Where’s Raamdeo Agrawal?

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Editor's note: In 1987, two men came together to start a sub-broking business. The only staff they had was a peon. Motilal Oswal and Raamdeo Agrawal have come a long way since, weathering multiple crises to build a financial services conglomerate with an over Rs 1,000 crore bottom line. Motilal Oswal Financial Services (MOFSL), the company they set up, has seen it all—the 1992 securities scam, the great stock market crash of 2001, the global financial crisis of 2008 and the pandemic-induced crash of 2020. Valued at close to $2 billion, it employs over 6,000 people and boasts of having Asia’s largest stock brokerage among its seven businesses. Along the way, the two men have also had their fair share of controversies. After such a journey, the assumption would be that the bond between Agrawal and Oswal is unbreakable. That doesn’t seem to be the case.  Till a couple of years ago, Agrawal was as much the face of the company as Oswal was. Not anymore. Of late, Oswal, his son Pratik Oswal and Navin Agarwal, CEO of Motilal Oswal Securities Ltd, …