JUDGMENT

Pamidighantam Sri Narasimha, J.

1. This is a statutory appeal under Section 15Z of the Securities and Exchange Board of India Act, 1992 [hereinafter referred to as the ‘Act’.] against the final order of the Securities Appellate Tribunal [hereinafter referred to as the ‘Tribunal’.], by which the Tribunal has set aside the order passed by the Securities and Exchange Board of India [hereinafter referred to as ‘SEBI’ or ‘the Board’.] restricting the respondent-company from accessing the capital market for one year and further restraining the promoter directors from buying, selling or otherwise dealing with securities for India. While dismissing the appeal, we have explained that the jurisdiction of the Supreme Court under Section 15Z is confined to question of law.

2. M/s Mega Corporation Limited, listed in the Bombay Stock Exchange in 1996, is engaged in the business of radio taxi service, coupled with trading of shares in a small measure till 2004. The attention of the share market regulator, SEBI, was drawn to the unusual price movement of the scrip of the Company between January 2005 to September 2005. The Company's shares traded between Rs. 4.25/- to Rs. 43.85/-. This upward