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The Securities Contracts (Regulation) Act

23JFactors to be taken into account by the adjudicating officer

23J. 1[Factors to be taken into account while adjudging quantum of penalty.]--While adjudging the quantum of penalty under 2[section 12A or section 23-I], 3[the Securities and Exchange Board of India 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.

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1. Subs. by Act 13 of 2019, s. 154, for "Factors to be taken into account by adjudicating officer" (w.e.f. 8-3-2019).

2. Subs. by s. 154, ibid., for "section 23-I" (w.e.f. 8-3-2019).

3. Subs. by s. 154, ibid., for "the adjudicating officer" (w.e.f. 8-3-2019).

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