Removing the nominee holdings (that are typically held on behalf of numerous small shareholders), and given that the entry threshold into the Top 20 list has risen, the changes in the Top 20 are not as significant as you suggest @able77.
I'm not doubting your personal knowledge of one investor, but the lift in the threshold may explain why some investors are no longer on the list. What we also observe is that some investors increased their holdings more than their CR entitlements (suggesting an oversubscription).
Ann: Top 20 Shareholders, page-59
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