law: Securities Contracts (Regulation) Act, 1956
  14.Contracts in
  
  notified areas to be void in certain circumstances.-
  (1) Any contract
  
  entered into 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 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.