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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So, get real, please!
So dont SMS, but dont make excuses either!
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!
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!
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?
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.
1,GDP figures of the Country is not the scale to measure the purchasing and donating power of the people.Every one knows we are having a jobless GDP growth.
2,SMJ is viewed maximum by the middle class and the Rural Population who at present are the ones going through a tough economic situation.How can one expect people to donate whole heartily.
3,People should know max donation for SMJ is done through SMS which cost Rs1 for each SMS,Collections are through this which is quiet a big size.
Our list of donors is available at http://foundation.moneylife.in/
Our activities at http://foundation.moneylife.in/promotion...
Our research and other work at : http://foundation.moneylife.in/topbar/85...
Our accounts are available with the income tax dept and charity commissioner. our donors dont want us to reveal quantum of donation and we have to respect their privacy. But nothing is hidden from the authorities.
I am yet to hear from the other highly charitable Indians below :)
I also see a lot of praises for Sucheta & Moneylife Foundation which does honest work and also seeks donation. May I know:
1. From those who are praising Moneylife: how many of you have donated to Moneylife Foundation
2. From SuchetaL how much money have you collected as donations in the past six months?
Charity has to be local, decentralized to be effective or else only the poverty peddlers do well not the needy people. Helping local poor kids/orphanages makes a big difference in these kids lives. organizing health checkups for maids and their children in your complex makes difference in these poor women's lives. Actually these are far more effective.
I and many others donate to charities like (i) Ekal Vidyala
(ii) Shankara Eye Foundation (iii) LV Prasad eye institute. All these organizations do yeoman service and their costs of administering aid are quite low. However I guarantee that these will not be showcased by this Bollywood celebrity.
In any case, it is not about the NGOs, just because Aamir Khan and SJM decided to help them does not mean they are celebrity- connected. In fact these are genuine organisations doing great work. Surely CHILDLINE does not look for an Aamir Khan certificate -- yet, the amount generated is miniscule!
I meant to say that funding received by charities profiled by AK show is no metric to judge charitable nature of Indians.
Satya Sai trust provided drinking water to drought hit Anantapur dist in AP entirely through donations from devotees(Hindus). Which successive govts in AP did not do. Akshyapatra also does stellar work again with donations. So, there are enough people who care. I am not rich/affluent by any means, I however donate a percentage of my pre tax income. And I never donated to AK profiled charities. That does not make me a 'non giving Indian'.
b.t.w I did not watch the show beyond the first episode.
There are many people who donate on their own and they don't need to wake up only after seeing SJ or display that they have woken up only by donating to the NGOs that SJ chooses.
I don't think it is right to condemn people of India on such a platform on the sheer assumption based on the number of donors to the show sponsored NGOs.
I myself donate to many trusts, hospitals, NGOs, etc. but it is based on my own research and let me tell you that the first thing I read in a Moneylife magazine is the last page of it to check if a worthwhile NGO is there where I can donate and have donated to some NGOs featured in Moneylife which have impressed me.
As rightly said in one of the earlier comments below, people have lost faith in NGOs as a small donor we do not have access and data to know wht that NGO is really doing with our funds and in many cases it does not reach the needy.
I strongly feel that making a statement 'INDIANS WANT TO GAWK AND NOT GIVE' is most unfair to we Indians as the author has based this very insulting statement only on the statistics and response to a TV show SJ.
This rather should have given fodder to the topic on this platform, that why NGOs have lost the trust of Indians that such a popular show also could not attract significant donations. Such discussion and research should have been intitiated on this platform which is known for catching the wrong doers rather than condemning the masses based on just one TV show.
I have tremendous respect for the author, the trustees, the organisation, their values, their body of work, and hence I feel let down.
i think you mis understood the premise. Every NGO that wants to do good work, is struggling to raise resources. In our case, our programmes and donations are transparently displayed. Sure, not everyone does it and many spend on conferences and travel, which we dont.
Having said that, a programme of this size, scope and resources, was the biggest thing to happen in the social space in the past 30 years.
Also technology made the process of giving ( just an SMS and just Rs 1) so easy, that one expected it to be transformational.
When this fails, you wonder what will work. It will be a pity if NGOs end up doing deals with dubious funders, or simply close down for lack of resources.
Respect is certainly earned and tough to maintain - but one needs resources to make a difference! And ideally, the resources must come from people who BENEFIT from the help they have received. Only that will ensure we have truly INDEPENDENT NGOS that are not beholden to government for funding or corporate groups / multilateral institutions.
Think about it. Most NGOs will tell you that you cannot survive without government funds. But then can you be independent? And dont the people who benefit feel the need to give voluntarily? Or will they too remain perpetually suspicious?
best
I have worked with Charitable institute and dealt with Charity commissioners office and the Income Tax dept.
The trustees can be termed as politicians
Therefore I am now more discreet and choose to be charitable to the society within my immediate reach.
Trust me, you hold a very special place in my list of honourable and honest people.
Coming to the point of discussion, I must tell you that your reply is slightly deviated from the main topic. It seems when I mentioned NGOs in general, you are talking about your own NGO (which by far is an ideal model and doing a commendable job) which is why you mentioned 'resources must come from people who BENEFIT', but we are not referring nor discussing of donations to 'Moneylife' at this point of time. I think you have interwoven NGOs of SJ and general with your NGO.
As far as SMS and Rs. 1 is concerned, many people of India are aware that the real money for sponsors lie in receiving SMSs from audience from the experience and stories of SMSs in KBC.
I do not feel that just because people did not donate or respond by SMS means people of India do not donate. Agreed that the philanthropy fever may not have caught as much with our corporates as other parts of the world, but India surely donates when the need arises and unfortunately even that time the resources do not reach the needy.
If Moneylife suggests that SJ should focus an episode on Lawyers because of corruption and malpractices involved in the profession, then I also suggest SJ should focus an espisode on the dubious workings of many of the NGOs and expose them.
Nobody pauses to think about it - its called Mannat!! And it cuts across all religions. Mount Mary, Sai baba, Mahim Church, Ajmer Sharif, Tirupati and Siddhi Vinayak all bear testimony!
The SJM show is the best yardstick for whether one voluntarily donates ... but yes, I think instead of the silly song at the end and showcasing Reliance Foundation, Aamir Khan must show case the work of the NGOs a little more -- other than specific examples depicted in the show!
even more shameful for those who did not support the cause just because they got misguided by the emails that the donations were for muslims only....
so what? a jeopardy has no religion so should be the helping hand's