Commodity derivatives - ncdex

Proviso to Sec 43(5) gives relief to certain transactions, which will not be treated as speculative.

As per clause (d) to Proviso to Sec 43(5) 

"  an eligible transaction in repsct of trading in derivatives referred to to in Sec 2(19) of SEcurities Contracts (Regulation ) Act, 1956 carried out in a Recognised Stock Exchange."

As of now, only, BSE, NSE and MCX are recognised stock exchanges.

Hence, any commOdity trading (without delivery) carried out on any stock exchange other than MCX, will be treated as speculative transaction.