Local incorporation is required for securities exchanges
"[...] PART III – FINANCIAL MARKETS REGULATION
Sub-Part A – Securities Exchanges, Clearing and Settlement Facilities and Securities Trading Systems
9. Licence for securities exchanges [...]
(2) No person other than a body corporate incorporated or registered in Mauritius as a public company shall hold a licence to operate a securities exchange.;[...]" (SECURITIES ACT No 22 of 2005 — 28 September 2007, as amended)

SECURITIES ACT No 22 of 2005 — 28 September 2007 Amended 20/11 (cio 16/7/11); 38/11; 15/12 (cio 1/11/12); 27/12 (cio 22/12/12); 18/16 (cio 7/9/16); 10/17 (cio 24/7/17); 11/18 (cio 9/8/18); 13/19 (cio 25/7/19); 7/2020 (cio 7/8/2020); 9/2021 (cio 31/7/2021)
Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008, as amended
[<a href="https://www.fscmauritius.org/media/67412/securities-act-2005pdf.pdf">Act</a>]