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.