( 1 ) IN these Appeals we are directly concerned with the limits of powers of enforcement of the Security and Exchange Board of India (for short sebi) which regulates capital market of the country. Capital market has acquired a status of the system as a part and parcel of the national economy where the companies seek to raise funds for different types of transactions in the course of their business and individuals invest their savings. Earlier, we had an Act known as Securities Contracts (Regulation) Act. 1956 (Act No. 42 of 1956) to prevent undesirable transactions in securities by regulating business or dealings therein, by providing for certain other matters connected therewith. This Act provided for the recognized Stock Exchanges and the control of the Central Government on such recognised Stock Exchanges. With the passage of time, the Government felt more concerned with the healthy growth of the securities market and taking into consideration the relevant factors influencing the growth of capital market it realised the necessity to pass a comprehensive Legislation for setting up a statutory Apex board to promote orderly and healthy growth of the securities marke