SEBI to develop single platform to help companies report

Till date, 10 mutual funds have joined in the pilot project of SEBI and have started XBRL filing of the specified reports with SEBI on voluntary basis

June 20, 2012 3:17 IST | India Infoline News Service
The Securities and Exchange Board of India (SEBI) said it will develop a single platform to help companies report and disseminate mandatory regulatory filings, including financial statements, in the new XBRL-based format.

XBRL (eXtensible Business Reporting Language) is a freely available, open and global standard for exchanging business information. XBRL technology enables 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.

"SEBI is in the process of setting up a SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D), which will be an XBRL technology based platform for reporting by listed companies, mutual funds and other SEBI registered intermediaries," the market regulator said in a statement.
A tender process has already been initiated to set up the SUPER-D. Information about the same is available on SEBI website under tender section
(i.e. http://www.sebi.gov.in/cms/sebi_data/tenderdocs/1315564147720.pdf)
The new system, called SUPER-D, 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 and other regulators and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries. The market regulator 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 (AMCs) can file reports like monthly cumulative report, percentage of assets under management (AUM) 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.

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