Recognised association status for a commodity exchange renders eligible derivative trades non-speculative, subject to compliance and reporting. Central Government notifies Indian Commodity Exchange Limited as a recognised association under the Explanation to clause (e) of proviso to section 43(5) of the Income-tax Act, making eligible derivative transactions on the exchange non-speculative subject to conditions. Recognition may be withdrawn if the exchange loses regulatory approval, fails to record client particulars and PAN, does not maintain a seven-year audit trail, allows erasure or improper modification of transactions, or fails to submit monthly Form No. 3BC to the Director General (Intelligence and Criminal Investigation) within fifteen days of each month-end.