Securities Contracts (Regulation) Act, 1956

Section - 23J - Factors to be taken into account while adjudging quantum of penalty

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

23J. While adjudging the quantum of penalty under [section 12A or section 23-I], [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.

[Explanation.-For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 23A to 23C shall be and shall always be deemed to have exercised under the provisions of this section.]

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