NSE introduces eXtensible Business Reporting Language (XBRL) based Compliance filings for Listed Companies

NSE introduces eXtensible Business Reporting Language (XBRL) based Compliance filings for Listed Companies

April 17, 2018 CORP, Industries, states 0

In a Circular dated 13th April, 2018, the National Stock Exchange of India Limited (“NSE”) has introduced eXtensible Business Reporting Language (“XBRL”) based Compliance filings for Listed Companies. For the benefit of listed companies, NSE has introduced XBRL based compliance filing mechanism featuring identical and homogenous compliance data structures between Stock Exchanges / Ministry of Corporate Affairs (“MCA”).

Background

Listed Companies are required to submit periodical compliance filings to each stock exchange separately in the format and structure unique to each, within the prescribed timelines as laid down in SEBI Listing Regulations. Additionally, Listed Companies also make compliance filings with MCA separately in XBRL format. This has resulted in duplication of efforts for the listed companies.

NSE indicates that such duplication issue can be addressed if Stock Exchanges follow an identical and standardized structures for compliance filings and adopt filing structures of MCA wherever specified. Hence, NSE has introduced XBRL based compliance filing mechanism to help listed companies use the compliance data generated in XBRL format in other Stock Exchange to upload in NSE along with the option to submit compliance information in NSE and generate compliance data in XBRL format for further use.

Key Highlights

  • Data entry / file upload:

Currently, NSE provides online platform NSE Electronic Application Processing System (“NEAPS”) for listed companies to submit all the compliance disclosures to the Exchange in the SEBI prescribed format using the data entry / file upload options. Continuing the same,under XBRL mode of filings, companies should submit the compliance reports through the same module, however the data submitted by listed companies shall automatically be converted into XBRL format through a utility in-built in the NEAPS system. Post such submission, listed companies can download the XBRL for further use.

  • XBRL file upload:

Listed Company can upload XBRL files generated using their back office / through utility provide by other Stock exchanges (wherever provided) in NEAPS system. This facility will be available as per the schedule provided in this Circular.

Please refer to the attached document for further details.

Source: National Stock Exchange of India Limited

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