Mauritius International Derivatives and Commodities Exchange (MINDEX)

Invitation for Proposals

In accordance with Section 16(1) of the Public Procurement Act 2006 


1. Eligibility 

The Financial Services Promotion Agency (FSPA) is inviting Proposals from eligible and qualified Consultants / Consultancy Firms, local and overseas, to provide Consultancy Services as per Invitation for Proposals FSPA/PRO/2016-17/030 with respect to the MAURITIUS INTERNATIONAL DERIVATIVES AND COMMODITIES EXCHANGE (MINDEX). 

MINDEX is a Government-led project under the 2016 Budget and will be the first exchange to combine a derivatives platform and a commodities platform for spot trading of gold, diamonds and other precious stones in the region. The MINDEX project will therefore transform Mauritius into an international trading centre and will further act as an enabler in creating tangible and sustainable spillovers to the economy. 

A Consultant / Consultancy firm will be selected under Quality and Cost Based Selection and procedures described in the document for Open Advertised Bidding, in accordance with the policies and procedures for public procurement in the Republic of Mauritius.

2. Scope of Works 

The services to be provided by the Consultant shall comprise the following services as defined in the Terms of Reference of the Bidding Document: 

1) A thorough assessment and feasibility of the project. 
2) A proposal for the corporate structure of the MINDEX 
3) A proposal for the financing and business model of the MINDEX; 
4) An assessment of the current legal and regulatory framework with regards to the MINDEX along with proposal for amendments
5) Develop a framework for collateral management operations and infrastructure 
6) Thorough assessment of training needs 
7) Drafting of EOI to invite investors 

The consultancy services shall include the preparation of a technical report, the necessary corporate structure of the MINDEX project and the preparation of Expression of Interest documents.

3. Consultation of Open Advertised Bidding (OAB) Documents 

OAB Documents can be  downloaded on the Public Procurement Portal

4. Submission of Proposals 

Technical and Financial Proposals must be submitted separately in two sealed envelopes, marked Technical Proposal and Financial Proposal, respectively for: 


shall be addressed to: 

Financial Services Promotion Agency 
Bid Box of Bid Opening Room 
12TH Floor 
SICOM Tower 
Wall Street, Ebene 

And shall be deposited in the Bid Box situated at the 12th floor of the aforesaid office on 6th February 2017 up to 11.00 hrs (local time) at latest. 
Proposals received after the specified time and date will not be considered. The envelopes containing the proposals should clearly indicate the name and business address of the Consultant / Consultancy firm to enable all late submissions to be returned unopened. 

 5. Opening of Proposal 

Prospective Consultancy Firms are hereby informed that proposals will be opened in the presence of Consultants/ Consultancy Firms/representatives who choose to attend at the Bid Opening Room, 12th Floor (SICOM Tower) of the Financial Services Promotion Agency, Wall Street, Ebene, Mauritius on the closing date for the submission of the proposals, 6th February 2017 at 11.05 hrs (local time). 

6. Right to accept/reject any Proposal 

The Financial Services Promotion Agency reserves the right to accept or reject any Proposal and to annul the bidding process and reject all Proposals at any time prior to award of the Contract, without thereby incurring any liability to the Consultant/ Consulting Firm. 

For further information, email us on:

Financial Services Promotion Agency 
12th Floor 
SICOM Tower, Wall Street 

Date: 05 January 2017

Response to Request for Clarification 

Q1: Is the Mauritian government self-financing the project or it has tied up with some external agencies?

The Government of Mauritius has announced its intent in setting up the MINDEX exchange for which it has earmarked a seed capital of MUR 50m. As per the provisions of the Terms of Reference, other investors would also be invited to invest in the exchange.

Q2: What is the nature of market assessment required for the MINDEX project? 

The market assessment should cover the Terms of Reference described in the Bidding document and should be based on both primary and secondary information, including further research on other jurisdictions.

Q3: Would the study cover other precious metals such as silver and platinum?

MINDEX is expected to start physical trading on gold, diamond and other coloured stones. The Consultant/Consultancy firm is to advise on other tradable commodities.

Q4: Whether two or more experts can be deployed for one task?

In line with the provisions of the Terms of Reference, 2 or more experts can work for one task.

Q5: Whether project leader or co-leader can also play a role of a subject matter expert like Collateral Management or Corporate Structuring?

A project leader or co-leader is required to ensure the proper management of the overall assignment. 

Q6: What is expected to be included in the financing model? 

The Consultant/ Consulting firm is to advise on the appropriate financial model and its contents therein.

Q7: Is there a proposal to include debt financing? 

The Consultant/ Consulting firm is also required to advise whether, as part of the financing model, debt financing arrangements would be appropriate. If so, the Consultant / Consulting firm would then have to provide more details accordingly.

Q8: Whether Foreign Consultants (either Individual, Registered Corporations or Joint Venture) have to register with the CIDB for submission of the bids to the FSPA?

The scope of services of the MINDEX study does not pertain to the Construction Industry. In this regard, Clause 1.8.1 in the Bidding Document applies only to Consultants/ Consultancy firms providing consultancy services in the construction industry.

Q9: Whether the Consultant/Consulting Firm has to provide the collaterals specified in Sample Form: Consultant’s Representations Regarding Costs and Charges along with the Financial Proposal?


Q10: Whether the Consultant/Consulting Firm has to provide Section 6 Standard Forms of Contract at the time of submission of the Technical/Financial Proposal?


Q11: Whether the Consultant/Consulting firm has to populate the Sample Form in Section 4 – Financial Proposal – Standard Forms of the Bidding document? 


Q12: Is there a sponsor group, in addition to the Government of Mauritius, already identified at this stage to principally own MINDEX? If yes, is there a minimum % shareholding that the sponsor group will retain in MINDEX at any given time?

No formal sponsor group has been identified at this stage. Furthermore, the Consultant/Consulting firm will advise on the relevant percentages of shareholding accordingly.

Q13: When is the fund raising from investors expected to start? 

In principle, after acceptance of the study.

Q14: In terms of capitalisation of MINDEX, would the sponsor group commence deployment of capital while the investors (outside of the sponsor group) are being approached? 

This would depend on the recommendation of the Consultant / Consultancy firm.

Q15: Whether the Consultant / Consultancy firm would be penalised if the assignments exceed the 10-week period?

Part II of the Bidding Document provides for the terms governing general conditions of the contract.

Q16: In respect of Section 4 – Financial Proposal and Form FIN-4, whether 'staff months' can be changed to staff hours including hourly rates?

Prospective bidders may use staff-hours including hourly rates instead of ‘staff months’.

Q17: Should the Consultant / Consultancy firm provide legal advice? 

The Consultant / Consultancy firm should provide recommendations on the appropriate legal framework, as per the Terms of Reference.

Q18: Can some amount of work be conducted from a remote location/Is the Consultant/Consulting firm required to be onsite for the duration of the project? 

The Consultant / Consulting firm may conduct some amount of work without being required to be onsite.

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