Joti:
It certainly might be fine to use sem. Whether it is appropriate to use SEM has nothing to do with what field you are in or what topic you are researching, but instead to do with the nature of your data and what questions you are trying to answer with that data. Any field/discipline could use sem, if the questions and data are fit for it. I hope that helps!
I am just starting out with sem. I have largely found studies in psychology and marketing area using SEM. I have financial data, collected from secondary sources, will it be right to go ahead with sem?