It does not. 
Boycotting trades won’t fix the fundamentals that are broken now. 
At least SEBI is focused on deepening cash market liquidity and improving SLB, though I would say SLB needs to be as easy as buying stocks. 
With the rise in STT and the prevailing artificially inflated lot sizes for stocks, the FnO market is not performing its primary duty - to hedge risk. 
- Futures is almost useless for hedging due to high STT.
- Options liquidity is comically concentrated in the weeklies (again due to high STT) which makes it useless for long term hedging.
- Artificially inflated lot sizes for stocks and lack of options on ETFs discourages investors from using FnO responsibly to reduce their cost basis and hedge risk using simple strats such as cash secured puts and covered calls.
Even addressing the last point alone would dramatically improve cash market liquidity. 