19-IFactors to be taken into account by adjudicating officer.

19-I. ¹ [Factors to be taken into account while adjudging quantum of penalty].--While adjudging adjudging the quantum of penalty under ² [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.
³ [Explanation.--For the removal of doubts, it is clarified that the power of ⁴ *** 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.]