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Gold and silver investors should take note of these changes as precious metal ETFs can see sharp price movements, particularly when international bullion markets move while Indian markets are closed.

What Has SEBI Changed in ETF Trading?

An ETF essentially has two important values. Its Net Asset Value (NAV) represents the per-unit value of the assets held by the fund, while its market price is determined by buying and selling activity on the stock exchange.

Ideally, the ETF’s market price should remain close to its NAV. However, the two can diverge, particularly during periods of high volatility or when an ETF has relatively low trading volumes.

SEBI has now changed several aspects of the ETF trading framework to improve this price discovery process.

New ETF Base Price System From September 7

Under the earlier system, an ETF’s base price was linked to its NAV from two trading days earlier, or T-2 NAV. Most ETFs could then move within a 20% price band on either side of that base price.

Under the revised framework, the base price will instead be linked to the previous trading day’s closing price. It will be calculated using the Volume-Weighted Average Price (VWAP) of the ETF during the final 30 minutes of the previous trading session.

In practical terms, the next day’s trading range will be based more closely on where the ETF actually traded toward the end of the previous session rather than relying on a two-day-old NAV.

Different ETFs Will Now Have Different Price Bands

SEBI has also introduced different price-band structures depending on the category of ETF.

• Equity and debt ETFs: Initial price band of 10%, which can be expanded in stages up to 20%.
• Whenever the applicable limit is reached, a 15-minute cooling-off period will apply before the band can be widened further.
• Gold and silver ETFs: Initial price band of 6%, with the ability to widen the band in 3% increments without an upper limit.
• Overnight and liquid ETFs: A fixed 5% price band will continue to apply.

The framework is particularly relevant for gold and silver ETFs because international bullion prices can move substantially while Indian markets are closed. The revised structure provides greater flexibility for these ETFs to adjust to significant overnight changes.

Gold and Silver ETFs to Get Pre-Open Call Auction

One of the most important changes for precious metal investors is the introduction of a pre-open call auction for gold and silver ETFs.

From September 7, buy and sell orders will be collected during the pre-open period and matched at a single equilibrium price. The objective is to make the opening price more representative of overall demand and supply instead of allowing an isolated order to disproportionately influence the opening trade.

According to the India Today report, the move is intended to improve price discovery and bring ETF trading prices closer to the value of their underlying assets.

Will Gold and Silver ETFs Always Trade at NAV?

No. The revised rules do not guarantee that an ETF’s market price will always exactly match its NAV.

Gold and silver ETFs can still trade at a premium or discount to NAV, depending on factors such as investor demand, supply, trading volumes and liquidity.

The new framework also does not change ETF returns, investment costs or taxation.

What Should Gold and Silver ETF Investors Do?

Investors should pay close attention to the indicative NAV (iNAV) before placing trades, particularly when markets are volatile or an ETF has relatively low liquidity.

Using limit orders can also help investors control the price at which their ETF units are bought or sold instead of relying entirely on the prevailing market order.

The new rules are primarily designed to improve the way ETFs respond to changes in their underlying assets. Investors should therefore understand the difference between an ETF’s NAV and its exchange-traded market price before making investment decisions.

Why These Changes Matter for Gold and Silver Investors

Gold and silver are traded globally, meaning their international prices can change significantly outside Indian market hours. When Indian exchanges reopen, precious metal ETFs may need to adjust quickly to these overnight movements.

The revised price-band mechanism and pre-open auction are designed to provide ETFs with greater flexibility and potentially improve the price-discovery process when such gaps occur.

For investors, the key takeaway is that gold and silver ETF trading may behave differently under the new framework, especially during periods of sharp international price movements.

FAQs

1. What are the major changes SEBI has made to ETF trading?

SEBI has revised several ETF trading rules, including the method used to determine the base price, price bands, pre-open trading and close-out process. The revised framework came into effect on September 7, 2026, with the broader objective of improving ETF price discovery and keeping market prices more closely aligned with underlying asset values.

2. What has changed for gold and silver ETFs?

Gold and silver ETFs will now have an initial 6% price band, which can be widened in 3% increments without an upper limit. They will also have a pre-open call auction at the beginning of the trading session. These changes are particularly relevant because international gold and silver prices can move sharply while Indian markets are closed.

