• Is that adviser in this case the media?

I think the media has a very large role to play, and I’m afraid that role is not being played to the best of its ability.

• Let’s elaborate on that. . .

Take the electronic media. There are people who make statements which are a clear indication of talking up or talking down stocks. And what do we have by way of investor protection — a disclosure, which says this person is having a position in that stock. Earlier we had statements like not really, may be, is likely my clients have nothing in particular. We moved away from that. Today you get a broad spectrum: it is entirely possible I have this. Is this disclosure? It is clearly not. I want to know before somebody gives me advice, are you giving me advice because you are going to benefit?

• There is another question, it’s not something to say I have it or I don’t have it. I have a position in this stock or not. But I think a large disclosure would be: am I going to have a position in this stock or not. Because I know I am talking it up (and) I could buy it today.

Ideally, I would like a situation where, at the beginning of the programme, I know it might not be media-friendly in terms of excitement, if somebody says we are going to discuss these five stocks, and these two persons who are in your studio have these exposures, so that while he is talking I can look at his face take a judgement call on whether this guy is pushing up a stock.

... contd.