].—While adjudging adjudging the quantum of penalty under 4[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.
5[Explanation.—For the removal of doubts, it is clarified that the power of 6*** 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.]