To
All Members/Participants,
The Market Data Advisory Committee (MDAC) of SEBI observed that the formats of existing standardized data files generated by all MIIs in all segments are different and there is a need for these formats to be standardized and harmonized in conformance to the ISO standards, which will facilitate ease of doing business in the Indian securities market.
In view of the above, initially as a first phase (Phase 1) of standardization, it was decided that the fields which were common in the file across MII or exclusively applicable to an MII shall be retained to harmonize the file. Further, ISO tags were identified for each field of a harmonized file and provided as header in each such standardized file. The same was informed to market participants via initial circulars as below:
In the second phase (Phase 2) as per holistic approach taken by SEBI along with consultation with all MIIs, it was concluded that to harmonize and standardize the files, rationalization of both files and fields was necessary. Accordingly, the approach was changed from the file-based standardization to information based one. The fields in each of the formats were also distilled to keep only rationally required fields. Additionally, a few more fields as suggested by the market participants were added to facilitate them in development and processing of these files.
In accordance to the above and as per recommendations of SEBI’s MDAC, the new UDiFF (Unified Distilled File Formats) file formats for files applicable for Equity cash (CM), Equity Derivatives (FO), Currency Derivatives (CD) and Commodity derivatives (CO) are designed and being developed.
Members are requested to refer the below provided details and initiate necessary changes in their systems:
- The SEBI guidance document having the UDiFF Standards for Generation and Implementation is attached as Annexure A
- The proposed UDiFF file formats are attached as Annexure B with ISO tags as headers in the aforesaid files.
- To simplify development at members and vendors end, sample test files with ISO tags are attached as Annexure C
- The details mentioned in point number 1 to 3 shall also be made available on BSE/ICCL websites. The website link shall be communicated shortly via separate circular.
- Following are the LIVE release dates for the UDiFF file formats:
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SR No.
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UDiFF Format Name (CM/FO/CD/CO)
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Tentative Live Release Date
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1
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Settlement Master
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31st December 2023
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2
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Trade file/Position file/Obligation/Delivery
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29th January 2024
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3
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Stamp duty/STT/Margin /Penalty Files
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15th February 2024
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a) Kindly note that the date format (YYYY-MM-DD) and precession (digits after decimal) in price and value/ amount fields in sample files shall not be in accordance with the data type specified in the Annexure B i.e. YYYY-MM-DD for date and precession of 2 or 4 places after decimal as the same are prepared manually. For ex. The date may appear as DD-MM-YYYY or DD-MMM-YY and the Value or Price may appear as 20.2 instead of 20.20 or 20.2000. Members to take note of the same while referring the sample files for development purpose.
b) Kindly note that the sample files are being provided for reference purpose only and members shall refer to UDiFF catalogue/formats for file format guideline.
- Members are requested to note that existing non-standardized files shall continue to be available in parallel along with the new UDiiFF format files and their discontinuation dates shall be published later. Kindy refer Annexure D for list of existing files to be discontinued.
In case of any clarification, members may contact their Relationship Managers or on the below details:
For and on behalf of the Indian Clearing Corporation Limited
Akshat Chaturvedi Vijayeta Gurao
General Manager Senior Manager
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