NSE inks pact with Stock Exchange of Mauritius

The National Stock Exchange (NSE) on Thursday announced that it has formalised a memorandum of understanding with the Stock Exchange of Mauritius (SEM) to facilitate co-operation between the two exchanges.

“We have entered into an MoU with SEM, with the objective of fostering a deeper and more strategic relationship between the two institutions, facilitating development of channels for knowledge sharing and developing mutual synergies for growth and development,” NSE said in a statement here.

SEM started its operations in July 1989 as a domestic equity-centric exchange and has since seen an overhaul of its operational and regulatory framework to become one of the leading bourses in Africa and a multi-asset class international exchange.

SEM operates a multi-currency capital raising, listing and trading platform in four international currencies, namely the dollar, euro, pound sterling and ZAR.

The areas of co-operation under the MoU will encompass education, training and knowledge transfer in securities markets, product development and indice creation as well as capacity development in surveillance and investigation.

Anerood Jugnauth, the Prime Minister of Mauritius, and S Bhadain, Minister of Financial Services, along with other dignitaries, met the NSE delegation on this occasion.

"Mauritius is an important trading partner with India. We are happy to have entered into an understanding with SEM for fostering the growth of the Mauritian financial markets. Such initiatives can ensure economic benefits to the nation and its people in the long run," NSE MD & CEO Chitra Ramkrishna said.

SEM termed the MoU as "an important milestone". "This collaborative relationship between SEM and NSE is expected to create new opportunities for development and listing of new products on the SEM platform and enhance the attractiveness of Mauritius and of SEM as a hub for investing in Africa," SEM CEO Sunil Benimadhu said.

"The partnership will also focus on capacity building and training of SEM employees and securities markets professionals in Mauritius.