Section 19I - Factors to be taken into account while adjudging quantum of penalty - Depositories Act, 1996

1 [ 3 [Factors to be taken into account while adjudging quantum of penalty.] 19-I. While adjudging the quantum of penalty under 4 [ 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. 2 [ Explanation.-For the removal of doubts, it is clarified that the power 5 [*****] 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. ]] **************** 1 Inserted by the Securities Laws (Amendment) Act, 2004, Sec. 17, w.e.f. 12-10-2004. 2 Inserted vide Finance Act, 2017 3. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as Factors to be taken into account by adjudicating officer. 4. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as section 19H, the adjudicating officer 5. Omitted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as of an adjudicating officer