Section 5 in Securities and Exchange Board of India (Procedure For Holding Inquiry and Imposing Penalties By Adjudicating Officer) Rules, 1995
5. Order of the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).].
(1)If, upon consideration of the evidence produced before the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).], the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).] is satisfied that the person has become liable to penalty under any of the sections specified in sub-section (1) of [sub-section (4A) of section 11 or sub-section (2) of section 11B or section 15-I of the Act] [Substituted 'section 15-I' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).], he may, by order in writing, impose such penalty as he thinks fit in accordance with the provisions of the relevant section or section specified in [sub-section (4A) of section 11 or sub-section (2) of section 11B or section 15-I of the Act] [Substituted 'section 15-I' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).].(2)While adjudging the quantum of penalty under [sub-section (4A) of section 11 or sub-section (2) of section 11B or [sub-section (4A) of section 11 or sub-section (2) of section 11B or section 15-I of the Act] [Substituted 'section 15-I' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).] of the Act] 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.(3)Every order made under sub-rule (1) shall specify the provisions of the Act in respect of which default has taken place and shall contain brief reasons for such decisions.(4)Every such order shall be dated and signed by the [the Board or the adjudicating officer] [Substituted 'adjudicating officer' by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).].(5)[ The Board or the adjudicating officer who has passed an order, may rectify any error apparent on the face of record on such order, either on its own motion or where such error is brought to his notice by the affected person within a period of fifteen days from the date of such order.Explanation. - For the purpose of this rule, "error apparent on the face of record" shall mean any typographical errors that creep in inadvertently into the order and includes such other errors that do not require a long drawn out reasoning process to ascertain such a mistake.] [Inserted by Notification No. G.S.R. 210(E), dated 8.3.2019 (w.e.f. 10.7.1995).]
