Archive · 2 Feb 2026
NSE changes silver ETF calculation method
The National Stock Exchange (NSE) in India changed how it calculates the daily price range for silver exchange-traded funds (ETFs).
Before, they used the price from two days ago (T-2), but this caused problems when the closing price on Friday was higher than the lower limit for Sunday's trades.
To fix this, they started using the price from one day ago (T-1).
This change helped avoid confusion and big sell-offs.
For example, the Kotak Silver ETF's lower limit on Sunday was ₹256.11, based on Friday's price.
Silver prices had dropped a lot on Friday night, which made this change necessary.
Some investors couldn't sell their silver ETFs on Sunday because the prices were locked at the lower limit.
The NSE said this new method will continue as long as silver ETFs are hitting their lower limits.
Additionally, the Nippon AMC Silver ETF saw a 270% increase in net leveraged positions from December 1 to January 30, which could have been affected by the February 1 sell-off.
NSE changed the computation method for silver ETF circuits from T-2 to T-1 to avoid confusion and massive selling pressure.
Kotak Silver ETF's lower circuit on Sunday was ₹256.11, based on Friday's NAV of ₹320.15.
Silver prices on MCX dropped 27% on Friday night, causing heavy selling pressure on Sunday.
SilverBees and Kotak Silver ETF both hit their lower circuits on Sunday.
The NSE stated that the new T-1 method would continue as long as silver ETFs are hitting their lower circuits.
- Who
- National Stock Exchange (NSE)
- What
- Changed computation method for silver ETF circuits from T-2 to T-1
- When
- Sunday (date not specified)
- Where
- Mumbai, India
- Why
- To avoid confusion and massive selling pressure due to silver price drop
Market Stability
Investor Concerns
Computation Method Change
Market Stability
The NSE's change to the T-1 method helps prevent confusion and massive selling pressure, ensuring market stability.
Investor Concerns
Investors, especially those with leveraged positions, may face unexpected losses due to the sudden change in calculation method.
- Exchange
- National Stock Exchange (NSE)
- Change
- Computation method for silver ETF circuits
- Previous Method
- T-2 (trade minus two days)
- New Method
- T-1 (trade minus one day)
- Impacted ETFs
- Kotak Silver ETF, SilverBees, Nippon AMC Silver ETF
- Sunday's Lower Circuit
- ₹256.11 (Kotak Silver ETF)
- Friday's Closing Price
- ₹286.93 (Kotak Silver ETF)
- Silver Price Drop
- 27% on MCX Friday night
- Leveraged Positions Increase
- 270% increase in net leveraged positions on Nippon AMC Silver ETF from December 1 to January 30
Sources
NSE changes bullion ETF daily price range computing method
A Silver ETF became the most leveraged asset on the MTF book before Friday's fall, NSE data shows
US stock futures fall further after Silver, Bitcoin plunge, AI trade questioned
Silver ETFs: Selloff extends, Zerodha, Groww, MOFSL, Tata, Nippon silver ETFs tank up to 19%; here's why
