SEBI | Valuation of physical Gold and Silver held by mutual fund schemes

https://www.sebi.gov.in/legal/circulars/feb-2026/valuation-of-physical-gold-and-silver-held-by-mutual-fund-schemes_100001.html
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Securities and Exchange Board of India, SEBI

2026-02-27 08:10:19 · pthandapani@vixio.com
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Securities and Exchange Board of India is made for protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto

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TITLE: India's Securities and Exchange Board Publishes Guidance on Valuation of Physical Gold and Silver Held by Mutual Fund Schemes BODY: On February 26, 2026, the Securities and Exchange Board of India (SEBI) published guidance on the valuation of physical gold and silver held by mutual fund schemes. The circular, issued under reference HO/(68)2026-IMD-POD-2/I/5780/2026, addresses the valuation methodology for precious metals held as assets within mutual fund portfolios. This guidance is significant for mutual fund managers, custodians, and valuers responsible for determining the net asset value (NAV) of gold and silver holdings. Accurate valuation of physical precious metals is essential for ensuring fair pricing of mutual fund units and protecting investor interests. The guidance clarifies the standards and procedures that mutual fund schemes must follow when valuing physical gold and silver, helping to maintain consistency and transparency across the industry. The circular applies to all mutual fund schemes that hold physical gold and silver as part of their investment portfolio, including dedicated gold funds and schemes with precious metal allocations. This development is particularly relevant given the growing popularity of gold and silver-focused mutual fund products in India. Mutual fund managers and custodians should review this circular to ensure their valuation practices align with SEBI's requirements. Implementation of the guidance should be undertaken immediately to maintain compliance with regulatory standards. **Reference:** Securities and Exchange Board of India (SEBI) Circular No. HO/(68)2026-IMD-POD-2/I/5780/2026
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