15J. ¹[Factors to be taken into account while adjudging quantum of penalty].—While adjudging the quantum of penalty under section ²[15-I or section 11 or section 11B, the Board or the adjudicating officer] 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 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 15HA shall be and shall always be deemed to have been exercised under the provisions of this section.]]

1. Subs. by Act 13 of 2018, s. 185, for marginal heading (w.e.f. 8-3-2019).
2 2. Subs. by s. 185, ibid., for section 15-I, the adjudicating officer (w.e.f. 8-3-2019).
2 3. Ins. by Act 7 of 2017, s.147 (w.e.f. 1-3-2017). 4. The words "of an adjudicating officer " omitted by Act 13 of 2018, s. 185 (w.e.f. 8-3-2018).