Nope! I don't think so! Ask yourself this: In what criteria based on the requested documents would they split up the group as "winners" and "wait-listed?"
I think if everyone of the finalists have expressed an interest in the scholarship and faxed in their contracts and stuffs, it would be the end of the process. All would been awarded the scholarship. However, if a few of these finalists have cold feet, then they would go down their unpublished "waitinglist" and offered them the opening spot.
I think they want to see how many people would accept their offer before making it officially! Strange way to do business but I understand them and it makes sense. Say, i chose you as a recipient for this scholarship. However, despite my repeated calls/emails to you, you did not reply. In the meantime, I have other people waiting, people that I can offer your spot if you decline. I would have been frustrated because you're holding the process up. For one, I am not sure if you don't have access to my emails or you're simply ignoring me since you no longer interested in this scholarship. So, I think this year they have a different strategy, one where the putative recipient has to be proactive. They give you just 5 days and if they don't hear from you, they assume that you are not interested as oppose to play the waiting game!