Section 23J. Factors 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.