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Tuesday 19 June 2012

Sebi to set up single platform for reporting in XBRL format

Market regulator Sebi today said it will set up a single platform to help companies report and disseminate mandatory regulatory filings, including financial statements, in the new XBRL-based format.

XBRL is a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.

"Sebi is in the process of setting up a SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D), which will be a XBRL (eXtensible Business Reporting Language) technology based platform for reporting by listed companies, mutual funds and other SEBI registered intermediaries" it said in a statement.

It added that a tender process has already been initiated in order to set up the SUPER-D.

XBRL technology enables the computers read and divide the information provided in the filings under various heads and thus makes it easy to find any relevant details and to identify any irregularities.

The new system, called SUPER-D (SEBI Unified Platform for Electronic Reporting - Dissemination), is being developed in such a way that it is capable to manage simultaneous filing of 500 documents on normal days and have peak-period capacity to handle 15,000 simultaneous filings.

Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries.

Sebi further said it has asked mutual funds to volunteer for XBRL filings.

"These XBRL filings will be in addition to the filings under the current system," it said.

Mutual funds and assets management companies can file reports like monthly cumulative report, per centage of assets under management from city clusters, ageing analysis Of assets by AUM, number of branches of the AMCs, half yearly portfolio disclosures, deployment of funds in equity and debt schemes, and balance in load account.

"Till date, ten Mutual funds have joined in this pilot project of SEBI and have started XBRL filing of the specified reports with SEBI on voluntary basis," it said.

At present, BSE and NSE have a XBRL-based financial reporting platform for listed companies for all their filings and the system helps the investors get real-time access.

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