Leadership Team

Désiré Vencatachellum was appointed as Chief Executive with effect from 16 September 2025.

Désiré is a seasoned development banker with over 30 years of international experience in finance. He is widely recognised as a thought leader in mobilizing and managing both public and private capital.

Mr Vencatachellum has held multiple senior leadership positions spanning over two decades at the African Development Bank (ADB) Group making substantial contributions to the Bank mandate. He has also served as G20 Sherpa, leading the Bank’s engagement across all G20 fora. In his capacity as Senior Director for Country Economics, he has overseen the design and implementation of country strategies for both financial and non-financial support to African countries. His previous roles include Director of Resource Mobilization and Partnerships, Director of Research, and Director of Operational Policies.

Under his able leadership, the African Development Fund (ADF), —the concessional financing arm of the ADB Group, raised a record $8.9 billion from 31 donors in 2022 —securing the largest-ever resource envelope for Africa’s 37 low-income countries. Désiré has also structured and managed a wide range of trust and special funds, including the Bill and Melinda Gates Trust Fund, the Canada–Africa Climate Fund, and over EUR 1.2 billion in grants secured from the European Commission.

He has also spearheaded impactful operational policies, including the Bank’s credit policy, enabling low-income countries to access resources from the ADB, and the ADB Group’s energy policy. He conceived and led the implementation team for the pioneering ex-ante Additionality and Development Outcome Assessment (ADOA) framework, which evaluates all non-sovereign operations and guides the Bank’s senior management and Board of Directors in approving these projects.

Mr Vencatachellum has championed several institutional innovations with strong investor relevance. He has been at the forefront of the Africa Financial Stability Mechanism, an African Union–endorsed refinancing facility to support countries facing liquidity constraints and was also a member of the ADB Sanctions Appeals Board.

Prior to joining the African Development Bank Group, Désiré was a Full Professor of Economics at HEC Montréal, Université de Montréal. He holds a Ph.D. in Economics from Queen’s University, Canada, and a Magistère Ingénieur Économiste from Université d’Aix-Marseille II, France. ‎

Prakash joined the FSC Mauritius in December 2001 from the Mauritius Offshore Business Activities Authority (MOBAA). He currently holds the position of Director and heads the Operations Directorate. He also oversees the Supervision Directorate.

During his tenure, he held a senior management position, overseeing various clusters and leading major strategic initiatives. He was a member of the EC. He presently holds the position of Treasurer at the IOPS based at the seat of OECD in Paris.

Previously, he worked for an Atlanta-based US company and was employed at senior management position in the private sector. He taught on a part-time basis as lecturer at the university.

Awarded with the UK Commonwealth Scholarship, he holds a first class honours degree and distinction in MSc. He also has an MBA in Financial Management. He has attended several courses and training programmes on accounting, finance, law and project management.

Renu joined the FSC Mauritius as Director – Authorisation and Supervision in March 2019. She currently heads the Strategy Directorate.

She is legally trained across jurisdictions like India, UK and Mauritius, with more than 25 years of experience in commercial, corporate and financial services regulatory environment. Over the last two decades, she has gained extensive knowhow in financial regulations and in business conduct in Mauritius as she has worked both with regulatory agencies and private sector in Mauritius.

In her career, Renu has actively been involved in leadership roles and participated in various senior level delegations, national committees and international forums. She represents the FSC Mauritius in Co-Regulatory forums and has actively contributed in industry initiatives, governmental taskforce. Moreover, she is a regular speaker at conferences.

Renu is admitted to the Mauritius and Indian Bar. Additionally, she holds an LLM, Foundation in International Trust management, Financial Management, Oxford Fintech programme, among others.

Jayshree joined the FSC Mauritius in December 2001 from the Mauritius Offshore Business Activities Authority (MOBAA). She currently holds the post of Assistant Director and heads the Authorisation Directorate.

She had also served in various senior level positions in the Corporate Services. Previously, she had worked in the public sector with over 20 years of experience in the financial services sector.

