The non-bank deposit taking institutions engaged in leasing business are regulated and supervised by both the Bank of Mauritius and Financial Services Commission, such overlaps not being uncommon in other jurisdictions as well. There are conglomerates having business in segments coming within the purview of both regulators.
We have a joint coordination committee to exchange notes and we are moving towards the concept of a lead regulator. The Bank of Mauritius Act basically sets out the responsibilities and functions of the Bank and thus its provisions have a bearing on the Bank’s regulatory and supervisory role. There are in all 19 banks and 13 non-bank deposit taking institutions.