Speculative transaction rules distinguish delivery-based trades from hedging and eligible derivative transactions under tax law. A speculative transaction is a contract for purchase or sale of commodities, stocks or shares settled otherwise than by actual delivery, subject to recognised exceptions for derivative transactions, hedging in business, hedging in shares, and jobbing or arbitrage by market members. A specified derivative transaction is treated as non-speculative where it is carried out through regulated intermediaries or by banks or mutual funds on screen-based systems of a recognised stock exchange, and is supported by a time-stamped contract note containing the unique client identity number and PAN. Securities, currency futures, commodity derivatives and agricultural commodity derivatives are covered within the stated conditions.