Mauritius broker licence: a high-level guide to the FSC “Investment Dealer” licence

In Mauritius, “broker licence” usually means an Investment Dealer licence from the FSC under the Securities Act 2005. Here’s what it covers, the main licence types, minimum capital, and what you typically submit in an application.

If you Google “Mauritius broker licence,” you’ll quickly notice a pattern: people mean slightly different things. Forex/CFD firms, securities brokers, and multi-asset platforms often use the same phrase, but the regulatory label in Mauritius is more precise.

In most cases, what founders and operators are referring to is an Investment Dealer licence issued by the Financial Services Commission (FSC) under the Securities Act 2005 and the Securities (Licensing) Rules 2007.

This is the high-overview version: what the licence is, what types exist (including the classic “Broker” category), the minimum capital expectations, and the core application materials the FSC typically asks for.

What the “broker licence” is called in Mauritius

Mauritius uses the Investment Dealer framework for brokerage-style activity in securities markets. The Securities (Licensing) Rules 2007 list multiple Investment Dealer categories (including “Investment Dealer (Broker)” and “Investment Dealer (Discount Broker)”), each with defined minimum capital requirements. Financial Services Commission Mauritius

If your business is positioned as a broker (executing orders, intermediating trades, potentially giving advice depending on scope), this is the regime you’ll be mapping to.

The main Investment Dealer licence types (quick map)

Mauritius distinguishes between several Investment Dealer categories, including:

• Investment Dealer (Full Service Dealer, including underwriting)
• Investment Dealer (Full Service Dealer, excluding underwriting)
• Investment Dealer (Broker)
• Investment Dealer (Discount Broker)
• Investment Dealer (Derivatives)

The important part: your licence category should match what you actually do (and how you do it). “Broker” and “discount broker” are not just marketing labels here; they map to specific regulatory categories.

Minimum capital requirements (the numbers people usually start with)

The Securities (Licensing) Rules 2007 include a schedule of minimum stated unimpaired capital requirements. For the most common “broker-style” categories, the minimums are:

• Investment Dealer (Full Service Dealer, including underwriting): MUR 10,000,000
• Investment Dealer (Full Service Dealer, excluding underwriting): MUR 1,000,000
• Investment Dealer (Broker): MUR 700,000
• Investment Dealer (Discount Broker): MUR 600,000
• Investment Dealer (Derivatives): MUR 1,000,000

These are baseline regulatory minimums, not your full operating budget. You still need to plan for staffing, systems, compliance, audits, banking/PSPs, and the reality of running a regulated firm.

What you typically submit (and what the FSC actually wants to see)

The FSC publishes licensing criteria documents that are very useful as a checklist. For example, for an Investment Dealer (Full Service Dealer excluding Underwriting) application, the criteria document lists (among other items):

• a formal application under section 29 of the Securities Act 2005 and the completed application form
• payment of prescribed processing/annual fees
• consents/authority forms for promoters, officers and/or controllers
• a detailed business plan, including an overview of the promoters/shareholders, operating procedures, organisational structure, target market, what securities will be traded, and 3-year financial forecasts (P&L, cash flow, balance sheet)

Even if you’re applying for the “Broker” category rather than a full-service dealer, the same theme applies: the regulator wants to understand your model end-to-end (who owns it, how trades flow, how you control risk, and whether your numbers are coherent).

Fees (example from FSC criteria)

As an example of the fee structure referenced in FSC licensing criteria, the “Investment Dealer (Full Service Dealer excluding Underwriting)” criteria document shows processing and annual fees (with a USD and MUR amount listed). Financial Services Commission Mauritius

Fees can differ by category and may change, so treat this as “how the FSC presents fees,” and always confirm against the latest FSC materials for your exact licence type.

How to think about the right category (practical, founder-friendly)

A simple way to decide:

• If you only execute trades and keep the service “thin,” you might be closer to Discount Broker.
• If you execute orders and provide a fuller brokerage service, you’re usually looking at Broker.
• If you want broad dealing permissions (and possibly underwriting), you’re moving into Full Service Dealer categories.
• If your product is explicitly derivatives-focused, there’s a specific Derivatives category.

The right answer depends on your instruments, whether you deal as principal, whether you advise, and how you structure client onboarding and order execution.

Compliance reality check

A Mauritius broker licence is not just a legal badge. It implies ongoing governance, recordkeeping, and controls aligned with the Securities Act framework. The Securities Act includes detailed provisions around investment dealer conduct and client-related obligations (e.g., custody authorisation conditions, underwriting conditions, handling client credit balances). Financial Services Commission Mauritius

If your goal is to “launch fast,” plan the compliance build like a product: policies + systems + evidence trails, not just PDFs.