Moneylife » Markets » Regulations » SEBI to set up single platform for reporting in XBRL format
SEBI to set up single platform for reporting in XBRL format
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| 22/06/2012 03:03 PM |
Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said it will set up a single platform to help companies report and disseminate mandatory regulatory filings, including financial statements, in the new XBRL-based format, reports PTI.
XBRL is a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.
"SEBI is in the process of setting up a SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D), which will be a XBRL (eXtensible Business Reporting Language) technology based platform for reporting by listed companies, mutual funds and other SEBI registered intermediaries" it said in a statement.
It added that a tender process has already been initiated in order to set up the SUPER-D.
XBRL technology enables the 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.
The new system, called SUPER-D (SEBI Unified Platform for Electronic Reporting - Dissemination), 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 itself as also other regulatory and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries.
SEBI 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 can file reports like monthly cumulative report, percentage of assets under management 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.
At present, BSE and NSE have a XBRL-based financial reporting platform for listed companies for all their filings and the system helps the investors get real-time access.
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Comment
Bodhi Dharma 11 months ago
I will donate if and only I have hands on dealings with the concerned people. I will donate when and where I want. I do not subscribe to "secular" TV shows under any circumstances.
So, get real, please!
Tira T 11 months ago
With due respects to the great author, a show for which the presenter charges a few crores per episode doe NOT really inspire people to give. Moreover, in India, the multi-national NGOs employing highly paid, sophisticate, well-connected, Public School-elite College-IIM-educated young people with direct access to big business as well as highly placed and influential bureaucrats alone are the proven fund-raisers. The genuine charutable and social organisations work in penury for the marginalised and surplus humans in the remote, poverty-stricken areas in silence by literally begging from the benevolent lower middle-class people only. They cannot even pay for any handbill printing or media coverage or for getting various govt approvals and sanctions to raise tax free donations, the privileges reserved only from the class to which the eminent and humanitarian successful stars belong. Baba Amte had long been working in a remote area in total silence, with only a few villagers and genuine philanthropists being aware of what was going on. Then, in seventies, a popular weekly published a cover story and the country came to know of him and his activities. These are the days of media coverage, which all "social activists"crave for and are even prepared to spend for! The real and truly dedicated NGOs are indeed carrying on their battles against social injustices, inequality, police-govt. atrocities, poverty, lack of education/shelter/drinking water/unsanitary and sub-human living conditions without ever being cared for the media or high profile "presenters". E&OE.
varadhachari 11 months ago in reply to Tira T
Gravest danger for democracy comes from gap between professed virtues and true motive of neta. Nothing natural about hands that are efficient wanting only to feed own mouth Selflessness is smokescreen for astronmical loot. If you are still trusting these politicos this is because you have solid bone between ears
sandeep 11 months ago in reply to Tira T
this is a load of garbage and simple excuse for not giving. the NGOs that are mentioned do work hard and are not loaded.
So dont SMS, but dont make excuses either!
Caroline 11 months ago
Someone rightly said that " as most of the donations are not known where it was utilised by NGOs" people are hesitant to donate inspite of earning well as compared to some years back!
As for the SJ's donation, it is a pity because I wished that maximum Indians donated so that Reliance have to contribute the exact amount!
I dislike the fact that Reliance head is the World's richest man but he never ever try to take care of people from the North-East India. His wife Nita could set up a school with nominal fees in the states of North-East India. The North-East has been left out all the time in the rich-list of charities as well as that of celebrities endorsements.
People are willing to contribute in matters that are closer home - for example, there is a good NGO funded school in Manipur, then the rich of that state or NE will also pitch in as it is within their region and helping the people threin.
I request all the Corporates also to start looking east!
NDey 11 months ago in reply to Caroline
Most of the high-profile NGOs with fashionable websites, healing camps by godmen, assured huge govt. funding and corporate support, are floated by influential and rich families as personal profit-making ventures. The amount of money spent by the authorities of these NGOs, apart from their high cost life styles, on frequent foreign trips, etc. is in itself an indicator of the amount of moneys siphoned off for personal/family expenses!@ It is a different question why income tax people keep quiet and for what "consideration".
Caroline 11 months ago in reply to NDey
Even a simple person like me knows that most of the influential people right from the Tatas to the Birlas to the Reddys to the Ambanis are just showing the world that they care by setting up high-profile NGOs which are actually a front for their unaccounted for money!
Otherwise, how else will you explain, the so called charity ladies posed in glossy magazines with lots of facts and figures but the true fact is that, the money they managed to launder from other HNIs are used by them for the vain lifestyle like flying out of the city during the rains to better climes in Europe or the Carribeans!! They just don't bother that the money that others donated to their charity was given for the underprivilege, not their vainful ventures!!!
Indians rich has the perpetual mentality of a Feudal Lord and it is not going to change in the next generation also, or may be more!
They can feed an entire village of malnourished children for 100 years but they prefer to jet-off to foreign locales or buy that expensive jewellery!
I don't know how they managed to sleep - Arundhati Roy was so right in calling the Capitalist of India the real monsters!
See what they did? They strip the tribals areas of their G-d's given nature for their pertual un-ending greed and see, how many tribals ever become atleast a lakhpati??? NONE.
It is very much like the British looting the Indians of their wealth year after year! The Capitalist strip us of our natural resources and source of livelihood. And now they DARE to claim they CARE and set up FOUNDATIONS to HELP the POOR!
It's all CRAP of the lowest kind!
DrSharmila Rao PN 11 months ago
Donations are made when people empathize with the cause, maybe people don't empathize with the humanity trust. I recommend you have a look too and see i this is what you would like to endorse. http://www.humanitytrust.com
mld 11 months ago in reply to DrSharmila Rao PN
This is false garbage that is being circulated to sabotage the show. The money does not got to the Humanity Trust. If you dont watch the show, why dont you at least read the article? The 7 NGOs mentioned are doing exceptionally good work. And the money goes to them.
Another fact that people deliberately ignore - the show repeatedly says that the SMS is only one rupee - it is not the Indian Idol or KBC type of expensive SMS, which people do not seem to mind sending at all.
Maam you are a Dr... dont you think you should read and research before sending such vile stuff?
Shivkumar 11 months ago
It is amazing the kind of reactions some of the readers have given. Why should anybody taken it as personal. Only those who try to render genuine public service on a regular basis know how difficult it is to get adequate funds. Let us leave out the few rich NGOs.
In general, many Indians have a trader mentality where nothing is given for free, there has to be a trade off, "Mera Kya Fayda" is the underlying principle. This does not meant that there are no genuine donors, but they are very small in number. So let us take the observation in the right spirit and learn to accept our shortcomings.