The Financial Services Commission (FSC) in Mauritius, the island-nation’s financial watchdog, announced today the appointment of Harvesh Kumar Seegolam as its new Chief Executive in an official statement.
Mr. Seegolam will join the commission with immediate effect from his most recent role as senior investment advisor at Board of Investment, where he has been at the forefront of delivering the high profile reform of financial services regulation.
Mr Seegolam served previously as the CEO of the Financial Services Promotion Agency (FSPA). Before that, Harvesh was Director of the Innovation, Technology & Services cluster at the Board of Investment (BOI), the Investment Promotion Agency of Mauritius.
He has successfully advised a number of global players on setting up operations in Mauritius in the fields of banking, private equity, investment funds, legal services and wealth management, manufacturing and ICT, amongst others.
Harvesh holds a BSc in Economics and an MSc in International Finance, in addition to several other qualifications in accountancy and finance. He is an alumni of the London School of Economics & Political Science, the University College London and Durham University, as well as the SKEMA ‘Grande Ecole de Commerce’ in France.
Mr Seegolam leads the regulator during a crucial time where he will be required to make contribution to the ability of the FSC to meet the ever increasing demands of both the financial sector and international regulatory requirements.
Mauritius was for a long time a preferred destination for those interested in operating an offshore forex broker due to the softer financial requirements, which make it a better option than many European jurisdictions.
The benefits list includes limited setup costs, low capital requirements of about €17,000, and a favorable tax regime. But recently it has become increasingly difficult to apply for and obtain a forex licence in Mauritius, to the point that most providers have changed their destination to Belize, despite the higher capital requirements and the more expensive fee structure.