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Some are clearly responding to genuine regulatory risk — especially those with federal contracts.

In a blog post in December, the ICO's Executive Director of Regulatory Risk Stephen Almond wrote: "We think this change is irresponsible."

“Global investors already pay a regulatory risk premium when they invest in India, they will ignore this,” said a veteran trader.

Just F Y I returned $5.06 and 3.98 for second, and Regulatory Risk paid $11.82 for third.

Stephen Almond, the watchdog's executive director of regulatory risk, said their research signalled that many people were worried about companies using their personal information without their consent.