November 2025

Announced in Union Budget 2021 - 2022

The long-pending Securities Markets Code, originally announced in the Union Budget 2021–22, returns in its updated form as the Securities Markets Code Bill (SMC), 2025.

Consolidate different acts

The legislation seeks to consolidate the

• SEBI Act, 1992,
• the Depositories Act, 1996, and
• the Securities Contracts (Regulation) Act, 1956 into a single, comprehensive framework.
• The rationalised code is intended to streamline regulation and ease compliance.

NDTV