19-I. 1 [Factors to be taken into account while adjudging quantum of penalty].--While adjudging adjudging the quantum of penalty under 2 [section 19 or section 19H, the Board or the adjudicating officer] shall have due regard to the following factors, namely:-- (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) the amount of loss caused to an investor or group of investors as a result of the default; (c) the repetitive nature of the default. 3 [Explanation.--For the removal of doubts, it is clarified that the power of 4 *** to adjudge the quantum of penalty under sections 19A to 19F shall be and shall always be deemed to have been exercised under the provisions of this section.]

19-I. 1 [Factors to be taken into account while adjudging quantum of penalty].--While adjudging adjudging the quantum of penalty under 2 [section 19 or section 19H, the Board or the adjudicating officer] shall have due regard to the following factors, namely:-- (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) the amount of loss caused to an investor or group of investors as a result of the default; (c) the repetitive nature of the default. 3 [Explanation.--For the removal of doubts, it is clarified that the power of 4 *** to adjudge the quantum of penalty under sections 19A to 19F shall be and shall always be deemed to have been exercised under the provisions of this section.]