The Securities and Exchange Board of India, and its Mauritian counterpart, the Financial Services Commission, are likely to sign shortly an agreement for information sharing.
Mauritian Minister for Economic Development Sushil Khushiram said on Friday: "Discussions are in advanced stages of finalisation and the memorandum of understanding will encompass sharing of information on various issues, including regulatory aspects."
Asked about allegations that Mauritius was being used as a conduit for money laundering activities, he said a 12-member financial intelligence unit has been put in place to curb such activities and also terrorism funding.
During their stay in Mumbai, the Mauritian team comprising Financial Services Commission chairman and Bank of Mauritius managing director Baboujadhur, and FSC chief executive Iqbal Rajahbalee would meet Sebi Chairman G N Bajpai and RBI officials.
Khushiram said: "We also intend to meet Union Finance Minister Jaswant Singh and Minister of External Affairs Yashwant Singh early next week in New Delhi to discuss various trade issues, including the double taxation avoidance treaty."
"Mauritius would also like to ensure that any misuse of this treaty is eliminated," he added.
Asked about the recent Supreme Court stay on Delhi high court's judgement quashing a Central circular exempting Mauritius-based FIIs from paying tax on capital gains in India under the treaty, the minister welcomed the ruling and said it has brought back confidence while dispelling uncertainties.
© 2026