Stock Exchange of Mauritius (SEM) Official Market listing requirements: admission criteria from the official rules
Stock Exchange of Mauritius (SEM) Official Market: main admission criteria
SEM's main board (Official List), for companies able to demonstrate an adequate trading record with published or filed accounts for the three years preceding the application.
| Item | Requirement | Source |
|---|---|---|
| Trading record / audited accounts | Published or filed accounts for the 3 years preceding the application (latest period ended no more than 6 months before the Listing Particulars) | www.stockexchangeofmauritius.com |
| Market capitalization | Expected market cap of Rs 20 million (MRU 20 million) or more | www.stockexchangeofmauritius.com |
| Shareholders / public float | At least 25% of shares issued to the public with a minimum of 200 shareholders (may be phased in from 15%, to 20% within 3 years and 25% by the end of 5 years) | www.stockexchangeofmauritius.com |
| Accounting standards / audit | Accounts prepared in all material respects under IFRS, independently audited under ISA, and reported on without qualification | 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
3 years of audited accounts (IFRS, ISA, unqualified)
Adviser or sponsor
Sponsor: an issuer must have an SEM-registered sponsor appointed at all times while it is an applicant or is listed
Compared with the SEM Development & Enterprise Market (DEM)
| Item | Stock Exchange of Mauritius (SEM) Official Market | Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) |
|---|---|---|
| Free float / public shareholding | At least 25% of shares issued to the public with a minimum of 200 shareholders (may be phased in from 15%, to 20% within 3 years and 25% by the end of 5 years) | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) |
| Number of shareholders | — | 100 or more |
| Market capitalisation | Expected market cap of Rs 20 million (MRU 20 million) or more | Rs 20 million (MRU 20 million) or more |
| Track record and audited accounts | Published or filed accounts for the 3 years preceding the application (latest period ended no more than 6 months before the Listing Particulars)／Accounts prepared in all material respects under IFRS, independently audited under ISA, and reported on without qualification | At least 1 year of published financial statements prepared under IFRS and audited under ISA without qualification／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 |
| Accounting standards | — | IFRS (audit under ISA) |
| Adviser / sponsor | Sponsor: an issuer must have an SEM-registered sponsor appointed at all times while it is an applicant or is listed | 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.