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Norms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs). - SEBI - SEBI/HO/IMD/DF2/CIR/P/2021/668

Extract

..... from the date of their publication in the Official Gazette. B. With respect to Silver ETFs, the following operating norms have been specified: 1. Investment Objective: To generate returns that are in line with the performance of physical silver in domestic prices, subject to tracking error. 2. Investments: 2.1. A Silver ETF Scheme shall invest at least 95% of the net assets of the scheme in: 2.1.1. Silver and 2.1.2. Silver related instruments. Exchange Traded Commodity Derivatives (ETCDs) having silver as the underlying shall be considered as ‘silver related instrument’ for Silver ETFs. Investment in ETCDs having silver as the underlying by Silver ETFs will be subject to following conditions: i. The exposure to ETCDs having silv .....

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Norms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs). - SEBI

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..... AV: The NAV of Silver ETFs shall be disclosed on daily basis on the website of the AMC. Further, the indicative NAVs of Silver ETFs shall be disclosed on Stock Exchange platforms, where the units of these ETFs are listed, on continuous basis during the trading hours. 7. Benchmark for Silver ETF Scheme: Silver ETF Scheme(s) shall be benchmarked against the price of silver (based on LBMA Silver daily spot fixing price). 8. Liquidity: 8.1. Units of Silver ETFs shall be listed on the recognized Stock Exchange(s). 8.2. The AMC shall appoint Authorized Participants (APs)/ Market Makers (MMs) to provide liquidity for the units of Silver ETFs in secondary market on an ongoing basis. 8.3. APs/ MMs and large investors may directly buy/sell units with .....

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Norms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs). - SEBI

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..... hysical or derivative markets impairing the ability of the fund to buy and sell silver, 10.4. Risks associated with handling, storing and safekeeping of physical silver; 10.5. Applicable tax provisions. 11. Dedicated Fund Manager: For commodity based funds such as Gold ETFs, Silver ETFs and other funds participating in commodities market, a dedicated fund manager with relevant skill and experience in commodities market including commodity derivatives market shall be appointed to manage the fund. However, it is clarified that dedicated fund manager(s) for each Commodity based fund is not mandatory. 12. Half Yearly Trustee Report: 12.1. Physical verification of silver underlying the Silver ETF units shall be carried out by the statutory audit .....

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Norms for Silver Exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs). - SEBI

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