Sankaran Narain is Chief Investment Officer at ICSA Pradential AMC. He has more than 30 years of experience in almost the entire spectrum of the financial services industry ranging from stock-broken project finance, investment banking and fund management. In India, corporate governance is cyclical. When you have a big bear market, corporate governance standards deteriorate. So that adds to P going up and then the P is also come down because the corporate Governance Standards go down.