Scene one: a researcher presents a brilliant proof, but does it truly create an equivalence in the real world of markets?
No, a mathematical proof illuminates a theoretical relationship, but operational validity is a very different story.
Imagine a fund manager in Mumbai adopting this equivalence without validation from the SEBI or the RBI; the risk would be immense, especially with our specific capital controls.
The proof only demonstrates a possibility; the true narrative arc of its recognition depends on regulation and practical acceptance.
For example, clear guidelines on capital requirements would prove its value, not theory alone.