Revised ETF pricing framework introduces dynamic bands, new base price rules, and pre-open call auction for commodity ETFs.

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....ETFs will move from a fixed NAV-based pricing framework to revised base-price and price-band norms. For Equity and non-overnight Debt ETFs, the base price will initially be the T-1 day closing price, with dynamic bands starting at 10% and flexing in 5% steps up to 20% after cooling-off periods; Overnight and Liquid ETFs will retain a fixed 5% band. Commodity ETFs (Gold/Silver) will have dynamic bands starting at 6%, with staged relaxation and no cap on flexing in exceptional market conditions. Close-out pricing is revised for Overnight and Liquid ETFs, and Commodity ETFs will have a pre-open call auction to improve price discovery. The circular applies from 1 September 2026.....