Maldives Stock Exchange

What Maldives Stock Exchange does

Maldives Stock Exchange Company Pvt. Ltd. (MSE) is the sole licensed securities exchange in the Republic of Maldives, incorporated in January 2008 under the Maldives Securities Act 2006 and regulated by the Capital Market Development Authority (CMDA). Headquartered in Malé, the exchange operates a vertically integrated market infrastructure spanning equity, debt, and Shariah-compliant (sukuk) instruments across Main Board, Second Board, and Viyana tiers, with 9 listed equity companies and a market capitalization of approximately 41.6 billion MVR. Trading, clearing, and settlement are conducted on a T+1 cycle under a Delivery-versus-Payment model, with central depository and post-trade functions housed in wholly-owned subsidiary Maldives Securities Depository Company Pvt. Ltd. (MSD), licensed the same month as MSE.

The technology stack centers on three operator-facing platforms: the MSE trading platform (real-time order books, Masix Index, CSV trading history), the Infinity investor portal (portfolio viewing, IPO subscription, Trade Connect for broker registration and order monitoring, and FahiVote for digital AGM participation), and the Viyana new-investor registration portal. Recent technical milestones include Phase 1 completion of the Central Securities Depository system enabling full dematerialization and eFaas national digital identity integration on Infinity. Distribution runs through four licensed brokers — Stock Brokers Maldives, First National Finance Corporation, Maldives Securities Trading, and Dhivehi Investment Partners — supplemented by self-serve digital onboarding and annual participation in the Maldives Monetary Authority-organized Maldives Financial Expo.

Revenue is generated through listing fees (across board tiers and instrument types), trading transaction fees paid by brokers, custody and depository fees on MSD accounts, and account management fees. The exchange serves four primary customer segments: listed companies raising capital, retail and institutional investors (43,162 MSD accounts), the four licensed broker intermediaries, and government entities issuing T-Bonds. Following the 19th AGM in June 2026, MSE and MSD are executing a 2026–2030 Strategic Plan focused on market expansion, digital transformation, and institutional sustainability.

Name

Maldives Stock Exchange

Legal name

Maldives Stock Exchange Company Pvt. Ltd.

Website

https://stockexchange.mv

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Maldives Stock Exchange is the sole licensed securities exchange in the Maldives, operating equity, debt, and sukuk trading infrastructure under CMDA regulation. It serves listed companies, 43,162 registered investors, four licensed brokers, and the government through the MSE trading platform, Infinity investor portal, and MSD central depository.

Ownership category

akta.pro rank

Product category

Securities Exchange / Capital Market Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Issuer Services & Securities Issuance/Immobilization Platforms (FSAFAGAG)

akta.pro secondary industry

Government Bond (Sovereign) Trading Platforms (FSAFACAA)

Keywords

• Securities exchange operations
• Equity listings
• Debt trading
• Capital market infrastructure
• Central securities depository

Headquarters

HQ city

Malé

HQ country

Maldives

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Listing Fees: Companies pay fees to list securities on the exchange. Fees vary based on board (First Board, Second Board, Start up Board) and security type (equity or debt).
2. Trading Transaction Fees: Brokerage firms and market intermediaries pay fees for trading activities conducted on the exchange, governed by Operational Rules and Trading Membership Rules.
3. Custody and Depository Fees: MSD charges custody fees for maintaining electronic securities records. Unverified accounts are restricted from market transactions per Securities Market Regulations.
4. MSD Account Fees: Fees associated with MSD account management, verification, and updates as specified in MSD Summary of Fees.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

The Maldives Stock Exchange (MSE) operates the only licensed securities exchange in the Republic of Maldives, providing a regulated market mechanism for trading and settlement of equity securities, debt instruments (bonds, sukuk), and government securities. Its wholly-owned subsidiary, Maldives Securities Depository (MSD), functions as the Central Securities Depository handling clearing, settlement, and electronic ownership records. Supporting digital platforms include the Infinity investor portal for portfolio management, IPO subscription, trade monitoring, and AGM participation, and the Viyana platform for new investor registration.

Product overview

Maldives Stock Exchange operates as a private sector exchange providing a unified platform for securities trading and settlement. The core product ecosystem consists of the MSE trading platform (handling equity, debt, and sukuk securities), the Infinity investor portal (enabling account management, portfolio viewing, offerings subscription, Trade Connect for broker registration and trading, and FahiVote for digital AGM participation), and the Viyana registration platform. MSE supports real-time market insights through the Insights dashboard featuring Masix Index, market capitalization data, and trading history downloads in CSV format.

