NSE’s New Rulebook: T-1 NAV to Guide ETF Reference Prices

Key Highlights:

Policy update: Effective from February 1, 2026, NSE confirmed that the reference price for Gold and Silver ETFs traded on the exchange will be calculated using the T-1 NAV (the net asset value of the previous trading day).

Rationale: This adjustment is designed to enhance price discovery and reduce intra-day volatility, ensuring investors have a more reliable benchmark when trading precious metal ETFs.

Market impact: At 11:05 AM IST, Gold ETFs on NSE were trading marginally higher, reflecting investor confidence in the new pricing mechanism. Silver ETFs showed steady movement, with analysts noting that the T-1 NAV system could help stabilize liquidity in the segment.

Investor sentiment: Market experts believe the change will align Indian ETF trading with international standards, making the instruments more attractive to both retail and institutional investors.

Broader outlook: With gold and silver remaining safe-haven assets amid global uncertainty, the revised pricing framework is expected to strengthen investor trust and participation in commodity-linked ETFs.

Sources: NSE India Circulars, Economic Times Markets, Moneycontrol Commodities, Business Standard Finance