Trading in derivatives

No. These cannot deal without having proper license from RBI.

Please note that his Platform is not meant for question-answer sessions.

The purpose and objective must state the usage.  Simply because in an internal document it was stated, one may treat it right for internal audit purposes.  But when an act stipulates for obtaining licenses for such financial activity and restricts the permissions on the basis of some eligibility criterion, without obtaining proper permissions taking up such activities is illegal. (My presumption is that the company is engaging in trading, only if it can show as investment purpose they may convince depending on such number of transactions)