If any firm or an organized organization violates this Act or the rules or orders under this Act, in the case of a firm, the shareholders of that firm and, if it is an organized organization, the chief administrative officer of the organization, sub-section of section 5 For the purpose of (1) shall be liable to punishment. But if he proves that he was in a position where he could not have known that the violation was committed before he became a shareholder or such an administrative officer, that person will not be liable to such punishment.