As massive foreign investor selling creates market anxiety, Nippon India Mutual Fund’s Equity CIO Sailesh Raj Bhan delivers a calming wake-up call: don't wait for FIIs. With valuations reset after a two-year consolidation, investors should use the next 12 months to accumulate world-class businesses at rare discounts, positioning their portfolios to rise well before foreign capital hooks back in. Edited excerpts from an interview:Nifty has hardly given any returns in the last 2 years. What is so wrong that we haven’t been able to fix yet?Post-COVID, we had a big recovery and returns were phenomenal. Seeing that, a lot of…