Factors to be taken into account while adjudging quantum of penalty - Section 15J

²[Factors to be taken into account while adjudging quantum of penalty]

While adjudging the 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;

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 by the Finance Act, 2017.

2. Substituted by the Finance Act, 2018 for the following :-

Factors to be taken into account by the adjudicating officer

3. Substituted by the Finance Act, 2018 for the following :-

"section 15-I, the adjudicating officer

4. Omitted by the Finance Act, 2018 the previous text was :-