Central Depository & Settlement Co. Ltd
The CDS provides centralised depository, clearing and settlement services to securities markets in Mauritius since January 1997. The Securities (CDS) Act 1996 provides the legal framework for the existence and operations of the CDS. The activities of the CDS are governed by the CDS Rules and Procedures. The CDS is under the regulatory oversight of the Financial Services Commission which is the regulatory body for the non-bank financial services sector. The CDS ensures strict Delivery-versus-Payment with a rolling T+3 settlement cycle. The Central Bank acts as Clearing Bank and effects final and irrevocable transfer of funds. A Guarantee Fund is in place to guarantee the settlement of transactions in the event of failure of a participant. There has never been any fail trade in the CDS.
Services offered
CDS Co. Ltd provides centralised, depository and settlement services to securities markets. CDS has achieved most of G30 requirements. Securities lending will be implemented in the near future. The CDS is an eligible securites depository under the US Investment Company Act Rule 17f-7. The CDS also offers consultancy services to African stock exchanges and depositories.