Section 15(2) in The Forward Contracts (Regulation) Act, 1952
(2)Any forward contract in goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void—(i) as respects the rights of any member of the recognised association 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.
