Season scallops with salt, pepper, garlic powder, paprika, and basil. Dust scallops with flour. Saute in a pan that has been lightly coated with nonstick cooking spray and a small amount of olive oil. Cook scallops on both sides until browned. Remove scallops from pan.
To the drippings in the pan, add sherry, shallots, and mushrooms; cook for approximately 3 to 4 minutes.
In a separate saucepan, melt butter over medium heat and add 3 tablespoons flour. Mix well and cook for 2 minutes over low heat, stirring constantly. Pour shallots, mushrooms, and liquid from scallops into flour mixture. Mix well. Stir scallops into sauce. (If too thick, you can thin with clam juice or fish or chicken stock.)
Transfer to 4 individual flameproof baking dishes, top with cheese, and broil for 1 minute, until browned. Serve with wild rice.