SEBI has issued operational guidelines for silver exchange traded funds (ETFs), making it easier for investors to have exposure to the commodity in a transparent manner. The regulator has put forth criteria for silver ETF investment objectives, valuation, net asset value (NAV) determination, tracking error, tracking difference, and disclosure requirements in the rules. According to a circular issued by Sebi, silver ETFs must invest at least 95% of their net assets in silver and silver-related instruments. Furthermore, silver-based Exchange Traded Commodity Derivatives (ETCDs) will be considered a silver-related instrument for silver ETFs.