Faxing problems

The Securities and Exchange Board of India (Sebi) may be in the process of appointing a global consulting firm to advise it on organisational restructuring but it needs to do something as mundane as fix its fax machine. According to the grapevine, MCX-SX officials were waiting with bated breath for the regulator’s response to their application to operate as a full-fledged exchange on Tuesday, the last day of the Supreme Court deadline for a decision on the matter. However, there was no word from Sebi till late evening, making even journalists wonder whether the regulator was conducting some last minute due diligence. Finally, anxious MCX-SX officials phoned the regulator’s office only to discover that Sebi’s fax machine had broken down, hence the delay. The wait ended for both the promoters of the new stock exchange and journalists covering the subject after the approval was hand-delivered.