MOS Utility Partners with Thomas Cook India for Forex Referral Services

MOS Utility Limited, a fintech company based in Mumbai, has formalized a referral partnership with Thomas Cook (India) Limited, one of India's largest travel and financial services firms, effective April 2, 2026. The arrangement is straightforward in its division of labor: MOS Utility will identify and refer customers interested in foreign exchange services, while Thomas Cook handles everything else—the actual transactions, regulatory compliance, customer verification, and fulfillment.

The partnership covers three categories of forex products: outward remittance services, forex cards with load and reload capabilities, and foreign currency sales and purchases. MOS Utility's role is explicitly non-exclusive and limited to lead generation across India. The company will not process payments, execute transactions, or handle any of the compliance work. All of that responsibility falls to Thomas Cook, which must operate within the regulatory framework set by the Reserve Bank of India, the Foreign Exchange Management Act, the Liberalised Remittance Scheme, the Income Tax Act of 1961, and anti-money laundering norms.

For MOS Utility, the partnership represents a way to expand its suite of financial offerings through its existing distribution network. A company spokesperson described it as an important milestone in broadening access to regulated financial products. Thomas Cook, for its part, gains access to MOS Utility's pan-India agent network, which can funnel qualified customer referrals directly to the company. Thomas Cook's representative emphasized that every referred customer would be onboarded and serviced directly by Thomas Cook with full regulatory compliance.

The announcement came as a regulatory filing under SEBI's Listing Obligations and Disclosure Requirements, signaling that this is a material development for MOS Utility's shareholders. The company, registered at 12th Floor, 1201 & 1202, First Avenue in Mumbai's Goregaon West, has been building its fintech and utility payment business for both businesses and individuals. Thomas Cook, headquartered at its building on Dr. D.N. Road in Fort, Mumbai, brings decades of experience in travel and travel-related financial services.

Separately, MOS Utility is pursuing a significant corporate milestone. The company has initiated a postal ballot seeking shareholder approval to migrate its equity shares from the NSE Emerge platform—where it has been listed since April 18, 2023—to the main boards of both the National Stock Exchange and BSE Limited. The company has now completed the mandatory three-year listing period required for such a migration. The special resolution requires approval from non-promoter shareholders, with votes in favor needing to amount to at least twice the votes cast against the proposal.

The e-voting process began on April 26, 2026, at 9:00 a.m. IST and will run through May 25, 2026, at 5:00 p.m. IST. Results are expected by May 27, 2026. MOS Utility has engaged National Securities Depository Limited to manage the electronic voting platform, and shareholders whose names appear in the company's register as of April 17, 2026, are eligible to participate. The company's board, which approved the migration proposal on April 4, 2026, believes the move will enhance market visibility, increase share liquidity, and open the company to a broader investor base.

MOS Utility currently has a paid-up capital of ₹51,48,80,820 and 25,74,40,410 equity shares with a face value of ₹2 per share. The board noted that the company has performed consistently during its time on the SME platform and has built solid experience in compliance, board procedures, and corporate governance. The migration is positioned as a catalyst for growth and expansion, though the board also noted that no promoters, directors, managers, or key managerial personnel have any special interest in the resolution beyond their existing shareholdings.