National News
SEBI proposes new framework for valuation of gold and silver in ETFs to standardize mutual fund industry practices
New SEBI framework aims to bring transparency and standardization to gold and silver ETF valuations, aligning practices across mutual funds.
The Securities and Exchange Board of India (SEBI) has issued a proposal to introduce a uniform valuation mechanism for gold and silver Exchange Traded Funds (ETFs), marking a significant step towards improving consistency, transparency, and efficiency across the mutual fund industry.
In its consultation paper, SEBI recommends the adoption of domestic spot prices for valuing physical gold and silver assets held by ETFs, replacing the current use of the London Bullion Market Association (LBMA) price in U.S. dollars. At present, different mutual fund houses follow varied valuation methods, which may lead to duplication of effort and inconsistencies in the Net Asset Value (NAV) calculations of these funds.
The move is expected to align the valuation of physical and derivative assets, reduce operational complexity, and better reflect the local market conditions. SEBI believes this change will benefit investors by enhancing comparability and fairness across all gold and silver ETFs.
This proposal reflects SEBI’s commitment to evolving with the changing needs of the financial ecosystem and promoting best practices in asset valuation. Market participants, stakeholders, and the public are invited to share their comments and suggestions on the proposed framework by August 6, 2025.
National News
IFSCA Notifies India Good Delivery Gold Framework
GJEPC Seeks Swift Rollout and Global Recognition. The Framework Is Expected To Strengthen Responsible Sourcing, Build Confidence In Indian-Refined Gold and Create Opportunities For Bullion Exports.
GJEPC has urged the Government to expedite international recognition and the implementation of the India Good Delivery Gold framework, following the notification of the International Financial Services Centres Authority (IFSCA) (Good Delivery) Guidelines, 2026. The framework is expected to strengthen responsible sourcing, build confidence in Indian-refined gold and create opportunities for bullion exports.
The guidelines establish a framework for quality assurance, responsible sourcing and traceability in gold refining. IFSCA, India’s unified regulator for financial products, services and institutions operating in International Financial Services Centres, will implement the framework through the Bullion Exchange in the IFSC. Gold from accredited refiners that meets the prescribed requirements can qualify for delivery on IFSC exchanges and for over-the-counter trading.
The framework extends beyond the purity and quality of gold bars to address their provenance. Refiners must trace raw gold to its source, assess supply-chain risks, verify suppliers and beneficial owners, and meet applicable responsible-sourcing requirements. Independent third-party audits will provide additional assurance.
The initiative follows the recommendations by NITI Aayog, a policy think tank, which had called for an India Good Delivery Standard and responsible-sourcing guidelines for refineries. The report highlighted the potential of domestic refining to retain more value within India, generate employment and support exports.
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