FACTORS TO BE TAKEN INTO ACCOUNT BY THE ADJUDICATING OFFICER :

Section 23J provides for the factors to be taken into account by the adjudicating officer. While adjudging the quantum of penalty, 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.