The SMC is a forward-looking move in the modernisation of the capital market regulation India. It goes beyond codifying the various disparate statutes in one instrument and instead attempts to effect a structural redefined securities laws.

India’s first olfactory mark exposes both potential and danger. Scientific methods may meet graphical representation, but they should not replace the primary role of a mark to give notice and ensure stable perception among competitors and consumers.

SEBI’s re-ordering in 2026, caused by up-streaming and the altered locus of risk of settlement, was, in institutional terms, the only possible course.