Factors to be taken into account while adjudging quantum of penalty :
Section – 19-I. While adjudging the quantum of penalty under [section 19 or section 19H, the Board or 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. |
[Explanation.—For the removal of doubts, it is clarified that the power [***] to adjudge the quantum of penalty under sections 19A to 19F shall be and shall always be deemed to have been exercised under the provisions of this section.