3. Will gold and silver ETFs always trade at their NAV after the new SEBI rules?

No. The new framework does not guarantee that an ETF’s market price will always be equal to its Net Asset Value (NAV). Gold and silver ETFs can still trade at a premium or discount depending on demand, supply, liquidity and market conditions.

4. What is the new base price for ETFs under the revised rules?

Under the new framework, the ETF’s base price is linked to the previous trading day’s closing price, calculated using the Volume-Weighted Average Price (VWAP) of trades during the final 30 minutes of that session. This replaces the earlier approach that used the ETF’s T-2 NAV as the base price.

5. What should investors check before trading gold or silver ETFs?

Investors should consider checking the ETF’s indicative NAV (iNAV) before placing an order, particularly during periods of high volatility or when liquidity is low. Using limit orders can also help investors control their execution price. The new SEBI framework does not change ETF returns, costs or taxation.

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The proposal forms part of SEBI’s review and expansion of the SEBI (Vault Managers) Regulations, 2021. The objective is to create a harmonised vaulting framework covering physical gold, silver and other precious metals held as underlying assets for regulated financial products.

Under the proposed framework, vault managers would be responsible for bullion linked to Electronic Gold Receipts (EGRs), bullion ETFs, bullion derivatives and any other bullion-related instruments notified by SEBI.

At present, the vault manager framework mainly applies to physical gold backing EGRs traded on recognised stock exchanges. Vault managers receive, store and safeguard the physical gold and support the creation and extinguishment of EGRs.

The 2021 regulations already establish requirements covering registration, governance, net worth, risk management, internal controls, insurance, record keeping, reconciliation, audits, grievance redressal and business continuity. SEBI now wants to extend these safeguards to a wider set of financial products involving physical precious metals.

Why SEBI Wants Common Vaulting Rules

SEBI said the existing framework provides a strong foundation that can be expanded to cover additional products requiring secure custody of physical bullion.

“Given the rapid growth of physically backed precious metal products and the increasing concentration of investor assets in a limited number of vaults, extending the Vault Manager regulatory framework to cover storage of gold, silver and other precious metals underlying ETFs and derivatives on such bullion would mitigate operational risks, ensure regulatory consistency across similar custody activities and strengthen investor protection in the Indian securities market,” SEBI said.

The regulator has therefore proposed “a harmonised vaulting regime applicable to all physical bullion, including gold, silver and such precious metals, which are the underlying of Sebi-regulated products and are held pursuant to Sebi regulatory requirements”.

The proposed regime would introduce consistent requirements for vault infrastructure, governance, eligibility, operational controls, purity verification, insurance, cybersecurity, business continuity, auditing, inspection, record maintenance and risk management.

According to SEBI, common standards would also make regulatory supervision more effective and provide greater confidence to investors holding bullion through regulated financial products.

“It would also facilitate effective supervision by Sebi, and enhance investor confidence by ensuring that all investor-owned bullion held for Sebi-regulated products are subject to a common and robust regulatory framework, irrespective of the product through which such exposure is obtained,” it said.

Gold and Silver Markets Have Expanded

SEBI noted that India’s bullion market has undergone substantial changes with the expansion of products such as gold ETFs, silver ETFs and bullion-backed derivatives.

India remains one of the world’s largest gold-consuming markets, while electronic gold products have expanded as investors increasingly look for alternatives to directly holding physical bullion. The proposed changes are intended to ensure that the physical metal supporting these financial products is governed by consistent custody standards.

The consultation paper also proposes a circular outlining the framework for EGRs and operational guidelines for vaulting services covering bullion-related instruments specified by SEBI.

Public Comments Invited Until September 1

SEBI has invited stakeholders and members of the public to submit comments on the consultation paper and proposed regulatory changes until September 1.

If implemented, the expanded framework would bring physical bullion held against different SEBI-regulated products under a common set of standards, potentially strengthening operational safeguards, transparency and investor protection across India’s growing bullion market.

FAQs

1. What has SEBI proposed for gold and silver vaults?

SEBI has proposed expanding the existing Vault Managers Regulations, 2021, so they cover physical gold, silver and other precious metals underlying a wider range of SEBI-regulated products, including ETFs and bullion derivatives.

2. Which products could come under the expanded vaulting framework?

The proposed framework would cover physical bullion backing Electronic Gold Receipts, bullion ETFs, bullion derivatives and any other bullion-related instruments that SEBI may specify.

