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[B.I]

I think the holes are more than likely to attach padding. Firangis used the same concept, in a thickened padded insert, shaped to fit into the grip and attached by just one or two holes. As did patas.
I dont feel the contruction is weak at all, but as Andrew said, it was possibly more for a ceremonial use.
This piece is unusual in design, but of a specific type. The is a similar example in Stone, now in the Met. This has a different shaped guard (which makes it look more like the normal hooded katars) but the contruction is completely different to them, and more like this example (with the blade welded to the guard and grip(s) riveted on. I am away from my library, so cant show the katar I mean in Stone, but it is pictured with the other katars. I am sure this is of the same type, as I have seen a few of them and the similarities are remarkable. The image in Stone only shows the outside, so the similarity is lost.
The design on this guard is South Indian, and the evidence of silver plating adds to this as an origin. I feel the dating to be later than the hooded katars, and made in a retro fashion.
The wavy blade is uncommon, but also does appear know and then. This feature also adds to its potential use as a ceremonial piece (see attached image from the Royal Armouries).

Husar, are you sure the blade is wootz?