Stock Exchange of Mauritius

What Stock Exchange of Mauritius does

The Stock Exchange of Mauritius Limited (SEM) is the designated national securities exchange of Mauritius, established in 1989 and incorporated as a public limited company in Port Louis. It operates a multi-segment platform comprising the Official Market for established companies, the DEM (Development Enterprise Market) for smaller and growth-stage issuers, the Africa Board for African companies, and the SEM X premium segment. The exchange lists equities, debt securities, structured products, ETFs, and funds, and maintains a portfolio of indices including SEMDEX (main index), SEM-ASI, SEMTRI, SEM10, SEM-AFRIDEX (Africa-focused), and SEMSI (sustainability index). Total listed market capitalization on the Official Market stands at approximately Rs 362 billion (~USD 8 billion equivalent), with SEMSI covering MUR 240+ billion.

Core technology comprises an electronic trading platform, a Central Depository & Settlement (CDS) system operated through a wholly-owned subsidiary for clearing, settlement, and depository services, and market data distribution infrastructure. The mySEM investor portal and mobile app provide participants with portfolio tracking, trading, and market data access. Revenue is generated across five streams: trading fees (transaction-based), listing fees (subscription/recurring), market data services (subscription), CDS settlement services (transaction-based), and issuer services such as corporate announcement publishing. Pricing details are not publicly disclosed. Distribution occurs via licensed investment dealers and stockbrokers domestically, with regional reach through the Africa Board and global access via market data vendors.

SEM is a member of the World Federation of Exchanges and operates under Mauritian regulatory oversight. It is currently undergoing modernization, including extended trading hours (effective April 2026), a planned T+2 settlement cycle, and active expansion of its sustainability index offering. The exchange serves listed issuers, retail and institutional investors, investment dealers, custodians, and data distributors, and is led by Chief Executive Sunil Benimadhu, who has announced retirement by July 2026.

Name

Stock Exchange of Mauritius

Legal name

The Stock Exchange of Mauritius Ltd

Website

https://stockexchangeofmauritius.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

The Stock Exchange of Mauritius (SEM) is the national securities exchange of Mauritius, operating the Official Market, DEM, Africa Board, and SEM X segments with electronic trading, CDS clearing and settlement via a wholly-owned subsidiary, and market data distribution for listed issuers, brokers, and investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading Fees: Fees charged on securities transactions executed on the exchange
2. Listing Fees: Fees for listing securities on the exchange, including annual maintenance fees for listed companies
3. Market Data Services: Revenue from providing real-time and historical market data to market participants and data distributors
4. CDS Settlement Services: Clearing and settlement services through the Central Depository & Settlement system
5. Issuer Services: Corporate announcement publishing and regulatory compliance services for listed issuers

Distribution channels3 records

Marketing channels5 records

Core offering

The Stock Exchange of Mauritius operates a regulated securities marketplace for the listing, trading, and settlement of equities, debt securities, structured products, ETFs, and funds across multiple segments (Official Market, DEM, Africa Board, SEM X). Through its wholly-owned Central Depository System (CDS), SEM provides clearing, settlement, and depository services. The exchange also distributes real-time and historical market data, publishes market indices, and offers investor education programs.

Product overview

Stock Exchange of Mauritius operates a multi-segment exchange platform offering equities trading across Official Market, DEM (Development and Enterprise Market), and Africa Board segments, complemented by SEM X Segment for premium listings. The exchange provides trading in debt securities, structured products, ETFs, and funds. Key indices include SEMDEX, SEM-ASI, SEMTRI, SEM10, and SEM-AFRIDEX. The ecosystem includes the Central Depository System (CDS) for clearing and settlement, mySEM investor portal, and comprehensive issuer services for listing and ongoing compliance. Educational offerings include SEMYIA Trading Game, online courses, and financial analysis reports. Recent developments include extended trading hours and plans to shorten settlement cycle to T+2.

