27.04.2011 - India: Should sovereign wealth funds enjoy a higher open offer threshold?
The move will generate goodwill with foreign investors but unfairly creates a special category of exemption. The proposal by the Securities and Exchange Board of India (Sebi) to create a specific exemption for sovereign wealth funds (SWFs) from the open offer provisions in terms of their aggregate stake going up to 20 per cent stems from the government’s obligation under the Comprehensive Economic Cooperation Agreement (CECA) signed with Singapore in 2005. Under the CECA, India had undertaken to treat the investment arms of the Singapore government (GIC and Temasek) as independent and separate for all regulatory purposes..............................................Full Article: Source
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