Section 62(2)(c) in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
(c)whether the penalty or the enhanced penalty imposed is adequate, inadequate or severe, and pass orders-(i)confirming, enhancing, reducing, or setting aside the penalty; or(ii)remitting the case to the authority which imposed or enhanced the penalty or to any other authority with such direction as it may deem fit in the circumstances of these cases: