F&O income is classified as business income and not trading/speculative for taxation purpose. If that’s the case, why is it considered as financial income? Moreover underwriting options is more like running an insurance business with all the settlement obligations taken care by Clearing member unlike the insurance business. Even insurance companies don’t require NBFC registration with RBI. If so, I don’t think NBFC licence is required. RBI 50-50 rule is not applicable here. Please correct me if you think I’m wrong.