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<h1>Penalties under Securities Contracts Act must consider gains, investor losses, and repeat offenses per Sections 23A-23C.</h1> When determining the quantum of penalty under the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India or the adjudicating officer must consider factors such as the amount of disproportionate gain or unfair advantage obtained from the default, the loss caused to investors, and the repetitive nature of the default. It is clarified that the adjudicating officer's power to determine penalties under sections 23A to 23C is exercised under this section.