Description

BSE revises reference price methodology for Gold and Silver ETFs to use latest NAV as of February 2, 2026, with ±20% price band applicable for trading on February 3, 2026.

Summary

BSE has issued guidelines for determining the reference price for Gold and Silver Exchange Traded Funds (ETFs) for trading on February 3, 2026. The reference price will be based on the latest available Net Asset Value (NAV) as of February 2, 2026. If the latest NAV is unavailable, the closing price as of February 2, 2026 will be used. The standard price band of ±20% will apply to this reference price.

Key Points

  • Reference price for Gold and Silver ETFs to be based on latest available NAV as of February 2, 2026
  • If NAV is unavailable, closing price as of February 2, 2026 will be used as reference price
  • Price band of ±20% applicable to the reference price
  • Effective for trading purposes on February 3, 2026
  • Notice issued by Ketan Jantre, Head – Trading Operations

Regulatory Changes

No new regulatory changes introduced. This circular clarifies the existing methodology for determining reference prices for Gold and Silver ETFs.

Compliance Requirements

Market participants must:

  • Note the revised reference price methodology for Gold and Silver ETFs
  • Apply the ±20% price band based on the determined reference price for trading on February 3, 2026
  • Use latest NAV as of February 2, 2026 as primary reference, with closing price as fallback

Important Dates

  • February 2, 2026: Reference date for NAV/closing price determination
  • February 3, 2026: Effective date for revised reference price and price band application

Impact Assessment

Market Impact: Medium - affects all Gold and Silver ETF trading activity. Ensures price discovery is based on most current NAV data, providing better alignment between ETF market price and underlying asset value.

Operational Impact: Low - standard procedural update that trading members routinely implement. Price band methodology remains unchanged at ±20%.

Investor Impact: Medium - ensures fair pricing mechanism for Gold and Silver ETF investors by using latest NAV as reference point.

Impact Justification

Procedural update affecting Gold and Silver ETF trading reference prices with standard ±20% price band application. Impacts ETF traders but follows established methodology.