It has been provided that the base price for Exchange Traded Funds (ETFs) will initially be determined using the T-1 day closing price based on the last 30 minutes Volume Weighted Average Price (VWAP), with alternate methods prescribed where trading data is unavailable. Dynamic price bands have been introduced for Equity ETFs, Debt ETFs, and Commodity ETFs, along with cooling-off periods and provisions for flexing bands in response to market movements. Overnight and Liquid ETFs will continue to operate under fixed ±5% price bands. SEBI has also introduced pre-open call auctions for gold and silver ETFs to facilitate efficient price discovery and revised close-out procedures for Overnight and Liquid ETFs.