excuse the pun, something is overheating and that's not good.
Could start a fire.
Is the fuse rating correct for the cable are all terminals tight and no bare conductors outside the terminal points.
If the smell continues stop using the light and get an electrician in.
Check this link out:
http://www.diydoctor.org.uk/projects/re ... itting.htm
I had the same problem it was the light bulb touching the bottom of the fitting that holds the shade in place, the bit that screws onto the ceiling rose, it had started to turn brown and made the place smell like a wet fish shop.
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