The government has notified United Stock Exchange, as a “Recognised Stock Exchange”, where trading would not be deemed as speculative transactions
The government has notified United Stock Exchange (USE), as a "Recognised Stock Exchange", where trading would not be deemed as speculative transactions. As per the relevant clause of the notification, trading in derivates are not speculative transactions. However for the purpose of claiming it to be non-speculative the derivates should be traded on a recognized stock exchange only.
The Income-Tax Department said in a notification dated 22 February 2011, "The Central Government hereby notifies United Stock Exchange of India Ltd as a recognized stock exchange with effect from the date of publication of this notification in the official gazette," A notification from the Central Government further mentioned, "This notification shall remain in force until the approval granted by the Securities and Exchange Board of India (SEBI) is withdrawn or expires, or this notification is rescinded by the Central government."
"The Central government can withdraw the recognition granted to United Stock Exchange of India Ltd if any of the conditions specified in relevant Income-tax Rules, subject to which the recognition is granted, is violated," The notification said further.
USE launched with currency derivatives on 20 September 2010 and introduced Currency Options with effect from 29 October 2010.
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