With a view to making reporting more accurate and more efficient, BSE Ltd. is moving towards the XBRL based reporting for Shareholding Pattern w.e.f. 11th June, 2015. BSE will become the first stock exchange in India to introduce and implement XBRL based reporting in association with its partner in this endeavor, Microvista Technologies. BSE presently offers state-of-the-art compliance portal called “Listing Center” which enables all listed companies to file even digitally signed documents.
XBRL or eXtensible Business Reporting Language is an electronic format for communication of business and financial data which is revolutionizing business reporting around the world. The standardization in-built in the XBRL documents provides significant benefits in the preparation, analysis and communication of business information. XBRL provides a language in which reporting terms can be authoritatively defined.
The XBRL utility being provided by BSE provides validations which will improve the accuracy of filings by the company significantly. By implementing XBRL reporting, BSE will also enhance its monitoring of regulatory compliances with more speed and accuracy. Investment analysts can save effort and greatly simplify the selection and comparison of data, thereby deepening their company analysis.
To facilitate the reporting of share holding pattern in XBRL format, BSE is providing a free Excel Utility to the companies listed on BSE. Users will be required to fill in data in the Excel utility and generate XBRL based Shareholding Patterns. These XBRL Shareholding Patterns can be filed online through the ‘Listing Center’ portal of the BSE. A new web page ‘XBRL Reporting’ has been made available in the ‘Listing Centre’ portal of BSE to facilitate smooth reporting. BSE would also be offering online real time assistance in the form of a Helpdesk that would troubleshoot problems and assist users. BSE would shortly be launching XBRL facility for other disclosures / submissions also.
BSE is now well known for adopting state-of-the-art technologies and using them to provide its users and customers a more enriching and satisfying experience. With this implementation, BSE joins the elite club of global exchanges which have adopted this mode of reporting including countries like the USA and UK. At present, BSE is receiving such disclosures in the form of PDF documents or in Physical format which are then manually entered into a database for further processing and analysis. Companies that would be using XBRL would be adopting global reporting standards that would make reporting easier, faster and more accurate. This would be one more step by BSE towards a greener world in addition to its initiatives of launching BSE Carbonex and BSE Greenex – two indices aimed at promoting green initiatives by companies.
The XBRL global initiative is led by a non-profit organisation called XBRL International Inc. (XII), which has members from various agencies from more than 164 countries. In India, the Ministry of Corporate Affairs (MCA) has switched over its reporting format to XBRL for Annual Report and Cost Audit report filings. The Reserve Bank of India (RBI) has also moved to XBRL reporting for the Banking Industry while the Securities & Exchange Board of India (SEBI) has mandated reporting by Mutual Funds though XBRL mode.