151. Amendment of section 23J.
In section 23J of the principal Act,––
(i) for the marginal heading, the following marginal heading shall be substituted, namely:––
“Factors to be taken into account while adjudging quantum of penalty.”;
(ii) for the word, figures and letter “section 23-I” the words, figures and letters “section 12A or section 23-I” shall be substituted.
(iii) for the words “the adjudicating officer”, the words “the Securities and Exchange Board of India or the adjudicating officer” shall be substituted.
Notes on Clauses:
Clause 151 of the Bill seeks to amend section 23J of the Act, as a consequential amendment, to ensure that the factors mentioned in the said section are relevant for levy of monetary penalty, by the Board under section 12A as well as by an adjudicating officer under section 23-I of the said Act.