Differentiator

Problem solved

Functional benefit

Brands

• Official Market: The main market segment for established companies listing on SEM
• DEM (Development Enterprise Market)
• Africa Board
• SEM X Segment
• SEMSI (SEM Sustainability Index)
• mySEM

Products and services

• mySEM Investor Portal Investor portal providing access to market data, portfolio management, and trading services for investors and market participants on the Stock Exchange of Mauritius. Available on web and as a mobile app on iOS and Android.
• Equities Trading - Official Market Primary equities trading platform for established listed companies on the official market segment of SEM, providing trading quotes, market data, market watch, and market movers.
• Equities Trading - DEM (Development & Enterprise Market) Development and Enterprise Market segment providing equities trading quotes, data, market watch, and market movers for smaller and growth companies.
• Africa Board Trading platform for African securities, providing access to African companies listed on SEM with trading quotes and market data.
• SEM X Segment Premium segment for larger, established companies on SEM offering enhanced trading features and visibility.
• Specialist Debt Securities Trading Trading platform for specialist debt securities including bonds and other fixed income instruments listed on SEM.
• Debt Securities Trading General debt securities trading platform for various fixed income products listed on the exchange.
• Structured Products Trading Trading platform for structured products including notes, warrants, and other structured financial instruments.
• ETFs Trading Exchange-traded funds trading platform for index funds and actively managed ETFs listed on SEM.
• Funds / Technical Listings Platform for investment funds and technical listings including unit trusts and other collective investment schemes.
• Market Indices (SEMDEX, SEM-ASI, SEMTRI, SEM10, SEM-AFRIDEX, SEMSI) Market indices including SEMDEX, SEM-ASI, SEMTRI, SEM10, SEM-AFRIDEX, and SEMSI providing benchmarks for the Mauritian and African markets.
• Central Depository System (CDS) Central securities depository providing depository services, clearing and settlement, and risk management for trades executed on SEM. Operates as a wholly-owned subsidiary of the exchange.
• Listing Services Comprehensive listing services including listing process, rules, admission requirements, post-listing requirements, and listing fees for both Official Market and DEM segments.
• Corporate Announcements Service Service for publishing and accessing corporate announcements from listed companies for both Official Market and DEM.
• Published Accounts Service Repository for published financial accounts and reports from listed companies for investor review.
• Accredited Professionals (Sponsoring Brokers) Directory of accredited professionals authorized to advise and assist issuers in the listing process on SEM.
• Market Data Services Real-time and historical market data services distributed to market participants, data vendors, and international investors.

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• World Federation of ExchangescoreOthersSEM is a member of the World Federation of Exchanges, indicating participation in the global exchange industry community and adherence to international standards

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Nigerian Exchange Group: West African (Nigeria) exchange operator group including NGX and central depository. Comparable to SEM in offering integrated trading and post-trade services, with similar vertically integrated clearing structure and growing ESG index.
• Nairobi Securities Exchange: East African stock exchange operating equities and debt markets. Comparable to SEM as a smaller regional African exchange serving a single-country domestic market with regional ambitions; similar business model of listing fees, trading fees, and market data services.
• Casablanca Stock Exchange: North African (Morocco) stock exchange with equities, debt, and derivatives. Comparable to SEM as a regional African exchange operator with multi-segment market structure and a sustainability/ESG index offering.
• Ghana Stock Exchange: West African (Ghana) stock exchange operating equities and bonds. Comparable to SEM as a small emerging-market African exchange with similar listing/trading fee revenue model and constraints from limited domestic liquidity.
• Philippine Stock Exchange: Emerging-market Asian exchange with equities, ETFs, and fixed-income listings. Comparable to SEM as a smaller single-country emerging-market exchange with similar growth constraints, multi-segment structure, and focus on modernization.
• Bourse Régionale des Valeurs Mobilières (BRVM): Regional West African exchange serving WAEMU member countries. Comparable to SEM as a smaller regional exchange aiming to provide pan-African securities access across multiple jurisdictions with limited liquidity.

Direct peers

• Cyprus Stock Exchange: Small European island stock exchange with equities, debt, and ETFs. Comparable to SEM in operating a multi-segment venue with limited domestic liquidity, reliance on international issuers, and similar fee-based business model.
• Malta Stock Exchange: Small island nation stock exchange offering equities, bonds, and structured products. Comparable to SEM in operating from a small island jurisdiction with similar scale constraints, multi-asset offering, and a focus on attracting international listings.

Broad incumbents

• Bombay Stock Exchange: Historic Asian emerging-market exchange operating equities, debt, derivatives, and mutual funds. Comparable to SEM in product breadth across asset classes, sustainability/ESG index offering, and vertically integrated clearing via subsidiary.
• Johannesburg Stock Exchange: Largest stock exchange in Africa operating across multiple asset classes. Directly comparable to SEM as a fellow African exchange operator with broader product range and deeper liquidity; serves as the primary incumbent SEM competes with for pan-African listings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-stock-exchange-of-mauritius-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stock Exchange of Mauritius