Missing links

At an investment bankers’ conference recently, a senior Securities and Exchange Board of India (Sebi) official shared an anecdote while he was explaining measures the market regulator had taken in the recent past. The official said he was the youngest of his 11 siblings, and those of them who invested in the stock market complained that they never got allotments when they applied for initial public offerings (IPOs). A smart aleck from the audience immediately quipped, “Now we know why Sebi has completely overhauled the IPO allotment process.”