3. What is the current role of vault managers under SEBI rules?

Under the existing framework, vault managers primarily store and safeguard physical gold underlying EGRs traded on recognised stock exchanges. They also facilitate the creation and extinguishment of EGRs.

4. Why does SEBI want a harmonised vaulting regime?

SEBI believes common standards could reduce operational risks and create consistency in areas such as vault infrastructure, purity verification, insurance, cybersecurity, audits, record keeping and risk management. The framework is also intended to strengthen investor protection and confidence.

5. Until when can stakeholders submit comments on SEBI’s proposal?

SEBI has invited public comments on the consultation paper and proposed changes until September 1, 2026. Stakeholders can provide feedback before the regulator considers further action on the proposed framework.

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At the same time, it was noticed that investors’ interest had shifted toward equity mutual funds, with inflows rising 8% to ₹25,978 crore during the month, particularly in the mid-cap and small-cap segments. Despite a slowdown in fresh flows, the average assets under management of gold ETFs rose to ₹1.8 lakh crore, indicating that existing investments remained largely intact, while the broader mutual fund industry saw total inflows decline from January.

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What does it mean for Silver and Gold ETFs?
The drop in ETF inflows coincided with a cooling in gold prices after a sharp rally earlier in the year. Gold futures on the Multi-Commodity Exchange of India had surged to an all-time high of ₹1,93,096 per 10 grams in late January before correcting in the following weeks.

By February, prices had retreated to around ₹1,61,851 per 10 grams. The correction encouraged some investors to book profits after the strong run-up in the precious metal earlier in the year.

Despite the moderation in fresh investments, the average assets under management (AUM) of gold ETFs continued to rise. The total average AUM increased to ₹1.8 lakh crore in February compared with ₹1.5 lakh crore in the previous month, suggesting that existing investors largely held on to their positions.

Shift Away from Silver, Gold ETF to Equity Funds
The moderation in gold ETF flows also coincided with improving investor interest in equities. As gold prices stabilised and equity markets showed signs of recovery, investors appeared to redirect funds toward equity-oriented mutual funds in search of long-term growth opportunities.

According to AMFI data, inflows into equity mutual funds rose 8% to ₹25,978 crore in February despite the shorter month. Mid-cap and small-cap funds saw particularly strong interest, with inflows rising significantly as investors looked to capitalise on volatility in the broader market. Large-cap funds also recorded modest growth in inflows, while sectoral and thematic funds saw a noticeable surge in investor participation.

Silver ETFs See Outflows
Silver ETFs also experienced a reversal in investor flows during February. After several months of strong inflows, the segment recorded a net outflow of ₹826 crore. This shift came as silver prices moderated following a strong rally earlier in the year.

The average AUM of silver ETFs declined to ₹89,323.66 crore from ₹95,203.63 crore in the previous month, reflecting the pullback in investor interest.

Systematic investment plan (SIP) inflows also dipped slightly during February, declining 4% to ₹29,845 crore. The decline was partly attributed to the shorter 28-day month, as SIP instalments scheduled for the final days of February are typically processed in early March.

Even with the moderation in ETF inflows and mutual fund sales, overall investor participation in mutual funds remained stable. Adjusted for the shorter month, industry data suggests that the underlying investment momentum continues to remain healthy.

The latest data, therefore, indicates that while gold ETF inflows have cooled after a record surge, the broader investment landscape remains active, with equities regaining traction as market conditions evolve.

FAQs
1. Why did gold ETF inflows fall in February 2026?
Gold ETF inflows fell mainly due to normalization after unusually high inflows in January, profit-booking after gold prices corrected from record highs, and a shift in investor interest toward equity mutual funds.

2. How much did gold ETF inflows decline?
According to data from the Association of Mutual Funds in India, gold ETF inflows dropped 78% month-on-month to ₹5,255 crore in February.

3. What happened to gold prices during this period?
Gold prices on the Multi Commodity Exchange of India declined from a peak of around ₹1.93 lakh per 10 grams in late January to about ₹1.61 lakh per 10 grams, leading some investors to book profits.

4. Did investors move money into other mutual fund categories?
Yes, equity mutual funds saw increased inflows during February, with stronger interest in mid-cap and small-cap funds as investors sought long-term growth opportunities.

