Mirae Asset revises benchmark for two Silver ETFs in line with SEBI norms

Mirae Asset Investment Managers (India) has issued a notice-cum-addendum informing investors about key updates to the Scheme Information Document (SID) and Key Information Memorandum (KIM) of select schemes under Mirae Asset Mutual Fund.

The update has been made in accordance with the Securities and Exchange Board of India (SEBI) circular dated February 26, 2026, which introduces revised guidelines for the valuation of physical gold and silver held by mutual fund schemes.

The circular is aimed at standardising valuation practices across the mutual fund industry and ensuring greater transparency and consistency in NAV calculation and performance reporting.

As part of this regulatory change, Mirae Asset has revised the benchmark for two of its silver-focused schemes

Earlier, the benchmark for both schemes was based on the Domestic Price of Physical Silver derived from the London Bullion Market Association (LBMA) silver daily spot fixing price. However, with effect from April 08, 2026, the benchmark has been updated to the Domestic Price of Physical Silver.

This revision aligns with SEBI’s updated valuation framework, which emphasises the use of domestic bullion pricing to better reflect Indian market conditions.

SEBI Gold & Silver ETF valuation rule 2026

SEBI has issued updated guidelines (via circular dated February 26, 2026) to standardise how gold and silver held by mutual fund schemes are valued.

Mutual fund schemes holding physical gold or silver must now use the domestic price of physical gold/silver in India instead of depending primarily on international benchmarks.

Earlier, many schemes used LBMA gold/silver spot fixing rates (London-based benchmark)

Mutual fund experts note that such regulatory updates are intended to improve consistency in valuation methodology across gold and silver ETFs, while reducing dependence on global pricing benchmarks.