Lawgist15JFactors to be taken into account while adjudging quantum of penalty
15J. 1[Factors to be taken into account while adjudging quantum of penalty].--While adjudging the quantum of penalty under section 2[15-I or section 11 or section 11B, the Board or the adjudicating officer] 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 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 15HA shall be and shall always be deemed to have been exercised under the provisions of this section.]]
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1. Subs. by Act 13 of 2018, s. 185, for marginal heading (w.e.f. 8-3-2019).
2 2. Subs. by s. 185, ibid., for section 15-I, the adjudicating officer (w.e.f. 8-3-2019).
2 3. Ins. by Act 7 of 2017, s.147 (w.e.f. 1-3-2017). 4. The words "of an adjudicating officer" omitted by Act 13 of 2018, s. 185 (w.e.f. 8-3-2018).
- 15A Penalty for failure to furnish information, return, etc
- 15B Penalty for failure by any person to enter into agreement with clients
- 15C Penalty for failure to redress investors‟ grievances
- 15D Penalty for certain defaults in case of mutual funds
- 15E Penalty for failure to observe rules and regulations by an asset management company
- 15EA Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts
- 15EB Penalty for default in case of investment adviser and research analyst
- 15F Penalty for default in case of stock brokers
- 15G Penalty for insider trading
- 15H Penalty for non-disclosure of acquisition of shares and takeovers
- 15HA Penalty for fraudulent and unfair trade practices
- 15HAA Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board
- 15HB Penalty for contravention where no separate penalty has been provided
- 15-I Power to adjudicate
- 15J Factors to be taken into account while adjudging quantum of penalty
- 15JA Crediting sums realised by way of penalties to Consolidated Fund of India
- 15JB Settlement of administrative and civil proceedings
