The main thesis of this article is not as broad as that, which is that the increase of the powers of SEBI under the SMC has not been offset by a corresponding increase in the supply of institutional checks to those powers.

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.

Per the author, tokenization can greatly improve participation and information efficiency/symmetry in financial markets.

The article discusses the facts and the ruling in RIL v SEBI, along with its wider implications on understanding SEBI’s role and functions.