Just talk a little bit about the role of the investment banker? How much leeway does he have generally in your assessment in influencing an issue price? Is there an element of competition in the investment banking circle, which is leading even I-bankers to aim for the highest possible price with little regard to what might happen post-listing from an investor’s point of view?

Mulraj: Yes exactly that is what is happening. In fact often you get zero quote fees by investment bankers. They have other relationships to look after. So they have for example, some discretion in the allotment process through which they favour their clients. So that’s where they get their payoffs.

So they do push for a promise very optimistic pricing and issuers do get taken-in by that and that’s why I suggested to have a sort of a counter pressure and maybe if Sebi considers it appropriate to put their track record into the prospectus that might serve to be a counter balance.