5. Did gold ETFs lose assets under management (AUM)?
No, despite lower inflows, the average AUM of gold ETFs actually increased to around ₹1.8 lakh crore, suggesting that existing investors largely held on to their investments.

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The rally tracked firm moves in domestic futures markets. On the Multi Commodity Exchange (MCX), gold futures for April 2 delivery rose 3.12% to ₹1,67,155 per 10 grams, while silver futures for May 5 delivery gained 3.05% to ₹2,91,275 per kg.

So far this year, MCX spot silver has rallied 16%, while gold has gained nearly 19.5%, according to Bloomberg data. In contrast, benchmark equity indices have remained under pressure, with the Nifty down 0.9% and the Sensex slipping 0.85%, highlighting a clear rotation toward safe-haven assets.

WHY THE SUDDEN SURGE IN GOLD, SILVER ETFs RATES?

The United States and Israel launched missile strikes across Iran over the weekend, reportedly resulting in the death of Supreme Leader Ayatollah Ali Khamenei. Iran retaliated with strikes against Israel, US military bases, and targets in Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, and Bahrain.

US President Donald Trump said American forces had sunk nine Iranian naval ships and signaled that operations would continue until objectives were achieved.

The geopolitical flare-up also sent crude oil prices sharply higher. Brent crude surged as much as 13% to trade above $82 per barrel, marking its steepest jump in four years, amid concerns over potential supply disruptions through key routes such as the Strait of Hormuz.

Market analysts said the spike in bullion prices reflects a classic risk-off trade. As global equities and risk assets come under strain, capital typically shifts into precious metals, which serve as a hedge against geopolitical and economic uncertainty.

For now, with energy markets volatile and geopolitical risks elevated, bullion appears firmly in favor, and ETF investors are positioning accordingly.

FAQs
1. Why did gold and silver ETFs surge sharply?
Gold and silver ETFs rallied as investors shifted funds into safe-haven assets following escalating military conflict in West Asia. Rising geopolitical uncertainty typically boosts demand for precious metals.

2. How much did silver ETFs gain?
Silver ETFs rose between 8% and 9%, with several funds posting gains close to 9% in a single trading session.

3. What were the latest MCX gold and silver prices?
MCX gold April futures climbed 3.12% to ₹1,67,155 per 10 grams, while MCX silver May futures gained 3.05% to ₹2,91,275 per kg.

4. How have gold and silver performed so far this year?
Year-to-date, MCX spot silver has gained 16%, while gold has surged nearly 19.5%, outperforming benchmark equity indices.

5. Could bullion prices see profit-booking ahead?
Yes. Analysts suggest that while geopolitical tensions support prices, any diplomatic progress or signs of de-escalation could trigger short-term profit-booking after the recent spike.

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The circular titled “Valuation of physical Gold and Silver held by mutual fund schemes” published by SEBI outlines the revised methodology, which applies to all mutual fund schemes holding physical bullion, including gold and silver exchange-traded funds (ETFs).

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Gold & Silver ETFs Shift From LBMA
Until now, Indian gold and silver ETFs have relied on the London Bullion Market Association (LBMA) AM fixing prices. These global benchmark prices were adjusted for currency conversion, import duties, transportation costs, and domestic levies to derive Indian valuations.

However, under the revised norms, SEBI has mandated that mutual funds must use polled spot prices published by recognised Indian stock exchanges. These are the same prices used for settlement of physically delivered gold and silver derivatives contracts.

As stated in the SEBI circular, mutual funds shall value physical gold and silver using the polled spot prices used for settlement of physically delivered bullion derivatives contracts, effective April 01, 2026, SEBI.

This effectively anchors bullion fund valuations to domestic market price discovery rather than international reference rates.

Why This in Gold & Silver ETFs Matters?
The earlier LBMA-based system, while globally accepted, involved multiple adjustment layers. Currency fluctuations, changes in customs duties, and local taxes often introduce valuation variations between ETF net asset values (NAVs) and prevailing domestic bullion market prices.

By mandating Indian spot prices, SEBI aims to simplify the valuation chain and improve pricing accuracy during volatile global movements. Industry experts believe this could narrow the gap between ETF NAVs and actual trading prices in the Indian bullion market, thereby enhancing transparency.

For retail investors who use gold and silver ETFs either as tactical hedges or long-term portfolio diversifiers, NAVs are now expected to better reflect domestic bullion trends.

