A Full Service Dealer, which holds an Underwriting license provided by the Financial Services Commission (FSC) of Mauritius, is an all-encompassing authorization enabling investment dealers to carry out various activities in the securities market. This license enables holders to function as intermediaries in securities dealings, trade securities as principals, underwrite securities, provide investment guidance, and oversee client portfolios.

Essential Roles and Actions
Intermediary in Securities Transactions: Investment dealers are permitted to enable securities transactions for their clients, serving as an essential connection between market buyers and sellers.

Principal Trading: Licensees may engage in securities trading for their own benefit with the purpose of selling them to the public, thereby contributing directly to market liquidity and pricing.

Underwriting Securities: This role enables investment dealers to underwrite securities, which means they can assure the sale of a specific quantity of shares, thereby minimizing the risk for issuers and facilitating effective capital raising initiatives.

Investment Guidance: Authorized brokers can offer investment guidance related to their primary functions, delivering clients professional insights based on market assessments and developments.

Portfolio Management: Overseeing client portfolios is a vital task, as dealers make investment choices and allocate assets for their clients, aiming for maximized returns in line with the clients’ financial objectives and risk appetite.

Regulatory and Compliance Structure
The legal structure for these activities is outlined in the Securities Act of 2005 and the Securities (Licensing) Rules of 2007. These regulations create a strong oversight framework aimed at ensuring transparency, equity, and safeguarding investors in the financial market.

Monetary Needs
Candidates for this licence are required to exhibit substantial financial stability, upholding a minimum unimpaired stated capital of MUR 10 million or its foreign currency equivalent. Furthermore, they are required to obtain professional indemnity insurance that corresponds to the scope and risk characteristics of their business activities.