She holds a Bachelor’s degree in Economics and Finance from the RMIT University (Melbourne), a Bachelor of Laws from the University of London and an MBA in International Business from the University of Mauritius. She is a Fellow member of the ACCA, UK and a member of the Certified Practising Accountant, Australia. She is also a member of the Mauritius Institute of Professional Accountants and a member of the Mauritius Institute of Directors (MloD).

Deerajen joined the FSC Mauritius in September 2012 and currently heads the Financial Stability and Statistics cluster.

Prior to joining the Commission, he was an academic in research methods at the University of Mauritius, a former director and head of biostatistics and data management in a clinical research organisation.

He oversees two key functions at the Commission, namely financial stability and statistics. In addition, he is involved in strategic cross-functional projects such as risk management, Risk-Based Supervision (RBS) and supervision of financial conglomerates. His key expertise includes data analytics for management decisions / policy-makers and he serves on several committees and boards. He deals extensively with international agencies including the International Monetary Fund (IMF) and World Bank on technical matters.

Deerajen holds a PhD in Mathematical and Statistical Modelling from Loughborough University, UK and a first-class degree in Mathematics. He has successfully completed an Executive Programme by the Small Countries Financial Management Centre – Isle of Man, a Leadership Development Programme by TowerStone and a Certificate in External Quality Assurance from UNESCO.

Aakash joined the FSC Mauritius as Assistant Director in October 2018 and currently heads the Fintech - Supervision cluster.

He reckons over 30 years of insurance domain experience. He worked in senior management positions in Mauritius, Tanzania and India in leading insurance companies. He has represented the FSC Mauritius in various international forums and conferences held under the aegis of IAIS and IOPS. He has presented papers in various pensions seminars, including IOPS. Recently he has presented a paper in an RCE OECD event, themed Corporate Governance for Insurers. Aakash has also been selected as a Vice Chair of the IAIS GWG.

Aakash holds a Post Graduate degree in Sciences and an MBA from Faculty of Management Studies, Delhi University. He is a Fellow, Life Management Institute of Life Office Management Association of USA, an Associate of Toronto Centre and a Licentiate of Insurance Institute of India. Throughout a First class, he has also been a scholarship holder of the prestigious National Talent Search Examination, Government of India. He has been a past President of Insurers Association of Mauritius from 2014 to 2016.

Kamalsing joined the FSC Mauritius as Assistant Director in January 2019 and currently heads the Enforcement Directorate.

Prior to joining the FSC Mauritius, Kamalsing worked for a major international bank where he held various positions in Mauritius and in Hong Kong. He has served in local and regional tax advisory roles, has led the implementation of financial crime compliance programmes covering AML, Sanctions, Customer Due Diligence and Tax Transparency and served as director of a number of investment and fund companies. Previously, Kamal also worked as a consultant advising on cross-border tax planning in the UK.

He is a Fellow of the Association of Chartered Certified Accountants (ACCA), UK and a Chartered Tax Adviser (UK). He is also a member of the Chartered Institute for Securities and Investment. He was previously an active member of the Executive Committee of the International Fiscal Association – Mauritius Branch.

Luxsmi joined the Financial Services Commission (FSC) Mauritius in September 2012 and currently heads the Project Office and Innovation Cluster.

She is a seasoned professional with over 20 years of international experience in communication strategies, law, and financial services, having served in Her Majesty’s Courts Service (HMCS), the UK Ministry of Justice and the financial services sector in Mauritius. Her expertise spans strategic planning, operational and financial management, project leadership in policy and program development, stakeholder engagement, and communication. She has also contributed to the development of solutions addressing compliance and regulatory risks related to AML/CFT, market development, FinTech and Innovation, and the promotion of the financial services sector.

Luxsmi holds an LLB from the University of London, an LLM in International Trade Law from the University of Wales, and a Legal Practitioners Course (LPC) in Company Law Practice and Client Care Skills from the Chartered Institute of Legal Executives (UK). She has also successfully completed an Executive Programme by the Small Countries Financial Management Centre (Isle of Man) and a Leadership Development Programme by TowerStone.