Raamdeo Agrawal, chairman, Motilal Oswal Financial Services is extremely bullish on the market due to rising incomes and participation. However, he is a more than a tad worried about speculation amid retail investors. He tells Siddhant Mishra & Joydeep Ghosh that regulators should ensure that there is more supply of papers through divestment and reduction in minimum shareholding to keep a check on valuations. Excerpts:

Where do you see the markets heading towards in the short-term?

Over the next year, things will be better. Right now, the only worry is that the markets are overheated due to unprecedented flows. I hope they don’t stay that way.

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