SmartGrids were introduced to make the grid operation smarter and intelligent. SmartGrid operations, upon appropriate deployment can open up new avenues and opportunities with significant financial implications. SmartGrids can continue towards enhancement of power market. The current status of the power market as well as initiations of SmartGrids in India are studied to scrutinize the potential power market enhancement with the advent of SmartGrids. This paper presents various SmartGrid initiatives and implications in the context of power market evolution in India.