FSC Suspends Two Offshore Investment Companies

11 years ago - April 18, 2013

The Financial Services Commission (FSC) has suspended the license of operation of two investment companies, "Nirvi Management Ltd" and "Lotus Fund Ltd", both located in Grand Baie. The FSC found them not to operate "in the regulatory framework in place."

This dual suspension took place on Wednesday afternoon, April 17. Nirvi Management Ltd and Lotus Fund Ltd. , installed at the Folly Road in Grand Bay, is suspended under section 27 of the Financial Services Act . This clause is applied mainly to prevent damage to the financial sector and to protect customers as well as the reputation of Mauritius.

"Several deficiencies were identified by the FSC as a result of audits conducted at the headquarters of the two entities. We asked for corrective measures have not been implemented. Both entities were operating against the interests of their customers, " explained the communication service controller.

If these suspensions occur in the wake of business Whitedot and Sunkai , they have, however, no link or comparison with them. Nirvi Management Ltd and Lotus Fund Ltd. are offshore companies that offer foreign clients instruments investment sophisticated. They are expressed by the FSC in the category of Collective Investments Schemes .

Text by lexpress.mu

We also recommend

The Prime Minister Announces the Granting of Rs 13,500 to Each Elderly Person

In his speech to the people on the occasion of the National Day, the Prime Minister announced that from the beginning of April, each elderly person will receive an old-age pension of 13,500 rupees. He added that it was a promise he made and kept.

1 month, 3 weeks ago

Cyclone Belal: the country confined from 8 p.m. this Monday

Following the Class 3 cyclone warning issued this afternoon, we will be in lockdown from 8 p.m. this evening until tomorrow, Tuesday January 16 at noon.

3 months, 3 weeks ago

FSC: the launch of a framework governing the use of digital signatures

The launch of a framework governing the use of digital signature took place at the Financial Services Commission (FSC) House, Ebène, on Monday 23 October. This was introduced as part of the digitalization process of the financial services sector of Mauritius.

6 months, 1 week ago

Cryptocurrency: FSC issues warnings against 31 companies in Mauritius

31 companies operating in the cryptocurrency sector in Mauritius have been severely reprimanded by the Financial Services Commission (FSC). They operated illegally and in violation of the laws in force.

1 year ago

Passeport : le Backlog inquiète ceux qui veulent voyager

Avec la réouverture des frontières et le retour à la normale de la desserte aérienne, les Mauriciens reprennent goût au voyage. Sauf que pour prendre l’avion, il ne suffit pas de payer le billet.

1 year, 5 months ago