Joker itself was a rare event. Sure Joker was the beloved comic character but Hollywood had failed bringing that character alive even with one of the best actor Jack Nicholson. So, to answer your question, not just Kaal not even Nolan can capture the same essence of Joker which he succeeded in capturing in The Dark Knight.
The only best thing to do is enjoy Kaal for wot he is. Otherwise, Krrish 3 will totally be ripped apart in comparison with other Hollywood superhero flicks, it's inevitable but that's shouldn't come in between enjoying the film.
These movies are more Hero driven than villain driven. As long as they don't follow the routine costume villain who acts weirdly stupid, the movie's fine. Bollywood already made a blunder with Kay Kay's character in Drona, so I just wish them to be careful. Not everybody is Amrish Puri to pull off a Mogambo.