Board of the FSC

Mr Mardayah Kona Yerukunondu was appointed, with effect from the 12^th of May 2020, as Chairperson of the Board of the Financial Services Commission.

He is currently the First Deputy Governor of the Bank of Mauritius. Prior to his appointment as First Deputy Governor, Mr Yerukunondu was the country’s first Ombudsperson for Financial Services.

Mr Yerukunondu is a seasoned central banker. He joined the Bank of Mauritius in 1977 and acquired expertise in critical areas ranging from central bank administration, supervision, regulation, policy and compliance. He has played a pivotal role in the modernization of the country’s banking and financial services framework.

Mr Yerukunondu has been an ardent defender of the image and repute of the Mauritian jurisdiction. He has played a key role as official delegate in several country missions focusing on anti-money laundering and combating the financing of terrorism. Mr Yerukunondu has also formed part of national delegations of the ESAAMLG Task Force of Senior Officials.

Mr Yerukunondu has been a speaker in high-level fora including the International Monetary Fund, the Bank for International Settlements, the World Bank Treasury, the European Monetary Union, the Islamic Financial Services Board Summit, RAMP, and in geographies ranging from Europe, America, Asia and Africa.

It is to be noted that Mr Yerukunondu was the Chairperson of the Steering Committee set up by Government to study the social and legal aspects of Islamic Financial Services. He was equally the Chairperson of the Committee set up by the Bank of Mauritius which saw the implementation of the Credit Information Bureau in Mauritius.

Mr Yerukunondu is a sworn barrister. He holds a LLB (Honours) from the University of London as well as qualifications from the Institute of Statisticians. He has written academic papers, namely an article on Islamic Finance published in March 2010 in the chronicle of the Bar Council and a manual on Banking for the Open University.

Mr Rajesh Ramloll, SC joined the Board of the FSC in May 2014 and has been appointed as Vice-Chairperson since 26 April 2019. He is currently the Deputy Solicitor-General at the Attorney-General’s Office. Mr Ramloll is a barrister at Law and holds a specialist LLM in taxation from the Centre for Commercial Studies Queen Mary, London.

He is the current President of the International Fiscal Association, Mauritius Branch.

Mr. Ramloll is a Fellow of the Hon. Society of Advanced Legal Studies (London) and is a member of the International Fiscal Association. He advises the Government on legal aspects of financial matters. He is a tax assessor of the OECD Global Forum and a reviewer of the International Bureau of Fiscal Documentation (IBFD), (Netherlands).

Mr Mahess Rawoteea, FCCA, MBA (with specialisation in Finance)

Mr Mahess Rawoteea joined the Board of the FSC Mauritius as from October 2018. He is a fellow member of the Association of Chartered Certified Accountants and is holder of a Master of Business Administration with Specialisation in Finance from the University of Mauritius.

Currently, he holds the position of Director, Economic and Finance at the Ministry of Finance, Economic Planning and Development and is in charge of the Economic Cooperation and International Affairs Directorate.

He has fulfilled various key positions in different Government institutions and has represented Government in various fora, both at the local and international level.

He is a member of the National Regulatory Sandbox Licence Committee, a Director of the Financial Services Institute and a Co-opted Director of the Mauritius Africa Fund Ltd. He also serves as Secretary to the National Pensions Fund and National Savings Fund Investment Committee.

Mr. Sarwansingh Purmessur has been appointed as a Board Member of the Financial Services Commission since May 2018. Currently, Mr. Purmessur holds the position of Permanent Secretary and is posted to the Ministry of Financial Services and Good Governance.

He has a very long career in the Civil Service, having served nearly 40 years in various Ministries/Departments, namely, the Income Tax Department, the Ministry of Housing and Lands, the Ministry of Local Government, the Ministry of Technology Communication and Innovation, the Ministry of Foreign Affairs, Regional Integration and International Trade and the National Development Unit of the Ministry of National Infrastructure and Community Development. Amongst his various responsibilities, he has also served as the Supervising Officer of the Beach Authority.

Mr. Purmessur holds an MBA in Human Resource Management from the Indira Gandhi National Open University (IGNOU), India, an MSc IT in Business Information Systems from the Keele University, UK and a Diploma in Public Administration and Management from the University of Mauritius.

Mr. Purmessur has also served on various Boards and Committees, namely, the National Housing Development Company Ltd, the Town and Country Planning Board, the Informatics Park Ltd, the Information and Communication Technology Authority, the Rights Management Society, the Financial Services Fund, the National Productivity and Competitiveness Council, the National Committee on Corporate Governance, the National Environment Fund Committee, the Heritage City Co. Ltd and the SBM Holdings Ltd.

