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ARTICLE · 06 JANUARY 2026

India's Securities Laws To Get A 3-in-1 Makeover

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The Indian securities landscape is undergoing its most significant regulatory transformation in 3 (three) decades with the introduction of the draft Bill on the Securities Markets Code...

IndiaCorporate/Commercial Law
Namita Viswanath
Namita Viswanath
Aditya G.
Aditya G.
HA Dhruti
HA Dhruti
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The Indian securities landscape is undergoing its most significant regulatory transformation in 3 (three) decades with the introduction of the draft Bill on the Securities Markets Code, 2025 ("SMC") in the Lok Sabha.1 The SMC bill aims to consolidate and amend the Securities Exchange Board of India Act, 1992 ("SEBI Act"), the Securities Contracts (Regulation) Act, 1956 ("SCRA"), and the Depositories Act, 1996 ("Depositories Act").

The SMC too, appears to be one among what is now an increasingly long line of legislative rationalisation and modernisation efforts undertaken by the Central Government in recent years following the consolidation and codification of criminal and labour laws. The journey towards this unified framework began in 2021, when the Union Budget first proposed the creation of a single securities market code by merging the 3 (three) above-mentioned statutes.2 The intention of this exercise appears to unify existing foundational securities laws and

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