Rule 5 - Order of the adjudicating officer - Securities And Exchange Board of India (Procedure For Holding Inquiry And Imposing Penalties By Adjudicating Officer) Rules, 1995

Order of the adjudicating officer. 5. (1) If, upon consideration of the evidence produced before the adjudicating officer, the adjudicating officer is satisfied that the person has become liable to penalty under any of the sections specified in sub-section (1) of section 15-I, he may, by order in writing, impose such penalty as he thinks fit in accordance with the provisions of the relevant section or sections specified in section 15-I. (2) While adjudging the quantum of penalty under section 15-I, 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) Every order made under sub-rule (1) shall specify the provisions of the Act in respect of which default has taken place and shall contain brief reasons for such decisions. (4) Every such order shall be dated and signed by the adjudicating officer.