There were several companies which have made offeres at higher levels and most of these issues considerably opened lower at the exchanges at the time of listing, affecting investors at a large, the UTI chief said. ``We need to learn from it,'' Subramanyam said and advised companies entering the capital market for fixing offer prices at a reasonable level.

Even the companies can consider issues at a lower prices according to market situation, the UTI chief said. Addressing the gathering of business community, Subramanyam also exhorted the quity participation of domestic retail investors in the multi national companies (MNCs).

There is a need to encourage retail investors to invest in the public issue of MNCs as well as the MNCs also need to offer some extent of their equities to the common investors, he said and added that regulatory bodies and the authorities also need to look into this seriously. ``Once we have opened our doors for the MNCs we should not restrict ourselves,'' Subramanyanm said.

Expressing concern over the behaviour of stock markets, the UTI chief said that it has been observed that the market has become scrip specific and limited to Sensex-based scrips and said that measures should be done to make the market broad-based to reflect clear picture of economy, he said. UNI