Section 5(2) in Securities Contracts (Regulation) (Procedure For Holding Inquiry and Imposing Penalties) Rules, 2005
(2)While adjudging the quantum of penalty under [sub-section (2) of section 12A or section 23-I] [Substituted 'section 23-I' by Notification No. G.S.R. 212(E), dated 8.3.2019 (w.e.f. 11.4.2005).] of the Act, the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 212(E), dated 8.3.2019 (w.e.f. 11.4.2005).] 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.
