Common meaning:

Study of religions and their beliefs.

Hidden meaning of the Equity religion: 

Other religions should be banned and only the religion of Equity should be allowed.

Discussion:

The Equityists will tell you that religions, and Christianity in particular as the foundational religion of the West, help maintain dominant structures in society and should be banned. From their perspective, Equity is not a religion but a proper perspective on the oppressive world.

In reality, Equity functions like a religion, even though it is missing some elements that are common to many of them.

Unlike traditional religions that provide value and support to the societies in which they exist, Equity is more like a religious virus that takes over an institution, creates as many copies of itself as it can and then winds up killing its host.

Like in many other subject areas, Equity changes Religious Studies from investigating different types of religions and their beliefs, to investigating all of the problems and oppressions that created the religions and that still exist within them. Basically it replaces the study of religions with its own DNA of critical thinking.