Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) listing requirements: admission criteria from the official rules
Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM): main admission criteria
A market designed to include emerging or smaller companies, to which a higher investment risk tends to be attached than to larger or more established companies.
| Item | Requirement | Source |
|---|---|---|
| Market capitalization | Rs 20 million (MRU 20 million) or more | www.stockexchangeofmauritius.com |
| Number of shareholders | 100 or more | www.stockexchangeofmauritius.com |
| Shares in public hands | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) | www.stockexchangeofmauritius.com |
| Audited financial statements | At least 1 year of published financial statements prepared under IFRS and audited under ISA without qualification | www.stockexchangeofmauritius.com |
| Accounting standards | IFRS (audit under ISA) | www.stockexchangeofmauritius.com |
| No track record | Admission may be granted without a proven track record if a sound business plan covering at least 3 years, certified by an SEM-accredited independent financial adviser, is submitted | www.stockexchangeofmauritius.com |
Liberty Consulting (Tokyo) coordinates DEM listing projects with advisers in Mauritius. Ask for an initial eligibility review. This site, run by Mugen Kaitaku Inc., refers enquiries to Liberty Consulting.
Check eligibility →Track record and audited accounts
1 year of IFRS financial statements audited under ISA without qualification (a certified 3-year business plan may substitute when there is no track record)
Adviser or sponsor
Under Rule 32 of the DEM Rules (amended July 2025), a DEM company shall, as far as reasonably practicable, retain a corporate adviser at all times. An applicant without a 1-year track record also needs its business plan certified by an SEM-accredited Independent Financial Adviser (IFA)
Other markets in the same country
Sources: official exchange and regulator pages and listing rules (checked 2026-10-27). Each row links to the official page it was taken from. This is a summary of the main quantitative admission criteria, not the full rulebook. Rules change; always confirm against the exchange's current rules before applying. Listing fees and costs vary widely by issuer and are not shown on this page.