Deregulation is a widely suggested strategy to make agricultural markets efficient. In this article, we critically examine the recent reforms undertaken in India aiming to deregulate agricultural markets. Our analysis is from the perspective of the potential of market reforms to benefit farmers. Relying on primary and secondary data for analysis, we draw three conclusions: (1) While reforms to agricultural marketing in the country are long overdue, the new farm laws in their current form are unlikely to result in any radical changes to majority farmers. (2) The provisions of the laws, when implemented, will weigh in favour of traders. This goes against the basic tenets of the introduction of the laws. (3)  Even the regulated markets can generate favourable outcomes for farmers if farmer-oriented entities play dominant roles in them. We argue that deregulation in the absence of enabling pre-conditions are unlikely to generate favourable outcomes for farmers. Instead, they may even turn counterproductive.