Raamdeo Agrawal, the co-founder of Motilal Oswal Financial Services Ltd, is taking up a non-executive role.
Agrawal is currently joint managing director at the financial services firm. He will be non-executive chairman from October 14, the company said in a stock-exchange filing.
Agrawal is an Associate of Institute of Chartered Accountant of India and a member of the National Committee on capital markets of the Confederation of Indian Industry.
Along with co-founder Motilal Oswal, Agrawal played a key role in the company and helped grow it from a small stock broking firm to a diversified financial services company.
Motilal Oswal Financial offers a range of products and services in securities, commodities, investment banking, asset management and venture capital. The company has been an equity broker since 1987 and is primarily franchisee driven.
Earlier this month, VCCircle reported that a top executive of a housing finance company owned by Motilal Oswal Financial was set to quit the firm to explore entrepreneurial opportunities.