Board of the FSC

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

He is currently the First Deputy Governor of the Bank of Mauritius (BoM). Mr Yerukunondu sits on the Monetary Policy Committee. He is also a member of the COVID-19 Projects Development Committee. 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 BoM in 1977 and acquired expertise in areas ranging from central bank administration, supervision, regulation, policy and compliance. He has played a pivotal role in the modernisation of the country’s banking and financial services framework.

Mr. Yerukunondu has been an ardent defender of the image and repute of the Mauritius 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. He is currently a member of the Statutory Core Group for Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation.

Mr. Yerukunondu has participated in discussions in high-level fora including the International Monetary Fund, the Bank for International Settlements, the World Bank Treasury and Reserves Advisory & Management Partnership, the European Monetary Union and the Islamic Financial Services Board Summit.

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 BoM which saw the implementation of the Credit Information Bureau in Mauritius.

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

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

He is currently the 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 General Council of the International Fiscal Association. He has been the treasurer of the Bar Council for three consecutive years.

He regularly advises the Government on legal aspects of financial matters and is a tax assessor of the OECD’s Global Forum and is an author of the International Bureau of Fiscal Documentation (Netherlands).

He has written widely in international tax journals and is on the editorial boards of Global Taxation, International Taxation and Foundation of international Taxation journals. Mr. Ramloll has contributed book chapters to the Offshore World Survey (1998, Sweet and Maxwell) and GAAR General Tax – Anti Avoidance Rules (2021, Thomson Reuters Legal). He is a regular speaker at international conferences and conducts Masterclasses in international Taxation at University faculties abroad (including the University of Lausanne).

Mr. Ramloll took silk in 2016 and was made Senior Counsel (SC) by Letters Patent on commendation by the Chief Justice.

Mr Sarwansingh Purmessur was appointed as a Board member of the FSC Mauritius in 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 long and distinguished career in the Civil Service. Over the past 40 years, he has served in various Ministries and Departments, including 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. Among his various responsibilities, he has also served as the Supervising Officer of the Beach Authority.

Mr Purmessur holds a master’s degree in Business Administration with specialisation in Human Resource Management from the Indira Gandhi National Open University (IGNOU), India, a master’s degree in IT in Business Information Systems from 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, and the SBM Holdings Ltd. He has also served as Chairman of the Heritage City Co. Ltd ,and the National Property Fund Ltd. He is currently the Chairman of the National Committee on AML/CFT, 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 seasoned banking professional with a proven track record of leadership and strategic management. Currently serving as the CEO of SBM Bank (Mauritius) Ltd since Nov 2023, he has garnered extensive experience in the financial sector, particularly in Mauritius and on the African Continent.

Before joining SBM (Mauritius), Mr Mungar held the position of CEO at MauBank, where he spearheaded a successful turnaround strategy. Under his leadership, MauBank underwent significant restructuring and strategic repositioning, leading to improved financial performance and operational efficiency. He has worked with the African Trade and Development Bank (TDB) Group, a multilateral financial institution 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 Mungar's expertise in banking and finance extends beyond his role as CEO. Since 2017, he also serves as a board member of the Mauritius Financial Services Commission, where he contributes to shaping policies and regulations governing the financial services industry in Mauritius. His insights and contributions to the board reflect his deep understanding of the regulatory landscape and his commitment to upholding industry standards and best practices resulting into his being conferred the chairmanship of Audit & Risk Committee of the FSC. 

Throughout his career, Mr Mungar has demonstrated strong leadership qualities, a keen strategic vision, and a focus on driving sustainable growth and value creation. His accomplishments in both executive roles and board positions underscore his ability to navigate complex challenges and deliver results in dynamic and competitive environments.

Mungar's profile as CEO of SBM Mauritius, former CEO of MauBank, and current board member of the Mauritius Financial Services Commission highlights his exceptional leadership capabilities and his significant contributions to the banking and financial services sector in Mauritius. His continued dedication to driving innovation and excellence is instrumental in shaping the future of banking and positioning Mauritius as an International Financial Centre.

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 the Japan Bank for International Cooperation to attend to the 10th Autumn Course on International Finance held jointly with Waseda University in Tokyo, Japan. He is an Alumnus of the Stanford University School of Business LEAD programme.

He holds several commendations and is the privileged recipient of the TDB President’s Excellence Award for recognition of the outstanding contribution to the affairs of TDB Group and is the honored member of the International WHO’s WHO Society of Professionals, a testament to his professional, academic, and civic achievements.  

Ms Gayle Mary Jane Yerriah was appointed as a Board member of the FSC Mauritius in April 2019. She is currently a litigation barrister in practice since 2013. She holds an LLB from the University of Buckingham in United Kingdom, was called to the Bar in the 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 a Fellow Arbitrator of the Chartered Institute of Arbitrators UK (CIArb). She has been a member of the Board of Directors of the Information and Communication Technology Authority. She was also a Board member of the Anglican St Hughes home. 

Mrs. Mariam Rajabally has been appointed as member of the Board of the FSC Mauritius since April 2019. She is a Partner at a leading accounting firm and specialises 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 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 in Financial Strategy from the University of Oxford and qualified as a Chartered Accountant (ACA) with PricewaterhouseCoopers, London.

Mr Loveneesh Beedasy was appointed as a Board member of the FSC Mauritius in December 2020. He currently holds the position of Legal Officer at the Mauritius Telecom Ltd.

He has taught at the Open University of Mauritius since 2018. He has been involved in the setting up of start-ups, and advises private clients on business opportunities in Mauritius. He has also acted as a consultant for Mauritian companies and has experience in compliance and trust.

Furthermore, Mr Loveneesh Beedasy holds a Graduate Diploma in Legal Practice from Leo Cussen Centre for Law (Australia), an LLB from the University of London, an LLM with a specialisation in International Business Law from the University of Central Lancashire and is an Arbitrator of the Chartered Institute of Arbitrators UK (CIArb).

Mr. Ishwarlall Bonomaully is Deputy Financial Secretary at the Ministry of Finance, Economic Planning and Development. Prior to that, he held various strategic positions at the Ministry of Finance, Economic Planning and Development for more than 30 years. He is an FCCA (Fellow Chartered and Certified Accountant) and holds an MSC in Finance with Distinction from the University of Mauritius.

Mr. Bonomaully has wide experience in the development of the Public Sector Investment Programme, follow up and monitoring of the implementation of infrastructure projects, and development of BOT/PPP projects. He is also experienced in the industrial and Small and Medim Enterprise sector, being closely associated with the operation and management of the National Resilience Fundsince its creation in 2012 and became its Chairman in July 2020. He is also Chairperson of the NPF/NSF Investment Committee and the National Environment and Climate Change Fund (NECCF). Since May 2023, he was entrusted with the financial services sector portfolio at the Ministry of Finance, Economic Planning and Development.

Mr. Bonomaully is also serving as Director on the Boards of the State Investment Corporation Ltd, the Development Bank of Mauritius Ltd, and the New Social Living Development Ltd.