from the status of corresponding exchange to that of affiliated securities markets within the Fedération Internationale des Bourses de Valeurs (FIBV) and it is also a founding member of the African Stock Exchange Association (ASEA). The SEM was opened to foreign investors in 1994 following the abolition of exchange controls. Foreign investors do not need approval to trade shares, unless the investment is for the purpose of legal or management control of a Mauritian company. The only restriction is that foreign investors cannot have an individual holding of more than 15% in a sugar company. There is no control on currency repatriation, and the currencies are fully convertible and market determined. Settlements can be made in a foreign currency and foreign currency accounts can be opened in Mauritius. There are no capital gains taxes and no withholding tax on dividends procured from trading in officially listed companies. A major development of 1998 was the implementation of a central depository system, in which all listed companies are registered. This system allows delivery versus payment (DVP) on a T+3 day rotating basis. The establishment of a clearinghouse, through the Bank of Mauritius, provided for a guarantee fund, which incorporates measures for securities and fund settlement failure. The exchange, in collaboration with international advisers, drafted new listing and reporting rules to ensure greater transparency for investors. These rules came into force during the first half of 1998. See also Futures exchange Economy of Mauritius List of companies of Mauritius List of African stock exchanges List of stock exchanges References External links Official Website of SEM SEM List of Companies African Securities Exchanges Association Mauritius Financial services companies of Mauritius Financial services companies established in 1989 Economy of Mauritius Companies based in Port Louis