BSE to introduce new Corporate Announcement Filing System for information dissemination of corporate action instantaneously
Mumbai, Friday 3 March, 2017: In continuation of the Exchange’s ongoing endeavour to ensure that critical information / disclosures are available to the investors on real time basis, the Exchange has put up a new Corporate Announcement Filing System (CAFS) with effect from March 1, 2017. Initially, CAFS would be operated in ‘Beta’ mode and shall be available within the existing BSE filing portal - Listing Centre. Designated company personnel who file the CA would be required to first register their identification details using One Time Password verification post which they would be allowed to submit Corporate Action for their respective company.
Corporate Announcement Filing System will be operated 365 days and 24 by 7 to provide up to date, timely, accurate information to the investors and also to news agencies at the fastest possible speed.
Information dissemination for each company action will provide the company’s filing time and BSE dissemination time for users to verify the minimum delay between reporting and discourse
The following Corporate Announcement related information will be part of the new information dissemination system in the first phase:-
1. Financial Results
2. Intimation of Schedule Of Analyst/ Institutional Investor Meetings
3. Change in Directorate
4. Postal Ballot
5. Intimation of Extra Ordinary General Meeting
6. Press Release / Media Release
7. Intimation of Board Meeting
8. Outcome of Board Meeting
9. Closure of Trading Window
10. Change in Credit Rating
11. Change of Registrar & Share Transfer Agent (RTA) information
12. Issue and Allotment of securities
13. Launch of new product /service
14. Regulatory action
15. Business Updates
16. Change in registered office / contact details
Current delay between reports by the company and availability of the information on website varies from 2 seconds to 10 seconds in most cases. BSE is trying to improve and reduce the delay to less than 2 seconds.
By implementation of CAFS, the Exchange would be initiating Seamless Dissemination of Corporate Announcements without pre-verification by the Exchange. This would result in virtually instantaneous dissemination of Company Announcements on the Exchange Website and eliminate any time gap for price sensitive information to reach the investors. Post dissemination on the website, the Exchange would carry out the verification checks for adequacy and accuracy as mandated by SEBI from time to time, as is being done at present.
Certain filings like Shareholding Pattern, Corporate Governance Report and Voting Results which are mandatorily filed through the XBRL mode shall not accepted through CAFS in the first phase. Certain other filings which include disclosures under PIT Regulations, filings pertaining to Mutual Funds and Debt, will also continue to be accepted in the existing mode and will be covered under CAFS at later stage.
We hope that this investor friendly move will enable faster and better decision making by investors and public at large.