(1) Any contract entered into in any State or area specified in the notification under section 13 which is in contravention of any of the bye-laws specified in that behalf under clause (a) of sub-section (3) of section 9 shall be void--
         (i) as respects the rights of any member of the recognised stock exchange who has entered into such contract in contravention of any such bye-law, and also
         (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention.
     (2) Nothing in sub-section (1) shall be construed to affect the right of any person other than a member of the recognised stock exchange to enforce any such contract or to recover any sum under or in respect of such contract if such person had no knowledge that the transaction was in contravention of any of the bye-laws specified in clause (a) of sub-section (3) of section 9.