Section 5(2) in The Depositories (Procedure For Holding Inquiry and Imposing Penalties By Adjudicating Officer) Rules, 2005
(2)While adjudging the quantum of penalty under section 19-H of the Act, the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 211(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.