He is currently the Chairman of the Land Drainage Authority, a Director at the Mauritius Housing Company Ltd and a member of the Financial Reporting Council. 

Mr Premchand Mungar is a banker with extensive expertise across various sectors of the financial services industry. He was appointed as an Independent Non-Executive Member of the FSC’s Board since December 2017.

He has worked with the African Trade and Development Bank (TDB) Group, a multilateral financial institution and the financial arm of the Common Market for Eastern and Southern Africa (COMESA), based in Nairobi, Kenya for 16 years. In 2017, he ended his career at the Group as the General Counsel and Senior Director, but continued as a Senior Adviser to the TDB Group after his return to Mauritius. Mr Mungur is the Chief Executive of MauBank Ltd since December 2018. 

Mr Mungar is actively involved at the Corporate Governance Development Forum spearheaded by international Development Finance Institutions to develop a framework integrating the principles of governance into investment and business operations. As a consultant, he was also involved in for institutional transformation, corporate strategy and business initiatives for financial institutions.

Mr Mungar holds a master’s degree in finance and financial law from SOAS, University of London and an LLB from the University of Mauritius. He is a qualified attorney and a member of the Mauritius Law Society since 1995.

He attended various executive education courses, including the 16th Summer School on International Financial Law, organised by EuroMoney in collaboration with the University of Oxford, at St Catherine’s College. He was also sponsored by Japan Bank for International Cooperation to attend to the 10th Autumn Course on International Finance held jointly with Waseda University in Tokyo, Japan. He holds several commendations and was awarded the 2016 President’s Excellence Award in recognition of his outstanding contributions to the affairs of the TDB Group.

Ms Gayle Mary Jane Yerriah has been appointed as member of the FSC since the 26th of April 2019. She is a holder of an LLB (Bachelor in law) from the University of Buckingham in United Kingdom and was called to the Bar in UK in November 2011 and is a member of the Middle Temple Inn UK. She was also called to the Bar in Mauritius in January 2013.  She is an Arbitrator (FCIArb) of the Chartered Institute of Arbitrators UK. She has been a member of the board of directors of the Information and Communication Technology Authority.

Mrs Mariam Rajabally has been appointed as Board Member of the FSC since 26 April 2019. She is a Partner at a leading accounting firm specialising in transaction advisory services and corporate finance. She has been involved in a number of large transactions in different sectors. Mrs Rajabally also advises on local and international tax matters. She regularly conducts workshops on a number of topics. She is also currently a Commissioner at the Competition Commission of Mauritius.

Mrs Rajabally holds an LLB from the London School of Economics and Political Science, a Post Graduate Diploma from the University of Oxford and qualified as a Chartered Accountant (ACA) with PricewaterhouseCoopers, London.

Mr Loveneesh Beedasy has been appointed as Board Member of the FSC since 21 December 2020. He is a Legal Officer at the Mauritius Telecom Ltd.

He is a Part Time Lecturer in Law with the Open University of Mauritius since 2018. He has been involved in start-up set ups and advises private clients on business opportunities in Mauritius. He has also acted as Consultant for Mauritian companies and has experience in Compliance and Trust.

Furthermore, Mr Loveneesh Beedasy holds an LLB from the University of London, an LLM with specialisation in International Business Law from the University of Central Lancashire and is an Arbitrator (ACIArb) of the Chartered Institute of Arbitrators UK.

Mr Azaad Aumeerally has been appointed as Board Member of the FSC since 24 December 2020.

Mr Vikash Thakoor is the Chief Executive of the Financial Services Commission, Mauritius (FSC) since 18 May 2020.

He holds a Masters’ Degree in Information Technology, Electronics and Systems Automation from Ecole Universitaire d’Ingénieurs de Lille - France and an MBA with Specialisation in Finance. He has over 25 years of Central Banking experience.

Prior to joining the Commission, he held the post of Assistant Director - Payments Systems and the Mauritius Credit Information Bureau (MCIB) at the Bank of Mauritius (BoM). He was also a member of the internal Fintech Committee and a member of the National Regulatory Sandbox License technical committee at the BoM.

Mr Thakoor was the country representative of the SADC Payment System Project and participated as payment system expert in the Regional Payment and Settlement System of the COMESA Clearing House.

He has been involved in a number of payment systems infrastructure and credit information bureau projects namely the Real Time Gross Settlement System (RTGS), the standardisation of cheques and the setting up of the Automated Cheque Clearing System, the truncation of cheques and electronic funds clearing, the development of the Mauritius Credit Information Bureau, the regulatory framework for mobile payments, the National Payment Switch and the Instant Payment System.