Differentiator

Problem solved

Functional benefit

Brands

• Infinity: Digital investor portal for MSD account management, securities access, and capital market services.
• Viyana

Products and services

• Maldives Stock Exchange (MSE) Trading Platform
• Infinity Digital Investor Portal
• Viyana Registration Platform
• Masix Index
• Central Securities Depository (MSD) Services

Quantifiable outcome

• Market capitalization of 41.6 billion MVR across 9 listed companies
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Five partnerships are on record, tiered core.

• Ministry of Economic DevelopmentcoreOthersMSE receives data about users from the Ministry of Economic Development as part of its data collection practices under Data Protection Laws. The Ministry is the primary government authority overseeing economic policy in the Maldives.
• Capital Market Development Authority (CMDA)coreOthersCMDA is the market regulator responsible for developing, regulating and supervising the securities market pursuant to the Maldives Securities Act 2006. CMDA issues licenses to MSE, MSD, and all market intermediaries including brokers, dealers and investment advisors. All MSE rules require CMDA approval.
• eFaas (National Digital Identity)coreTechnology or IntegrationIntegration with Maldives' National Digital Identity service allows Infinity users to log in using verified digital identity credentials through mobile-based authentication. Since launch, 626 eFaas logins have been recorded, reflecting growing adoption of digital access channels.
• Maldives Monetary AuthoritycoreOthersMMA organized the Maldives Financial Expo 2026 where MSE and MSD participated. MMA is the central bank and key regulatory partner for the financial sector.
• Maldives Securities Depository (MSD)coreOthersMSD is a subsidiary company of MSE licensed in January 2008 to undertake Central Depository and clearing settlement functions for the exchange. Both companies held their 19th Annual General Meetings on 23 June 2026.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Botswana Stock Exchange: Small African emerging-market exchange with a limited issuer base and integrated CSD operations, structurally similar to MSE in scale, monopoly positioning, and reliance on domestic corporate and government listings.
• Lusaka Securities Exchange: Zambia's principal stock exchange — a small emerging-market African venue with a similar issuer count, monopoly status, and reliance on government bond and corporate equity listings.
• Namibian Stock Exchange: Small emerging-market African exchange with limited listings and an integrated trading and settlement platform, comparable to MSE's scale and single-country domestic focus.
• Colombo Stock Exchange: Principal stock exchange of Sri Lanka operating as a small emerging-market exchange in South Asia with similar regulatory and market infrastructure characteristics to MSE. Both serve single-country domestic markets with limited issuer bases and rely on government bond and corporate listings for revenue.
• Armenia Securities Exchange: Small emerging-market exchange operating in a single jurisdiction with a comparable mix of equity and corporate/government bond trading and a similar scale of listed issuers.
• Dhaka Stock Exchange: Bangladesh's main securities exchange, comparable to MSE as a South Asian emerging-market venue serving a domestic issuer base with a clearing and depository subsidiary (CDBL). Both operate integrated exchange-CSD models in small single-country markets.
• Palestine Exchange (PEX): Small emerging-market stock exchange operating in a single jurisdiction with a similar mix of equity and listed bond instruments and a relatively concentrated issuer base, mirroring MSE's structure.
• Cambodia Securities Exchange: Frontier-market Southeast Asian exchange with a small number of listed companies and a developing debt market, comparable to MSE's market scale, single-country focus, and early-stage digital infrastructure rollout.

Regional players

• Muscat Stock Exchange: Regional Gulf exchange with overlapping market infrastructure and product categories (equity, sovereign bonds, sukuk) but serves a larger and more liquid economy in a different geography, providing a useful comparison for MSE's growth trajectory.

Broad incumbents

• National Stock Exchange of India: Dominant South Asian incumbent exchange operating at vastly larger scale but in the same regional market infrastructure category. Useful as a benchmark for technology platforms, CSD integration, and product diversification that MSE's Strategic Plan 2026-2030 aspires toward.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/StockExchangeMV
• YouTubeyoutube.com/channel/UCk4jFLemS09ywnhUIo0PVFA
• Facebookfacebook.com/StockExchangeMv
• LinkedInlinkedin.com/company/maldives-stock-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

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 Maldives Stock Exchange