Well, I'd be freaked out, for one!

TBC-- I understand a "standard" to usually denote a military battle flag, banner, or emblem used as a central power point.

The mahi-o-maratib or the fish and dignities insignia was one of the highest honours granted to Mughal nobles. Reserved for the most eminent courtiers, in 1719, the mahi o-maratib was presented to Maharaja Ajit Singh Rathore (r. 1707-24) by Emperor Farrukh Siyar (r. 1713-19). The face of the fish was made from copper and its body was formed by a textile streamer. The streamer became inflated, as seen in the painting, when wind blew through the fish's mouth. Carried on an elephant in procession, the fish standard was accompanied by spherical balls representing power. --evil empire user