Penalty adjudication factors broadened to cover additional offences and allow an alternate regulatory decision-maker to assess penalties.

The amendment restates the marginal heading as Factors to be taken into account while adjudging quantum of penalty, adds a cross-reference to section 12A in addition to the earlier provision, and expands decision-making authority from the adjudicating officer to "the Securities and Exchange Board of India or the adjudicating officer," thereby broadening both the scope of application and the potential adjudicator for penalty assessment.

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