The Mauritius Stock Exchange is hoping to join the World Federation of Exchanges (WFE), which will send a team on 20th September to investigate the regulatory structure of the Exchange.
This will be the second step in an evaluation process being undertaken by the WFE, after a preliminary visit last year headed by the Deputy Secretary-General of the WFE, Peter Clifford, gave a generally favourable report.
The WFE team for this second visit, also headed by Peter Clifford, will include Rajnikant Patel, Chief Executive Officer of the Mumbai Stock Exchange, Chitra Ramakrishna, Deputy CEO of the National Stock Exchange of India, and Deputy CEO of the Johannesburg Securities Exchange, Mrs Nicky Newton-King.
"This is a very high level delegation," said Sunil Benimadhu, Chief Executive of the Mauritius Exchange, "which will look to see if the Exchange is well organised. if its operational systems are adequate, and if the regulatory framework is appropriate."
The WFE delegation is expected to have working sessions with Rama Sithanen, Deputy Prime Minister and Finance Minister, the directors of the Financial Services Commission, officials of the Exchange, and representatives of listed companies and investment funds.
The WFE sets out 20 principles which a putative member must satisfy, one of them relating to the capitalisation of an exchange as a proportion of GDP. Currently, the Mauritius Exchange has capitalisation equivalent to 41% of GDP, which is apparently considered satisfactory by the WFE.
"The evaluation process will take as long as it takes," said Mr Benimadhu. He said that if the WFE mission was completely satisfied with what it finds, a recommendation in favour of the Exchange's admission could be put to the WFE's next general assembly, in November this year.
According to Mr Benimadhu, membership of the WFE would very much assist the Exchange in attracting foreign investors.
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