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<h1>Amendments to SEBI Act: Consider Gains, Investor Loss, and Repetitive Defaults for Penalty Decisions Under Finance Act 2017/2018.</h1> When determining the quantum of penalty under the Securities and Exchange Board of India Act, 1992, the Board or adjudicating officer must consider the following factors: the amount of disproportionate gain or unfair advantage obtained from the default, the loss caused to investors, and whether the default is repetitive. The power to adjudge penalties under certain sections is clarified to be exercised under these provisions. Amendments made by the Finance Act in 2017 and 2018 have refined the language and scope of these factors and powers.