About Us

Board of the FSC

The FSC is administered and managed by a Board which consists of a Chairperson, a Vice-Chairperson and seven independent non-executive directors. The Board appoints a Chief Executive who shall be responsible for the execution of the policy of the Board and for the control and management of the day-to-day business of the Commission.

Members of the Board hold Office for a period of three years and are eligible for re-appointment.

 

Pursuant to section 84 of the Financial Services Act, Board members must avoid conflict of interest and where a potential conflict or actual conflict of interest arises, it must be disclosed.

 

Members of the Board are:

 

  • Dr. Rama Krishna SITHANEN, G.C.S.K.
    Chairperson
    Chairperson
    Chairperson
    Dr. Rama Krishna SITHANEN, G.C.S.K.
    Chairperson

    Dr. Rama Krishna Sithanen, G.C.S.K., was appointed as Chairperson of the Financial Services Commission since 09th of December 2024. He is currently the Governor of the Bank of Mauritius.

     

    Dr. Sithanen is an economist by training and profession. His professional career of around 46 years is split among public sector, private sector and international consultancy and advisory work.

     

    He has acquired strong leadership skills and wide-ranging experience in the public sector and as a professional economist holding senior positions in the private sector. He has significant experience in policy making, operations and advisory work in economics, finance, global business and the financial services sector both in Mauritius and in Africa.  He has acted as an international consultant, working in Africa and the Indian Ocean, advising Governments and public sector bodies on economic and fiscal policies.

     

    Dr. Sithanen was Minister of Finance between 1991 and 1995. He was instrumental in shaping policies to diversify the economy and laid the foundation for the emergence of Mauritius as an international financial centre. 

     

    He was Vice Prime Minister and Minister of Finance between 2005 and 2010. He introduced bold institutional, policy and fiscal reforms that turned around the economy and moved Mauritius from dependence on trade preferences to global competitiveness. He also implemented meaningful economic and financial measures to protect the Mauritian economy from the adverse impact of the great recession of 2008.

     

    He worked as Director of Strategy at the African Development Bank in Tunis, Tunisia, in 2011. Between 2011 and 2016, he was Chairperson and Director of International Financial Services, one of the largest management companies in Mauritius, engaged in providing fund administration and corporate services for capital market and private equity/venture capital funds to global corporates and institutions.

     

    Between 2017 and 2022, Dr. Sithanen was Chairperson and Director of Sanne Mauritius, a large management company that provides fund administration and corporate services to international corporates and institutions. From 2023 to the 15th of November 2024, he was the Independent Chairperson and Director of the Apex Group of companies in Mauritius. Apex Group is the leading provider of global businesses in Mauritius.

     

    He has acted as adviser to some countries in Africa and the Indian Ocean. He was Chairperson of the Rwanda Development Board, the economic development arm of the Government of Rwanda, between 2013 and 2017. He was adviser to the Government of Rwanda and tax, competitiveness and financial services issues between 2013 and 2015. He was equally Board Director on some companies.

     

    Dr. Sithanen was chosen by the Switzerland-based World Economic Forum in 1994, as one of the 100 Global Leaders for Tomorrow for contribution in both the public and the private sectors at the age of 40.

     

    In 2009, he was bestowed with the title of Grand Commander of the Star and Key (G.C.S.K.), the highest mark of distinction of the Republic of Mauritius, for his contribution in the economic and political fields.

     

    Dr. Sithanen holds a BSc Economics (with First Class Honours) and an MSc Economics (with a Mark of Distinction) from the London School of Economics and Political Science. He also has a PhD in Political Science from Brunel University, London, UK.

  • Mr Rajeshsharma Ramloll, SC
    Vice-Chairperson
    Vice-Chairperson
    Vice-Chairperson
    Mr Rajeshsharma Ramloll, SC
    Vice-Chairperson

    Mr. Rajeshsharma Ramloll, SC joined the Board of the FSC Mauritius in May 2014 and has been appointed as Vice- Chairperson since 26 April 2019. He is currently the Solicitor-General at the Attorney-General’s Office. Mr. Ramloll is a barrister at Law and holds a specialist LLM in taxation and finance from the Centre for Commercial Law Studies, Queen Mary, London.

