Extension of Implementation Timeline for ETF Norms · NSE/CMTR/76041

[Image omitted. See the official document.]

CIRCULAR

HO/47/11/11(1)2026-MRD-POD3/I/19839/2026 August 28, 2026

To
All Recognized Stock Exchanges
All Recognized Clearing Corporations
All Asset Management Companies of Mutual Funds
Association of Mutual Funds in India

Sir/Madam,

Subject: Extension of timeline for implementation of provisions of SEBI Circular dated June 15, 2026 on norms for base price, price bands, call auction in pre-open session and close-out procedure for Exchange Traded Funds (ETFs)

1. SEBI vide Circular No. HO/47/11/11(1)2026-MRD-POD3/I/13804/2026 dated June 15, 2026 has provided for various norms related to base price, price bands, call auction in pre-open session and Close-out procedure for Exchange Traded Funds (ETFs).

2. As per paragraph 8 of the aforesaid circular, the provisions of the circular were to come into effect from 1st September 2026.

3. Based on the feedback received from Stock Exchanges; and in order to ensure smooth implementation of the provisions of the aforementioned circular, it has been decided to extend the timeline for implementation of the said circular. The circular shall now come into effect from 7th September 2026.

4. All other provisions of SEBI Circular dated June 15, 2026 shall remain unchanged.

5. All MIIs are advised to:

   i. take necessary steps and put in place necessary systems for implementation of the above.
   ii. make necessary amendments to the relevant byelaws, rules and regulations, wherever required, for the implementation of the above; and.
   iii. bring the provisions of this circular to the notice of the market participants (including investors) and disseminate the same on their website.

6. This circular is issued in exercise of the powers conferred under section 11(1) of the Securities and Exchange Board of India Act 1992 read with Regulation 51 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

7. This circular is available on SEBI website at www.sebi.gov.in at “Legal Framework - Circulars.”

Yours faithfully,

Lamber Singh
General Manager
Market Regulation Department
Tel: 022-26449667
Email: lambers@sebi.gov.in

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[Image omitted. See the official document.] [Image omitted. See the official document.]

National Stock Exchange of India Limited

Circular

All Members,

Extension of timeline for implementation of provisions of SEBI Circular dated June 15, 2026 on norms for base price, price bands, call auction in pre-open session and close-out procedure for Exchange Traded Funds (ETFs)

This is with reference to NSE Circular NSE/CMTR/74767 dated June 18, 2026, forwarding SEBI Circular No. HO/47/11/11(1)2026-MRD-POD3/I/13804/2026 dated June 15, 2026, which prescribed norms for the base price, price bands, call auction in the pre-open session, and close-out procedure for Exchange Traded Funds (ETFs). SEBI has subsequently issued Circular No. HO/47/11/11(1)2026-MRD-POD3/I/19839/2026 dated August 28, 2026, extending the implementation timeline for the aforesaid provisions. A copy of the SEBI circular is enclosed as an Annexure.

Members are requested to note the above.

For and on behalf of
National Stock Exchange of India Limited

Khushal Shah
Associate Vice President