The Stock Exchange of Mauritius (SEM) has appointed Tim Hogben, a former executive at the Australian Securities Exchange, as its new chief executive officer. He is due to take up the position on December 2, subject to regulatory approval.
The appointment, announced on October 12, follows the retirement of Sunil Benimadhu on July 31 after 28 years at the exchange. Hogben brings more than two decades of experience in international capital markets, clearing and settlement operations, and financial-market technology.
Hogben spent nearly 24 years at ASX Limited (ASX: ASX), where he held senior positions including chief operating officer and group executive for securities and payments. He served on the Australian exchange's executive committee for more than a decade.
He subsequently worked on central-counterparty clearing infrastructure in Abu Dhabi Global Market and on custody and investment operations involving Bank of China in Australia, according to specialist capital-markets reporting.
Hogben also served as project sponsor for ASX's troubled effort to replace its Clearing House Electronic Subregister System (CHESS). ASX abandoned the original technology solution in November 2022 following delays and an AUD245mn–AUD 255mn ($171mn-$178mn) write-off.
In July 2026, Australia's Federal Court ordered ASX to pay an AUD20.5mn penalty for misleading statements about the project's progress in February 2022, along with AUD3mn towards the Australian Securities and Investments Commission's legal costs. The proceedings concerned ASX's corporate disclosures; Hogben was not personally sanctioned.
The SEM board said it was confident that Hogben's international experience, strategic judgement and industry relationships would help the exchange respond to changes in technology and global financial markets.