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Based on my thorough assessment and personal experience researching brokers, I must highlight that Motilal Oswal is not currently licensed or regulated by any recognized financial authority. This absence of regulation is a significant factor for me when evaluating any broker, as regulatory oversight exists to protect client interests, enforce transparency, and ensure certain standards of financial conduct. In this case, I have found clear indications that Motilal Oswal presents a high potential risk due to lacking valid regulatory credentials. Additionally, I noticed there have been recent actions from SEBI, such as fines and warnings directed at the company. However, these incidents do not amount to ongoing or direct regulatory supervision. For a trader like myself, who places a premium on the safety of funds and dispute resolution mechanisms, the lack of formal regulation means there are limited safeguards if disputes or issues arise. In summary, from my perspective, Motilal Oswal does not hold regulation from any recognized financial regulatory body and operates without oversight that I consider essential for trust and protection in trading.