What is the test for remand of an action brought by the Securities and Exchange Commission?

Under the controlling rule for the review of administrative agency actions, a reviewing court, in dealing with a determination or judgment which an administrative agency alone is authorized to make, must judge the propriety of such action solely by the grounds invoked by the agency. If those grounds are inadequate or improper, the court is powerless to affirm the administrative action by substituting what it considers to be a more adequate or proper basis. SEC v. Chenery Corp. (Chenery II), 332 U.S. 194, 196, 67 S.Ct. 1575, 91 L.Ed. 1995 (1947). We must remand rather than combing the record for evidence on which the agency may have relied. Id.