As per the case facts, several writ petitions were filed raising concerns about a drastic fall in the securities market and its impact on investors, purportedly caused by a report ... alleging stock price manipulation and non-disclosure by a group of companies. The petitioners sought investigations by a court-monitored committee or transfer of investigation from SEBI. The question arose regarding the scope of judicial review over SEBI's regulatory domain and whether a transfer of investigation was warranted. Finally, the Supreme Court asserted that judicial review over SEBI's regulatory domain is limited to legality, not wisdom. It found no apparent regulatory failure by SEBI, noting that SEBI has already conducted comprehensive investigations and taken measures to address market volatility. The Court also found reliance on unverified reports to be misconceived and emphasized SEBI's broad powers to regulate the securities market.