The Securities Markets Code 2025 contains a critical drafting error in Clause 93(b), using "or" instead of "and" when defining prohibited information. This means investors possessing either material or non-public information could face severe criminal penalties, unlike the intended target of information that is simultaneously material and non-public. This departs from international norms and India’s own regulatory evolution. Furthermore, the Code fails to define "deal in securities," leading to inconsistent enforcement and legal ambiguity. These imprecisions have significant constitutional implications, warranting urgent corrections before enactment to ensure clarity and fair application of law.