     

    He is currently the President of the International Fiscal Association, Mauritius Branch.

     

    Mr. Ramloll is a fellow of the Hon. Society of Advanced Legal Studies (London) and is a member of the General Council of the International Fiscal Association. He has been the treasurer of the Bar Council for three consecutive years.

     

    He regularly advises the Government on legal aspects of financial matters and is a tax assessor of the OECD’s Global Forum and is an author of the International Bureau of Fiscal Documentation (Netherlands).

     

    He has written widely in international tax journals and is on the editorial boards of Global Taxation, International Taxation and Foundation of international Taxation journals. Mr. Ramloll has contributed book chapters to the Offshore World Survey (1998, Sweet and Maxwell) and GAAR General Tax – Anti Avoidance Rules (2021, Thomson Reuters Legal). He is a regular speaker at international conferences and conducts Masterclasses in international Taxation at University faculties abroad (including the University of Lausanne).

     

    Mr. Ramloll took silk in 2016 and was made Senior Counsel (SC) by Letters Patent on commendation by the Chief Justice.

  • Mr Ishwarlall Bonomaully
    Board Member
    Board Member
    Board Member
    Mr Ishwarlall Bonomaully
    Board Member

    Mr. Ishwarlall Bonomaully is Deputy Financial Secretary at the Ministry of Finance, Economic Planning and Development. Prior to that, he held various strategic positions at the Ministry of Finance, Economic Planning and Development for more than 30 years. He is an FCCA (Fellow Chartered and Certified Accountant) and holds an MSC in Finance with Distinction from the University of Mauritius.

     

    Mr. Bonomaully has wide experience in the development of the Public Sector Investment Programme, follow up and monitoring of the implementation of infrastructure projects, and development of BOT/PPP projects. He is also experienced in the industrial and Small and Medim Enterprise sector, being closely associated with the operation and management of the National Resilience Fundsince its creation in 2012 and became its Chairman in July 2020. He is also Chairperson of the NPF/NSF Investment Committee and the National Environment and Climate Change Fund (NECCF). Since May 2023, he was entrusted with the financial services sector portfolio at the Ministry of Finance, Economic Planning and Development.

     

    Mr. Bonomaully is also serving as Director on the Boards of the State Investment Corporation Ltd, the Development Bank of Mauritius Ltd, and the New Social Living Development Ltd.

  • Mrs Shakuntala Devi Gujadhur-Nowbuth
    Board Member
    Board Member
    Board Member
    Mrs Shakuntala Devi Gujadhur-Nowbuth
    Board Member
  • Mr Satianand Banshi
    Board Member
    Board Member
    Board Member
    Mr Satianand Banshi
    Board Member
  • Mrs Dovinassy Pillay Naiken
    Board Member
    Board Member
    Board Member
    Mrs Dovinassy Pillay Naiken
    Board Member

    Mrs Dovinassy Pillay-Naiken holds the post of Acting Director, Financial Services Unit at the Ministry of Financial Services and Economic Development. She joined the Ministry in June 2018 where her main tasks were to devise and implement new strategies to develop the financial services sector and she also oversees a team of senior analysts and analysts.  

     

    Mrs Pillay-Naiken began her career at the SBM Bank Mauritius as a legal officer prior to being appointed as the Company Secretary of SBM Holdings Ltd in 2014.  She has been actively involved with different segments of the banking sector. In 2016, Dovina joined Ernst and Young (EY Mauritius) where she was heading the transaction advisory team.

     

    Mrs Pillay-Naiken holds a M1 Droit des Affaires from the University of Reunion, a Postgraduate in Cybercrime from the Asian School of Cyberlaw in Pune, India.  

