23J. 1[Factors to be taken into account while adjudging quantum of penalty.]—While adjudging
the quantum of penalty under 2[section 12A or section 23-I],
3[the Securities and Exchange Board of India
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.
1. Subs. by Act 13 of 2019, s. 154, for "Factors to be taken into account by adjudicating officer " (w.e.f. 8-3-2019).
2. Subs. by s. 154, ibid., for "section 23-I" (w.e.f. 8-3-2019).
3. Subs. by s. 154, ibid., for "the adjudicating officer " (w.e.f. 8-3-2019).
(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.
1. Subs. by Act 13 of 2019, s. 154, for "Factors to be taken into account by adjudicating officer " (w.e.f. 8-3-2019).
2. Subs. by s. 154, ibid., for "section 23-I" (w.e.f. 8-3-2019).
3. Subs. by s. 154, ibid., for "the adjudicating officer " (w.e.f. 8-3-2019).