Once upon a time, India deemed GIC and Temasek to be one entity and there was a 10% on the joint holdings of both in Indian companies. The Comprehensive Economic Co-operation Agreement (CECA) which was signed in 2005 provided that Temasek and GIC were to be recognised as separate entities, i.e. each is entitled to each own up to a 10% stake in a company.
There is a report in an Indian newspaper that the Securities and Exchange Board of India (SEBI) has ordered that both Temasek and GIC could only own up to a combined 15% stake in a company, or takeover rules would be triggered.
Can you blame one MM for once being sceptical abt investing in India?