DR. D.Y. CHANDRACHUD, J.

1. The Securities and Exchange Board of India (SEBI) has framed on 20 April 2007 Guidelines for Consent Orders and for considering requests for composition of offences under the Securities and Exchange Board of India Act, 1992, The Securities Contracts (Regulation) Act, 1956 and the Depositories Act, 1996. These proceedings under Article 226 of the Constitution have been instituted for issuance of an appropriate writ striking down the requirement of the pendency of the court proceedings or an adjudication, contained in clauses 8, 11 and 17 of the Guidelines as being arbitrary and violative of Article 14 of the Constitution. In the alternative, the Petitioners seek a mandamus directing SEBI to read the requirement of pendency to mean and include pendency of the enforcement proceedings post adjudication. A mandamus is also sought directing SEBI to enforce the willingness conveyed in a letter dated 18 August 2010.

2. The First Petitioner is a Stock Broker registered under the SEBI (Stock Broker and Sub Broker) Regulations, 1992. Sometime in October 2003 the Petitioner was charged by SEBI of having dealt with an unregistered Stock Broker while executin