What they are attempting is something that’s doing pretty well in the US in the form of investor clubs, defined by US Securities and Exchange Commission (SEC) as a “group of people who pool their money to make investments”. If it deals in securities, it needs to register with SEC, under Securities Act or Investment Company Act. All this group of 45-65 year olds is looking for is an entity that allows them to invest in the market and ride the India story. Any suggestions?

As for today’s trainees, I suppose they’ll need to work harder — on one side are stronger regulators looking hard; on the other is information and advice available right under her fingernail. There’s no room for investment impressions anymore.