Mauritius Fund Management

A CIS Manager, licensed under Section 98 of the Securities Act 2005, may carry out any of the activities related to the management of a Collective Investment Scheme ("CIS" or "scheme"), including -

1. all administrative services required by the scheme;
   
2. provision of registrar and transfer facilities:
   
3. distribution of the securities of the scheme;
   
4. maintaining accounting records of the scheme;
   
5. giving investment advice in relation to the scheme; and
   
6. maintaining the portfolio of the scheme.

The activities under 3, 5 and 6 are subject to the CIS Manager and its officers meeting the relevant conditions and requirements under the Securities Act 2005, the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008 or any relevant rules.

Licensing conditions for a CIS Manager

The FSC shall not grant a CIS manager licence to an applicant unless –

1. the applicant is a body corporate;
   
2. the FSC is satisfied that the applicant will be able, if licensed, to comply with the requirements of the FSC Rules as to the financial and other resources requirements needed by the investment manager for the collective investment scheme; and
   
3. the applicant and each of its officers meet the requirements relating to eligibility, fit and proper, duties and obligations, rules of ethics and other such conditions as may be specified in FSC Rules.

Application for a Licence as CIS Manager

The person applying for a licence as a CIS Manager shall file the following information and documents with the FSC –

1. Details of any other licence(s)/registration(s) which the Applicant holds and name of the licence(s) and issuing authority, and any restriction(s) imposed.
   
2. Applicant to describe and demonstrate, with supporting documents or information, how it will satisfy its obligations under Part VIII of the Securities Act 2005, other relevant regulations/rules mentioned thereunder and the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008.
   
3. Undertakings Required where it is proposed to Invest in India: (i) An undertaking by the Applicant/Applicant’s Representative to the effect that the Applicant will not accept funds derived from sources within India from Indian Residents for investment purposes in the Applicant unless appropriate written approval from the relevant Indian Authorities have been obtained for such investment, and (ii) Undertaking by the person/entity responsible for conducting the AML-CFT on investors in the Company that he/she/it will ensure that no shares in the Applicant will be offered to/subscribed by Indian Residents which will be financed by funds derived from sources within India, unless appropriate written approval from the relevant Indian Authorities have been obtained for such investment.
   
4. The applicant should submit evidence of the source of Capital/Fund to be contributed to the Company (whether proprietary, non-proprietary or others).
   
5. The directors, shareholders and officers of the Applicant may be required to submit a morality certificate.