     

    She is also a Board member of the Financial Services Institute Ltd since 2019.

 

The Secretary of the Board, Mr Ramanaidoo Sokappadu, holds a Bachelor of Arts degree in Economics. He was Director, Economic and Finance at the Ministry of Finance, Economic Planning and Development. He has worked in the civil service for nearly 40 years. In additional to being a Board director on several parastatal bodies and public sector companies, he had also worked as short term consultant for the Commonwealth Secretariat and the World Bank. He has been acting as secretary to the Board of FSC Mauritius since 2001.



 The Board carries out their functions through the following sub-committees:

 

  • Audit and Risk Committee
    • The main responsibilities of the audit and risk committee include:

      • monitoring and reviewing the integrity of the FSC Mauritius’ financial statements and accounting policies;

      • making recommendations for approval of the FSC Mauritius’s audited financial statements;

      • reviewing with management and the external auditors, the adequacy and compliance of internal control systems;

      • monitoring and reviewing the internal audit function and considering regular reports from internal audit on internal financial controls, operations and risk management;

      • considering the appointment of the external auditors, overseeing the process for their selection and making recommendations to the Board in relation to their appointment;

      • monitoring and reviewing the external auditors’ independence, objectivity and effectiveness;

      • overseeing the operation of the policies on conflicts of interest; and

      • ensuring that recommendations from external and internal audit, as approved by the audit and risk committee and the Board, are followed and implemented.

  • Corporate Governance Committee
    • The main responsibilities of the corporate governance committee include:

      • recommending to the Board on the corporate governance provisions to be implemented so that the Board remains effective and complies, as far as applicable, with the prevailing corporate governance principles; and

      • ensuring that the reporting requirements and disclosures made with regard to corporate governance, whether in the annual report or on an ongoing basis, are in accordance with the principles of the Code, as far as applicable.

  • Committee on Fintech Matters
    • The Committee on Fintech Matters acts as a think tank and advises the Board and Chief Executive of the FSC Mauritius on Fintech matters as well as monitors the implementation of Fintech initiatives following annual National Budgets.
    • It also recommends the granting of Regulatory Sandbox Authorisation to the Board of the FSC, on the basis of merits of applications.
  • Staff Committee
    • The staff committee is a sub-committee of the Board and ensures that the human capital remains the most valuable resource that drives the achievement of the FSC Mauritius’s strategic objectives and performance.
    • Furthermore, the FSC Mauritius fosters consistent, fair and equitable employee relations in the workplace, defines and monitors activities which positively influence the effectiveness (competency, motivation, productivity, amongst others) of staff as they work towards the achievement of the goals and objectives of FSC Mauritius.
  • Legal Affairs Committee
    • The legal affairs committee is a sub-committee of the Board whose purpose is to assess and recommend to the Board, changes in existing regulatory framework (including FSC Rules, Codes, and Guidelines etc.) and legislation and introduce new regulatory and legal frameworks.
    • It also monitors progress of complex cases or cases having a high impact on the Commission or the jurisdiction as a whole.
  • Application and Approval Committee
    • The application and approval committee has been set up by the Board to assess and recommend to the Board the approval of:

      • Investment Banking Licences;

      • New Exchange Licences;

      • Payment Intermediary Services Licences; and;

      • any other applications as may be recommended by the Board.

  • Waivers and Exemption Committee
    • The main responsibilities of the waivers and exemption committee is to assess and recommend to the Board for consideration requests from licensees for exemption from regulatory requirements and requirements imposed by FSC Rules.

For more information on the Board Committees, please refer to page 36 of the Annual Report 2020/2021.

 

Code of Ethics of the FSC Mauritius

Board Charter of the FSC Mauritius

 

The Board Charter and Code of Ethics are assessed, discussed and reviewed at the level of the Corporate Governance Committee and any proposal considered is approved by the Board.

 

The Organisational chart and statement of accountabilities are approved by the Board.