Section 23J in The Securities Contracts (Regulation) Act, 1956
23J. Factors to be taken into account by adjudicating officer.
While adjudging the quantum of penalty under section 23-I, 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.
