The issue of standards was discontinued after the Indian Mutiny. The only regiments to carry them at the turn of the century (the period depicted by these figures) were the Madras Bodyguard, the 2nd Lancers (Gardner's Horse), the 14th P.o.W.'s Own Cavalry (Scinde Horse), the 16th Light Cavalry and the 17th Queen Victoria's Own Cavalry (Poona Horse). No regiment ever carried a Union flag, the regulations for 1840, (the last to be issued prior to the cessation of standards) states that the Sovereign's or First Standard would be of crimson silk with the rose, thistle and shamrock combined with the crown over them in the centre with the motto "Dieu et mon droit" below. A cartouche in the first and fourth corners bearing the regimental crest and a similar cartouche in the second and third corners bearing the number of the regiment on a ground of the facing colour. The Second and Third Standards to be of regimental facing colour with the regimental badge in the centre or the rank of the regiment in gold roman numerals on a crimson ground within a wreath of roses, thistles and shamrocks. The motto of the regiment underneath, The crest on a red ground to be in the first and fourth corners and the rose, thistle and shamrock conjoined on a red ground within the second and third.
Skinner's Horse did carry standards at an earlier period but not after the Mutiny. Union flags were only carried by infantry, never by cavalry. Hope this helps. Trooper