IMSL Integrated Master Securities Pvt Ltd

The Securities and Exchange Board of India has revised the way mutual funds will value physical gold and silver held in their schemes, moving away from international benchmarks to domestic spot prices published by recognized stock exchanges.

In a circular issued on 26 February 2026, the regulator said that with effect from 1 April 2026, mutual funds will be required to use polled spot prices published by recognized stock exchanges for valuing physical gold and silver. These are the same prices used for settlement of physically delivered gold and silver derivative contracts.

Currently, gold and silver held by Exchange Traded Funds are valued using the AM fixing prices of the London Bullion Market Association, with adjustments for currency conversion, transportation costs, customs duty, taxes and notional premiums or discounts to arrive at domestic valuations.

The shift follows discussions in the Mutual Fund Advisory Committee, public consultation and stakeholder feedback. SEBI said using exchange-published spot prices, which are subject to regulatory oversight and transparency norms, would ensure valuations that better reflect domestic market conditions and bring uniformity across fund houses.

The change comes under the newly notified SEBI Mutual Funds Regulations, 2026, which will take effect from 1 April 2026. The valuation will be subject to the investment valuation norms specified in the Seventh Schedule of the regulations.

The Association of Mutual Funds in India will, in consultation with SEBI, prescribe a uniform policy for implementation.

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Risk Disclosure on Derivatives

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
On an average, loss makers registered net trading loss close to ₹ 50,000.
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI study dated January 25, 2023 on "Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment", wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

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Integrated Master Securities Pvt Ltd: Member of NSE & BSE- SEBI Registration No-INZ000175931 | CDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: IN-DP-CDSL-97-2000 | NDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: IN-DP-499-2020 | MCX - SEBI Registration No-INZ000175931

Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market are subject to market risk, read all the related documents carefully before investing.

ATTENTION INVESTORS:
1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w. e. f. September 01, 2020.
2. Update your email id and mobile number with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
3. Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month
4. Prevent Unauthorized Transactions in your demat account. Update your Mobile Number / Email ID with Integrated Master Securities Pvt. Ltd. To receive alerts on your Registered Mobile for all debit and other important transactions in your demat account and information of your transactions directly from NSDL\CDSL on the same day. Issued in the interest of investors.
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