Welcome to FSC Mauritius
Mauritius International Financial Centre
The Capital Markets in Mauritius is one of the most dynamic sectors of the economy. The governing legislation, the Securities Act, based on international norms and standards, aims to:
- foster fair, efficient, transparent and informed markets for securities in Mauritius;
- monitor and regulate the operations of securities exchanges and the activities of persons providing clearing and settlement services and trading systems for securities;
- suppress and prevent financial crimes and illegal practices;
- regulate the disclosure of information by persons issuing securities and by reporting issuers to securities holders and to the public;
- cooperate and collaborate with domestic and international organisations, law enforcement, supervisory and regulatory bodies; and
- reinforce the protection of investors in Mauritius from unfair, improper and fraudulent practices.
The FSC is a member of the International Organisation of Securities Commission (IOSCO). The FSC was awarded the "Most Innovative Capital Markets Regulator of the Year Award" by Africa Investor in September 2010 at a summit organised, in collaboration with New York Stock Exchange (NYSE) Euronext. The Award recognises the measures taken by the FSC to promote the development of financial services in Mauritius and the adoption of a business-friendly approach to regulation.
There are two licensed Securities Exchanges in Mauritius - the Stock Exchange of Mauritius Ltd (SEM) and the Global Board of Trade Ltd (GBOT).
Stock Exchange of Mauritius Ltd
SEM, one of the leading exchanges in Africa operates a fully automated stock market infrastructure from trading to settlement which is in line with international standards. This system has revolutionised trading practices in Mauritius and empowered investors to benefit from real time trading.
SEM has gained international recognition by achieving membership status to the World Federation of Exchanges since 2005 and has gone live on the Bloomberg index since 2009.
SEM operates two markets in the equity segment: the Official Market - meant for larger companies, consisting of some 40 listed companies and the Development and Enterprise Market (DEM) catering for medium and small enterprises which comprises some 50 companies. The listed companies are from various sectors of the economy such as banks, insurance and other finance, commerce, sugar, industry, investments and transport.
With the lifting of the Exchange Control in 1994, foreign investors can also trade on the SEM. The overall volume of trade effected by international investors on the SEM is around 30-35%.
The Central Depository & Settlement Co Ltd (CDS) is a subsidiary of the SEM and became operational since 1997. CDS was established to provide centralised depository, clearing and settlement services for the Mauritian equity and debt markets. CDS complies with the international standards (Group of 30 Recommendations; Core Principles for Systemically Important Payment Systems/International Organisation of Securities Commission - CPSS/IOSCO Recommendations) on depository, clearing and settlement systems. Trades are settled within a rolling T+3 settlement cycle on a strict Delivery versus Payment (DvP) basis.
Global Board of Trade Ltd
GBOT was launched in October 2010 and is promoted by the Financial Technologies Group of India. It was licensed as a multi class asset exchange and currently operates two derivatives segments - the Currency and the Commodity Derivatives Segments.
GBOT is the first exchange to offer derivative products in Mauritius. It has a state-of-the-art trading platform with clearing and settlement systems, providing access to several of the world's fastest growing economies.
The licensing of the GBOT by the FSC is a major milestone in the development of the capital markets industry in Mauritius. GBOT promotes Mauritius as a financial hub as it helps the investment community to hedge price risk movements in international markets and provides an opportunity for investors to capitalise on arbitrage opportunities.