Mumbai, Wednesday, 12 April 2017:
It has been decided that with effect from April 01, 2017 onwards, all listed entities with BSE, would be required to make their filings in respect of Financial Results (Regulation 33 and Regulation 52) in XBRL mode within 24 hours of submission of results in PDF mode. BSE became the first stock exchange in India to introduce and implement XBRL based reporting in association with its partner in this endeavor, Microvista Technologies Pvt. Ltd. BSE has provided a tool to all listed companies to convert their data (excel) files into XBRL files, free of cost.
Companies can use this tool to convert their files at no extra cost to themselves. BSE has also made the XBRL taxonomy available to all listed companies again free of cost, on its website for enabling companies to directly generate XBRL files.
Companies would therefore need to file their financial results in pdf through the newly launched CAFS system and follow this up with the XBRL filing within a maximum of 24 hours of submission of results through CAFS mode.
With a view to making reporting more accurate and more efficient, BSE had asked all listed companies to file their disclosures regarding important listing regulations like Shareholding Pattern, Corporate Governance Report and Voting Results using the globally known and accepted reporting format of XBRL .
Encouraged by the response of listed companies in filing their results voluntarily in XBRL by using the exchange provided tools, it was decided to mandate the same for all results filed by companies, w.e.f. April 01, 2017. This initiative would be synergistic with BSE’s endeavor to minimize the time lag in dissemination of information to the shareholders and reduce inaccuracies in the filing. Progressively, filings for other important regulations would also be converted into mandatory filing through XBRL.
BSE is well known for adopting state-of-the-art technologies and using them to provide its users and customers a more enriching and satisfying experience. It is a part of the elite group of global exchanges which have adopted this mode of reporting including countries like the USA and UK. Companies using XBRL, would be adopting global reporting standards that would make reporting easier, faster and more accurate.
We hope that this investor friendly move will enable faster and better decision making by investors and public at large.
Media Contact
Yatin Padia – 022 2272 8516
Corporate Communications
yatin.padia@bseindia.com