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.]

1. Subs. by Act 13 of 2018, s. 196, for "Factors to be taken into account by adjudicating officer " (w.e.f. 8-3-2019).
2. Subs. by s. 196, ibid., for "section 19H, the adjudicating officer " (w.e.f. 8-3-2019).
3. Ins. by Act 7 of 2017, s. 149 (31-3-2017).
4 The words "of an adjudicating officer " omitted by Act 13 of 2018, s. 196 (w.e.f. 8-3-2019).