Investment Dealer (Full Service Dealer excl. Underwriting) License

Permitted Activities

The permitted activities under an Investment Dealer (Full-Service Dealer excl. Underwriting) License are as follows:

  • act as an intermediary in the execution of securities transactions for clients
  • trade in securities as principal with the intention of reselling these securities to the public
  • give investment advice which is ancillary to the normal course of its business activities
  • manage portfolios of clients

Licensing Conditions

The FSC shall not grant an Investment Dealer (Full-Service Dealer excl. Underwriting) License, unless it is satisfied that the applicant has established procedures designed to prevent conflicts of interest and the use of inside information by an effective segregation of its different activities.


Investment Dealer Team

The applicant should ensure that at least two members are appointed on the investment dealer team to ensure business continuity.

The strength of the investment dealer team is a key component of the application.


Compliance Requirements

It is a requirement as per the FSC to appoint a Money Laundering Reporting Officer (“MLRO”) and a Deputy MLRO.


Minimum Unimpaired Capital

There is a requirement as per the Securities (Licensing) Rules 2007 to maintain a minimum stated unimpaired capital of MUR 1 million (equivalent to approx. USD 25,000).

The licensee shall inform the FSC immediately where its minimum stated unimpaired capital falls below the minimum required.


Regulatory Fees

  • FSC Processing Fee: USD 750
  • FSC Fixed Annual Fee: USD 2,500