Trading in Exchange Traded Funds (ETFs) Trading Parameters

National Stock Exchange of India Limited

Circular

All Members,

Trading in Exchange Traded Funds (ETFs) – update in trading parameters

This is w.r.t SEBI circular refer HO/47/11/11(1)2026-MRD-POD3/I/13804/2026 dated June 15,2026 and HO/47/11/11(1)2026-MRD-POD3/I/19839/2026 dated August 28,2026 regarding Norms for Base Price, Price Bands, Call Auction in pre-open session and Close-out procedure for Exchange Traded Funds (ETFs).

As per directions received in the aforesaid circular, the following trading parameters shall be applicable for Exchange Traded Funds (ETFs) w.e.f September 07, 2026.

Segment | Capital Market Segment Market Type | Normal (N) Book Type | For Commodity ETFs (Gold / Silver): • Regular Lot (RL), Stop Loss (SL), Preopen (PO) For Other than Commodity ETFs (Gold / Silver): • Regular Lot (RL), Stop Loss (SL) Symbol of the security | To be intimated separately from time to time Series | Rolling settlement with series as EQ Base Price | • Base price for determination of price bands of ETFs shall be T-1 day Closing Price i.e. last 30 minutes of Volume Weighted Average Price (VWAP) of the ETF. • In case there is no trading in the ETF during the last 30 minutes of T-1 day, then base price shall be the Last Traded Price (LTP) of the day. • Further, in case there is no trade on T-1 day, then base price shall be the latest available closing NAV of the ETF. Minimum Lot Size Value | 1 Order Type | Day, Immediate or Cancel (IOC), Market & Limit Order, Stop Loss (SL) and Disclosed quantity (DQ). Order matching | Anonymous order book. Continuous matching with Price – Time priority. Tick Size | Rs 0.05 – For Gold ETFs Rs 0.01 - Other than Gold ETFs Note: All existing GOLD ETFs having current tick size as Rs 0.01/0.05 shall continue, only new Gold ETFs getting introduced shall have the above tick size as Rs0.05 only Price Bands | • Equity ETFs and Debt ETFs (other than Overnight ETFs and Liquid ETFs): Dynamic price bands, with an initial price band of ±10%. The price band would be flexed by 5% of the base price after the cooling off period up to ±20%. • Overnight ETFs and Liquid ETFs: Fixed price band of ±5%. • Commodity ETFs (Gold/Silver): Dynamic price bands, with an initial price band of ±6%. The price band would be flexed by 3% of the base price, after a cooling off period. Eligible Members | All members eligible to trade in Capital market segment Eligible participants / orders | PRO/CLI orders including Custodial Participant code and INST Market Sessions | The units shall be available for trading as below: Sessions | Commodity ETFs (Gold / Silver) | Other than Commodity ETFs (Gold / Silver) Pre-Open session | Yes | - Block Trading session | - Continuous session | Yes Closing session | - Pre trade risk checks | All checks which are mentioned in Chapter 3.6 Pre-Trade Risk Controls of Exchange circular NSE/CMTR/73927 dated April 28,2026 shall be applicable Self-trade prevention check | Is applicable Bulk deal Reporting | Not applicable Block deal Reporting | Applicable

Members are advised to load the updated security.gz and NSE_CM_security_ddmmyyyy.csv.gz file in the trading application before trading from the effective date. This file can be obtained from the directory cmftp/common/ntneat on the Extranet server. Additionally, members can access the MII contract file - NSE_CM_security_ddmmyyyy.csv.gz on the website path: - https://www.nseindia.com/all-reports

For and on behalf of
National Stock Exchange of India Limited

Aarti Surve
Chief Manager