(1) If, upon consideration of the evidence produced before the adjudicating officer, the adjudicating officer is satisfied that the person has become liable to penalty under any of the sections specified in subsection (1) of section 15-I, he may, by order in writing, impose such penalty as he thinks fit in accordance with the provisions of the relevant section or sections specified in section 15-I.
(2) While adjudging the quantum of penalty under section 15-I, 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) Every order made under sub-rule (1) shall specify the provisions of the Act in respect of which default has taken place and shall contain brief reasons for such decisions.
(4) Every such order shall be dated and signed by the adjudicating officer.
Copy of the Order.
6. The adjudicating officer shall send a copy of every order made under rules by it to the person concerned and to the Board.
Service of notices and orders.
7. A notice or an order issued under these rules shall be served on the person in the following manner, that is to say,—
(a) by delivering or tendering it to that person or his duly authorised agent ;
(b) by sending it to the person by 4[fax or electronic mail or courier or speed post with acknowledgement due or] registered post with acknowledgement due to the address of 'javascript:void(0);'
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his place of residence or his last known place of residence or the place where he carried on, or last carried on, business or personally works, or last worked, for gain:
4 [Provided that a notice sent by Fax shall bear a note that the same is being sent by fax and in case the document contains annexure, the number of pages being sent shall also be mentioned :
Provided further that a notice sent through electronic mail shall be digitally signed by the competent authority and bouncing of the electronic mail shall not constitute valid service; ]
(c) if it cannot be served under clause (a) or clause (b), by affixing it on the outer door or some other conspicuous part of the premises in which that person resides or is known to have last resided, or carried on business or personally works or last worked for gain and that written report thereof should be witnessed by two persons; or 4 [
(d) if it cannot be affixed on the outer door as per clause (c), by publishing the notice in atleast two newspapers, one in a English daily newspaper having nationwide circulation and another in a newspaper having wide circulation published in the language of the region where that person was last known to have resided or carried on business or personally worked for gain.]
Notification : No. GSR 541(E), dated 10-7-1995.
4. Inserted by the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2015, w.e.f. 28-5-2015.
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