The May 2026 and first week of June 2026 cycle in securities and corporate-governance practice has produced three distinct doctrinal threads: the Supreme Court's tightening of the regulatory-versus-fraud boundary under the PFUTP Regulations in Reliance Industries v. SEBI and the parallel-track architecture confirmed in SEBI v. Terrascope Ventures; the NCLAT's reinforcement of the natural-justice line in the Grasim Industries reversal; and the SAT interim-relief template emerging from the Setco Automotive and Unison Metals stays. Read together with the SEBI Mutual Funds Regulations 2026 coming into force, the LODR Amendment Regulations 2026, the SAT-tested buy-back consultation, and the Bombay HC reference on consolidated multi-year SCNs, the cycle discloses the operational contours of the securities-regulation practice as it stands at mid-2026.