Q: You started this discussion by talking about the phenomenon of flipping that’s the other thing, which a lot of investors look at as an indicator of where the stock might list and how good the issue is, the institutional over subscription. In your eyes do you think these are quality investors who are necessarily investing for the long-term or they are every bit as much a flipper as any other retailer or HNI?

Basu: Absolutely. They are completely flippers. I have no hesitation in saying that I do not see more than 5% of the FIIs where there is a lot of round tripping and unless there is an investigation we don’t know how much of round tripping is going on. I think 95% of the people at some stage or the other are extreme short-term investors and only interested in flipping. I have seen this in 2000, I have seen this in 1995-1996 and I have seen this in 2007-2006.

In the three major bull markets it’s the same story- their faces are different, the names are the same; it could be the same Merrill Lynch or Morgan Stanley etc. these are indicative names, I don’t have anything in favour or against them. But the names may change, there will be a new set of investor, a new set of fund manager but greed ultimately takes over everybody whether it’s a guy in Rajkot or a guy in Manhattan.