Law Maker

CHAPTER IV ENQUIRY AND INSPECTION

Section 19I: 1Factors to be taken into account while adjudging quantum of penalty

The Depositories Act, 1996

While 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.]

Footnotes in the official text

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