In the present paper, a class F of critically finite transcendental meromorphic functions having rational Schwarzian derivative is introduced and the dynamics of functions in one parameter family K ≡ { f λ ( z ) = λ f ( z ) : f ∈ F , z ∈ C ˆ and λ > 0 } is investigated. It is found that there exist two parameter values λ ∗ = ϕ ( 0 ) > 0 and λ ∗ ∗ = ϕ ( x ˜ ) > 0 , where ϕ ( x ) = x f ( x ) and x ˜ is the real root of ϕ ′ ( x ) = 0 , such that the Fatou sets of f λ ( z ) for λ = λ ∗ and λ = λ ∗ ∗ contain parabolic domains. A computationally useful characterization of the Julia set of the function f λ ( z ) as the complement of the basin of attraction of an attracting real fixed point of f λ ( z ) is established and applied for the generation of the images of the Julia sets of f λ ( z ) . Further, it is observed that the Julia set of f λ ∈ K explodes to whole complex plane for λ > λ ∗ ∗ . Finally, our results found in the present paper are compared with the recent results on dynamics of one parameter families λ tan z , λ ∈ C ˆ ∖ { 0 } [R.L. Devaney, L. Keen, Dynamics of meromorphic maps: Maps with polynomial Schwarzian derivative, Ann. Sci. Ecole Norm. Sup. 22 (4) (1989) 55–79; L. Keen, J. Kotus, Dynamics of the family λ tan ( z ) , Conform. Geom. Dynam. 1 (1997) 28–57; G.M. Stallard, The Hausdorff dimension of Julia sets of meromorphic functions, J. London Math. Soc. 49 (1994) 281–295] and λ e z − 1 z , λ > 0 [G.P. Kapoor, M. Guru Prem Prasad, Dynamics of ( e z − 1 ) z : The Julia set and bifurcation, Ergodic Theory Dynam. Systems 18 (1998) 1363–1383].