No it is not! Look again. The PNP transistor is backwards.
If its supply voltage is about 9V or higher then the transistor would conduct all the time like a 7V zener diode.
A backwards transistor has a current gain of about 5 instead of a current gain of 200. So it might light the LED dimly.
that would be my bad, i said in a earlier post that i had the transistor from C B E and it was working, but in fact!!! i had it at E B C the whole time, I just read and wrote it down wrong, i knew how the transistor worked from memory, bet couldn't remember the names of the pins.
For any of us to understand we can only go but what is explained to us or the schematic. If you have C and E the wrong way round in your diagram, and you do have a current limit resistor in series with your LED then yes, it should work.