It’s not just the primary markets that are in a soporific state, investment bankers appear to be no less sleepy. Recently, at a press conference organised by the first company to hit the markets with an IPO (initial public offering) in five months, the chief of a leading investment bank was caught off guard. He was asked whether recent changes in IPO regulations would apply. What changes? His colleague had to first brief his boss on the new rules that were announced in August and amended last month. Later, both of them had to make frantic calls and check whether the new regulations had, indeed, come into play.