Section 15J - Factors to be taken into account while adjudging quantum of penalty - Securities and Exchange Board of India Act, 1992

2 [Factors to be taken into account while adjudging quantum of penalty] 15J. While adjudging quantum of penalty under 3 [ 15-I or section 11 or section 11B, 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. 1 [ Explanation.-for the removal of doubts, it is clarified that the power 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 Inserted vide Finance Act, 2017 w.e.f April 26, 2017. 2. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as Factors to be taken into account by the adjudicating officer. 3. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as section 15-I, the adjudicating officer 4. Omitted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as of an adjudicating officer