BSE launches XBRL taxonomy for listed insurance companies to file their financial results on the exchange
Mumbai, Friday, 8 February 2019: BSE, Asia’s oldest exchange and now world’s fastest exchange with the speed of 6 microseconds has launched the XBRL taxonomy for enabling listed insurance companies to file their financial results with the exchange. It will now be mandatory for all listed insurance companies to file their financial results in XBRL format for period ending March 31, 2019, onwards.
The filing of results in XBRL was already mandatory for all other types of listed entities, which has now been extended to listed insurance companies too.
BSE has also made available the simple Excel Utility with built-in validations to assist companies to simply fill in the details and prepare the XBRL file for uploading into BSE’s Listing Portal. The exchange has also made the XBRL taxonomy available to all listed companies free of cost, on its website for enabling companies to directly generate XBRL files.
All companies would be required to file the financial results in PDF format along with the LRR/Auditors Report, through CAFS system within 30 minutes of conclusion of Board Meeting and follow this up with the XBRL filing within 24 hours. Announcements through BSE’s CAFS system will reflect seamlessly and almost instantaneously on the exchange’s website for public dissemination.
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. This investor-friendly move is expected to enable faster and better decision making by investors and public at large.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in delivery-based futures contract in gold (1 kg) and silver (30 kg).
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
Yatin Padia / Rahul Vyas
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