NSE seeks comments on submission of board meeting outcomes in XBRL format

The feedback has been sought till October 15, the National Stock Exchange (NSE) said in a circular.

XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data used for business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information.

Under the rules, listed entities are required to submit periodical compliance filings to stock exchanges within prescribed timelines and accordingly were mandated to report XBRL-based filings for financials from the year 2015 onwards.

Over the period, stock exchanges in a phased manner have been aiming to convert filings made under the Securities and Exchange Board of India (Sebi) rules from PDF to XBRL format.

With an objective to standardise securities market data, it was deliberated that XBRL would be implemented for all corporate filings.

Accordingly, stock exchanges have implemented XBRL-based compliance filing mechanisms, featuring identical and homogenous compliance data structures that will not only ease the compliance burden on listed entities but also enable the analysis of the data submitted by the listed entities.

Further, in this regard, filing of the outcome of a board meeting related to dividends, buyback, bonus shares and voluntary delisting, would require listed entities to file the same in XBRL formats.

Accordingly, NSE has sought comments “on the proposal to migrate from Portable Document Format (PDF) to XBRL format for submitting corporate announcements for the outcome of a board meeting by listed entities to stock exchange pertaining to dividend, buyback, bonus shares and voluntary delisting as required under the provisions of Sebi’s LODR (Listing Obligations and Disclosure Requirements) rules”.

In addition, the exchange has issued a draft format also for making such announcements.