Section 15HB. Penalty for contravention where no separate penalty has been provided

15HB. Penalty for contravention where no separate penalty has been provided. —Whoever fails to comply with any provision of this Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be[1] [liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees].] 15-I. Power to adjudicate. —(1) For the purpose of adjudging under sections 15A, 15B, 15C, 15D, 15E,[2] [15EA, 15EB, ] 15F, 15G,[3] [15H, 15HA and 15HB] the Board[4] [may] appoint any officer not below the rank of a Division Chief to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty. (2) While holding an inquiry the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), he may impose such penalty as he thinks fit in accordance with the provisions of any of those sections. 5[(3) The Board may call for and examine the record of any proceedings under this section and if it considers that the order passed by the adjudicating officer is erroneous to the extent it is not in the interests of the securities market, it may, after making or causing to be made such inquiry as it deems necessary, pass an order enhancing the quantum of penalty, if the circumstances of the case so justify: 1. Subs. by Act 27 of 2014, s. 15, for "liable to a penalty which may extend to one crore rupees" (w.e.f. 8-9-2014). 2. Ins. by Act 13 of 2018, s. 184 (w.e.f. 8-3-2019). 3. Subs. by Act 59 of 2002, s. 18, for "and 15H" (w.e.f. 29-10-2002). 4. Subs. by Act 13 of 2018, s. 184, for "shall" (w.e.f. 8-3-2019). 5. Ins. by Act 27 of 2014, s. 16 (w.e.f. 28-3-2014). Provided that no such order shall be passed unless the person concerned has been given an opportunity of being heard in the matter: Provided further that nothing contained in this sub-section shall be applicable after an expiry of a period of three months from the date of the order passed by the adjudicating officer or disposal of the appeal under section 15T, whichever is earlier.] 15J.[1] [Factors to be taken into account while adjudging quantum of penalty ] .—While adjudging the quantum of penalty under[2] [15-I or section 11 or section 11B, 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 4* to adjudge the quantum of penalty under sections 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 15HA shall be and shall always be deemed to have been exercised under the provisions of this section.]