For India’s rapidly expanding ETF segment — particularly bullion-backed funds that have witnessed growing retail participation — the shift could enhance confidence, improve pricing efficiency, and align fund performance more closely with domestic market realities.

The April 2026 transition date gives mutual fund houses sufficient time to recalibrate valuation systems, but the long-term impact may be felt most strongly by investors who track gold and silver funds as core components of diversified portfolios.

FAQs
1. What is SEBI’s new rule for gold and silver mutual funds?
SEBI has mandated that mutual funds holding physical gold and silver must use domestic polled spot prices published by recognised Indian stock exchanges for valuation instead of LBMA AM fixing rates.

2. When will the new valuation framework come into effect?
The revised valuation methodology will be implemented from April 1, 2026.

3. Why is SEBI moving away from LBMA prices?
The earlier LBMA-based system required multiple adjustments such as currency conversion and customs duties. Using domestic spot prices simplifies valuation and aligns NAVs with Indian market conditions.

4. How will this affect gold and silver ETF investors?
The change is expected to reduce pricing gaps between ETF NAVs and actual domestic bullion prices, improve transparency, and better reflect Indian market trends.

5. Will this impact returns on gold and silver ETFs?
While the rule does not directly change market returns, it may improve pricing accuracy and reduce discrepancies caused by international benchmark adjustments, potentially making ETF valuations more consistent.

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WHY IS SEBI REVIEWING COMMODITY ETF RULES?

SEBI had issued a consultation paper, which is a document issued by a regulator or authority to seek public feedback before making a final rule or decision.

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According to the consultation paper, SEBI is reviewing the provisions related to the base price and price bands for ETFs. The base price acts as a reference point for trading, while price bands limit how much the ETF price can move up or down during a trading session.

These rules are meant to maintain orderly trading and protect investors from extreme volatility. However, SEBI is now evaluating whether the current framework works effectively for ETFs.

Since ETFs trade differently from regular stocks — especially commodity ETFs that track the price of underlying commodities — SEBI is reassessing whether the existing price band mechanism is appropriate for them.

WHAT ARE COMMODITY ETFs?

Commodity ETFs are funds that track the price of commodities such as gold or other underlying physical assets. They are traded on stock exchanges just like shares.

Unlike regular company stocks, the value of a commodity ETF is linked to the price of the commodity it tracks. If the commodity price moves sharply, ideally, the ETF price should reflect that movement.

This is where base price and price band rules become important.

WHAT SEBI WANTS TO IMPLEMENT?

HOW THESE CHANGES COULD AFFECT NORMAL COMMODITY ETF INVESTOR?

For regular investors who invest in commodity ETFs, any change in base price or price band rules could affect how these funds trade during the day.

If the rules are revised:

• Commodity ETFs may track underlying commodity prices more closely.
• Trading may become smoother and more aligned with market movements.
• Price discovery (the process through which the correct market price is determined) may improve.

At the same time, investors may notice changes in how much ETF prices are allowed to fluctuate within a day.

The consultation paper does not announce a final decision but invites feedback before making regulatory changes.

WHAT COULD THIS MEAN FOR THE GOLD, SILVER ETF?

The consultation paper signals that SEBI is reassessing how commodity ETFs function within the exchange trading system. While no immediate changes have been implemented, the review itself shows an effort to ensure that ETF pricing mechanisms remain appropriate.

For everyday investors, the key takeaway is simple: SEBI is examining whether the current trading limits on ETFs — including commodity ETFs — are working effectively and fairly.

Any final regulatory decision, after consultation, could shape how commodity ETFs behave in the market going forward.

COMMODITY ETF: FAQs

1. What is SEBI reviewing in this consultation paper?
SEBI is reviewing the provisions related to base price and price bands for ETFs, including commodity ETFs, to assess whether the current trading framework is appropriate.

SEBI Consultation Paper

2. What is a base price in ETF trading?
The base price is the reference price used to determine how much an ETF can move within a trading session.

3. What are price bands?
Price bands are limits that restrict how much an ETF’s price can rise or fall during a trading day.

4. Why does this review matter for commodity ETF investors?
Because commodity ETFs track underlying commodities, any change in base price or price band rules could affect how closely ETF prices reflect actual commodity movements.

5. Has SEBI made any final decision yet?
No. The document is a consultation paper, meaning SEBI is seeking feedback before making any final regulatory changes.

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