ASIC Commences Proceedings Against ISX and JK, page-625

I'll assume that you actually read the entire section and understand that the word 'serious' is actually the threshold within the subsection otherwise you can't plead it. In short, they have to be plead it as 'serious' to come within the section otherwise you can't plead it. Whether they are proven to be 'serious' or found to be 'serious' is a different matter. Even if found to be 'serious', the Court has a discretion (i.e. "...may order a person to pay to the Commonwealth a pecuniary penalty..."). Assuming the allegation is made good by ASIC, the Court may decide not to impose a penalty, or merely impose a nominal penalty, particularly if the allegations are de minimis in the overall scheme.

I'm loath to point out obvious things like this but it if people can't get a grasp of basic statutory interpretation, they may wish to consider whether or not to comment on legal matters. Some of the stuff being peddled here is just misleading and needs to be called out, otherwise people keep building upon it. Before you know it, there's an empirical stratum of legal misinformation rivalling Dr Google.