As per the Securities Act 2005 , the FSC is the regulator of the non-bank financial markets in Mauritius which comprises Securities Exchanges, clearing and settlement facilities and securities trading systems on the one hand and Collective Investment Schemes and intermediaries on the other.

Therefore, as the regular of the securities markets, the FSC strives 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.

Securities Exchanges

There are three licensed Securities Exchanges in Mauritius - the Stock Exchange of Mauritius Ltd (SEM), AFRINEX ( and MINDEX Limited


Stock Exchange of Mauritius Ltd
The Stock Exchange of Mauritius is a full member of the World Federation of Exchanges and has a multi-currency capital-raising, listing, trading and settlement platform and can list and trade products in USD, EURO, GBP and ZAR.



AFRINEX is an International Stock Exchange having PanAfrica focus providing state of the art electronic platforms for multi-asset multi-currency listing, trading & settlement and has an exclusive platform to raise capital through private placements of debt/equity.


MINDEX Limited

MINDEX Limited is a digital exchange open to Development Finance Institutions, Institutional investors as well as African retail investors providing a complete financial infrastructure to issue, trade, swap, store and manage any type of real or Virtual Asset.

Investment Funds and Intermediaries

Investment Funds and their Intermediaries (CIS Managers, CIS Administrators and Custodians) are regulated by the FSC under the Securities Act 2005 and the Securities (Collective Investment Schemes and Closed-End Funds) Regulations 2008, which provide for a consolidated regulatory and supervisory framework.

In line with the International Organisation of Securities Commissions (IOSCO) Principles, the FSC aims at:

  • setting standards for the governance, organisation and operational conduct of those who wish to market or operate a fund;
  • providing a legal framework governing the legal form and structure of funds;
  • ensuring that sufficient disclosures and information are provided for investors to evaluate the suitability of an investment;
  • regulating fund intermediaries; and
  • protecting the best interest of investors and the financial market.

Investment Funds
Under the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008 (the CIS Regulations), investors have the possibility to select the type of Investment Funds, whether Collective Investment Schemes (CIS) or Closed-end Funds (CEF), that best suits their profile, risk tolerance and return objective. The table below defines the types of CIS/CEF:

 MoUs (relating to the supervision of AIFMD entities) with European Economic Area (EEA) Securities Regulators

Relevant Regulation
Retails Schemes
These Schemes target retail investors
Regulation 9 of the CIS Regulations
Global Schemes
Similar to Retails Schemes, these schemes target retail investor but require a Category 1 Global Business Licence.
Regulation 16 of the CIS Regulations
Expert Funds
These Funds are restricted to 'Expert Investors' or 'Sophisticated Investors'
Regulation 78 of the CIS Regulations
Specialised Collective Investment Schemes
These Schemes are specially suited for investments in high risk or illiquid asset types, such as Real Estate and Derivatives
Regulation 77 of the CIS Regulations
Professional Collective Investment Schemes
These Schemes can either target Sophisticated Investors or offer their shares by way of private placement
Regulation 75 of the CIS Regulations
CIS/CEF as a Reporting Issuer
A CIS/CEF may qualify as a Reporting Issuer if it meets the definition of a "reporting issuer" under the Securities Act 2005.
Section 86(1) of the Securities Act 2005.

Recognition of Foreign Schemes

The FSC may also recognise, under Section 101 of the Securities Act 2005, a CIS established in a foreign country subject to such conditions as the FSC considers necessary for the protection of participants in the CIS.

Investment Funds' Intermediaries
The Intermediaries, CIS Managers, Custodians and CIS Administrators, ensure the proper functioning of the CIS/CEF and have to undergo a rigorous assessment during the licensing process. Once licensed, the FSC continually monitors the intermediaries for compliance with supervisory, prudential and conduct of business norms as per the CIS Regulations. 

Memorandum of Understanding with the European Securities and Market Authority
On 30 May 2013, the FSC signed Memorandum of Understanding relating to the supervision of Alternative Investment Funds Managers Directive (AIFMD) with 23 European Union (EU) / European Economic Area (EEA) Securities Regulators. These memoranda give investors the possibility to use CIS/CEF set up in Mauritius for investment and distribution in European countries. As such, post 22 July 2013, with the coming into effect of the AIFMD, Mauritius authorised CIS/CEF are able to continue marketing their fund in Europe as per the requirements of the AIFMD. For more information, click here.

Applying for a licence - Securities

Register of Licensees