Statutory appellate remedy bars writ challenge to SEBI orders where factual and legal objections can be raised before the tribunal.

A writ challenge to a second show cause notice and consequential order under the SEBI Act was held not maintainable because the statute provides an effective appellate remedy under Section 15T. The High Court declined to examine the merits and left the petitioner to pursue the Securities Appellate Tribunal, noting that all factual and legal objections, including those on consent proceedings, delay, and jurisdiction, could be raised before that forum. The principle stated is that where an efficacious statutory appeal exists, writ jurisdiction will ordinarily not be entertained against regulatory directions or orders.

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Issues: Whether the writ petition challenging the second show cause notice and consequential order under the SEBI Act was maintainable in view of the statutory appellate remedy under Section 15T of the Securities and Exchange Board of India Act, 1992.

Analysis: The dispute arose out of proceedings initiated under the SEBI Act and the insider trading regulations, but the Court declined to examine the merits of the challenge. It held that the statute provides an effective and efficacious appellate remedy before the Securities Appellate Tribunal against the impugned order and that the availability of such remedy weighed against entertaining the writ petition. The Court also noted that the petitioner could raise all factual and legal pleas before the appellate forum, including the objections based on consent proceedings, delay, and jurisdiction.

Conclusion: The writ petition was not maintainable and was dismissed, leaving the petitioner to pursue the statutory appeal remedy.

Ratio Decidendi: Where the governing statute provides an effective appellate remedy, the High Court will ordinarily decline writ jurisdiction to challenge regulatory directions or orders, especially when the aggrieved party can urge all factual and legal objections before the appellate tribunal.

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