I believe many Canadian financial services companies would be interested in setting up shop in India, whether Canadian banks, Canadian mutual fund companies, Canadian asset managers, Canadian brokerage firms, or Canadian law firms. We recognize that the market opportunity in India is substantial, and we do have an interest in tapping into that market and offering better quality products and superior services to the Indian marketplace. But current regulations do restrict us from entering that market, especially in the portfolio management area. I cannot directly buy Indian securities. I can buy Indian securities listed on the American Stock Exchange or the London Stock Exchange, but if I have to buy Indian securities in Mumbai or Delhi, I cannot buy them directly. I have to open a company in Mauritius, and that company there will have to end up buying them. As a result we lose our direct connection with the invested company. I do not have a direct information flow from those companies and an ability to evaluate them. The ability to manage these investments is limited, which creates significant impediments.
On February 25th, 2013. See this statement in context.