warnings issued by SEBI, the Indian market regulator. For example, Motilal Oswal was fined for violations of stockbroker regulations and received administrative warnings. For me, this pattern of regulatory action suggests past issues with compliance, and it makes me question the broker’s operational standards and commitment to client protection. Furthermore, the absence of a demo account is a practical drawback. As someone who prefers to thoroughly test a broker’s platform and tools before committing real capital, not being able to do so with Motilal Oswal is a notable limitation. Coupled with the fact that forex, indices, and popular asset classes like ETFs and crypto are not supported, Motilal Oswal does not offer the diversity or flexibility I typically look for. Given these factors, I believe extreme caution is warranted. In my view, trading with unregulated brokers, especially those recently penalized or warned by authorities, introduces risks that could outweigh any potential convenience or product variety. I would personally hesitate to commit funds under these circumstances, as the safeguards and reliability I rely on as a trader are simply not present.