What the FSC Mauritius is
The Financial Services Commission (FSC) is the regulator for non-bank financial services in Mauritius. It licenses investment dealers, the category many offshore forex and CFD brokers hold. A CFD (contract for difference) is a contract on the price change of an asset, such as a currency pair or gold, without owning the asset.
When a broker says it is a "Mauritius regulated forex broker", it usually means a company in its group holds an FSC licence. Do not take that claim on trust. Check it in the FSC's own public register.
- Find the company's legal name and licence number on its website.
- Search that number on the regulator's official register.
- Compare the name, website address and contacts with the register entry.
- Check which company would actually serve clients from your country.
- Search the regulators' warning lists for the name and the website.
Where to find the official register
The FSC publishes its list of licensees on its official website. This page has no external links, so open the FSC site yourself:
- Type the address by hand or use a bookmark you trust. Do not follow a link sent to you in a message.
- Check that you are on the FSC's own domain and not on a copy. Fake regulator pages exist, just like fake broker sites. See Clone Sites and Fake Apps.
- Find the section that lists licensees or lets you search the register.
If the layout of the site has changed, look for the register through the FSC's main menu. Do not use third-party "licence checker" sites.
How to check an FSC licence
When you search the FSC Mauritius register for a broker:
- Search by legal company name, not brand name. Brokers trade under brand names, but the licence belongs to a legal entity. You can usually find the legal name in the footer or legal documents of the broker's website.
- Note the licence number and category. Compare both with what the broker states. If they do not match, stop and look into it.
- Check the status. A firm can be listed but have its licence suspended, revoked or surrendered. Only an active licence counts.
- Match the entity to your account. A group may hold licences in several countries. Your client agreement shows which entity you actually contract with. That entity is the one that must appear in the register.
- Check the address and contact details. Compare the registered address and website in the register with the broker's site. If a site claims a licence but uses a domain the register does not show, that is a warning sign.
- Look for FSC public notices. Regulators publish warnings about unauthorised firms and firms that pretend to be licensed. Check whether the name appears there.
Do not draw conclusions about a firm from a missing search result alone. Spelling differences can hide an entry. Try variations and, if still unsure, contact the regulator through its official channels. For the general method, see Verify a Broker and the Broker Checklist.
What an FSC licence does and does not mean
An FSC licence means the entity is authorised and supervised in Mauritius. It does not mean the same protection you would get from a regulator in your own country. Questions to ask:
- Does the entity keep client money separate from its own? See Segregated Funds.
- Is there any compensation scheme if the firm fails? See Compensation Schemes.
- How would you complain, and in which country? See File a Broker Complaint.
For how offshore licences compare with others, read Offshore vs Onshore and What Regulation Protects.
The position in Pakistan
A Mauritius licence does not authorise a firm in Pakistan. Pakistani regulators say:
- The supervisor in Pakistan is the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers.
- In addition, per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan.
- Also, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.
- On payments, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)).
- On residents, per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
- To find locally licensed firms: per the SECP, lists of licensed brokers are on the PSX and PMEX websites.
SECP also issues named warnings. These are SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. For more on local law, see Law and regulators.
Leveraged forex and CFD trading can lose money fast, with any broker and under any licence. A licence check reduces the risk of fraud. It does not reduce market risk.
Other registers
Many brokers hold licences in several places. Use the matching guide for each one: FSA Seychelles Register, FSCA Register, CySEC Register, FCA Register, CMA Kenya Register and Other Regulator Registers.
Frequent questions
Is an FSC Mauritius broker licensed in Pakistan?
No. The FSC licenses firms in Mauritius only. In Pakistan, licensing for securities and futures brokers sits with the SECP.
What if the broker's name is not in the FSC register?
Search again using the legal entity name and spelling variations. If it is still missing, treat any claim of FSC regulation as unconfirmed. Ask the FSC directly through its official site.
Can a scam use a real FSC licence number?
Yes. Clone firms copy real licence numbers and company names. Always match the domain, address and contact details to the register entry.
Does an FSC licence protect my deposit?
Protection depends on the entity's rules and Mauritian law. Read the client agreement and the FSC's own information. Do not rely on a broker's marketing.
Where can I report a suspicious platform?
See Report a Scam for the official channels in Pakistan.
