I still think that there will either be a dilution of the circular, or a workaround will be found. The markets will literally be devoid of liquidity if this circular is enforced as it is, in its current form
But zerodha guys so far are suggesting that its very unlikely that SEBI will roll back.
https://tradingqna.com/t/no-additio...-aug-2021-in-indian-capital-markets/84561/219