Preheat the grill. Halve the peppers and remove the stalks and seeds. Put the peppers halves cut edges down under the grill until the skin bubbles and blisters. Allow to cool in a heavy-duty medium plastic food bag and then remove the charred skin.
Slice the peppers in thin strips and toss with the sherry. Heat the stock in a pan. Peel the onion and finely chop it, then heat the oil in another frying pan and fry the onion until soft. Add the rice and stir well, gradually pouring the stock in a cup at a time, allowing each cup to be absorbed before adding the next one.
Add the saffron and season to taste. After approximately 25 minutes, when the rice is creamy, add the paprika. Shred the basil and use to decorate the risotto before serving.
The Colourfultaste campaign is financed with aid from the European Union.