Section 23J — Factors to be taken into account by the adjudicating officer.

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.

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