Mumbai, June 17 -- The Securities and Exchange Board of India (SEBI) has issued a new framework for exchange-traded funds (ETFs), revising norms related to base price determination, price bands, pre-open call auctions and close-out procedures.

The regulator said the changes are aimed at addressing issues arising from the one-day lag in ETF base prices and the mismatch between existing price bands and movements in underlying assets.

Under the new framework, the base price for ETFs will be the previous day's closing price, calculated as the last 30-minute volume weighted average price (VWAP). If no trades occur during the last 30 minutes, the last traded price will be used. If there are no trades on the previous day, the latest available ...