The Stock Exchange of Mauritius (SEM) (); is an organization responsible for the operation of Mauritius's primary stock exchange located at Port Louis. The SEM operates two markets: the Official Market and the Development & Enterprise Market (DEM). There are 40 companies listed on the Official Market representing a Market Capitalization of nearly 5.3 billion, the DEM presently has 48 companies listed with a market capitalisation of nearly 1.5 billion as at 31 July 2012. SEM is one of the leading Exchanges in Africa and a member of the World Federation of Exchanges. Overview The SEM's "Official Market" has three market indices: SEMDEX, SEMTRI and SEM-10. History The Stock Exchange Act 1988 established a small but thriving exchange which is run by the Stock Exchange of Mauritius Ltd (SEM), a private limited company. The act also established the Stock Exchange Commission (SEC), which controls and supervises stock exchange operations. Two markets operated: the Official List and the Over-The-Counter Market (for unlisted shares). There are around 40 companies listed on the Official List, and around eighty companies quoted in the Over-The-Counter Market. 10 companies are quoted for their debentures. The exchange has classified these companies into seven categories, namely: banks and insurance, industry, investments, sugar, commerce, leisure and hotels and transport. There are also two dual listed funds quoted both on the London Stock Exchange and the Stock Exchange of Mauritius. The SEMDEX - the all shares index - reflects capitalisation based on each listed stock which is weighted according to its shares in the total market. In its computation, the current value of SEMDEX is expressed in relation to a base period, which was chosen as of July 5, 1989, with an index value of 100. Trading takes place five days a week and is conducted through an open outcry, order-driven and single-price auction system. Each share (excluding foreign shares) has a maximum +/- 20% price limit per trading session. A maximum of 1.25% are applicable to transactions on the market. There is no tax on dividends (apart from for certain Mauritian residents) or capital gains. Major developments took place through the establishment of a new electronic clearing and settlement system and the introduction of daily trading (at the end of 1997). Future planned developments include the introduction of a new electronic trading system and the listing of new financial products on the stock market. The SEM was recently promoted