The Bombay Stock exchange (BSE) issued a circular on January 27, 2023, filing of announcement under Listing agreement in eXtensible Business Reporting Language (XBRL) XBRL format.
Disclosures requiring XBRL filing
With effect from January 28, 2023, the following disclosures are to be filed in XBRL format. The list of disclosures under the requirement for filing of announcements in XBRL format is under the following disclosures as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR)-
1. Disclosure under Regulation 29 of SEBI LODR, i.e. Prior Intimation of the Board Meeting.
2. Disclosure under Regulation 30 of SEBI LODR, i.e. Change in directors, key managerial personnel, Auditor, Compliance Officer and Share transfer agent & Outcome of Board Meeting for Dividend, Buyback, Bonus Issue, and decision on voluntary delisting by the listed entity & Acquisition(s), Scheme of Arrangement (amalgamation/ merger/ demerger/restructuring), or sale or disposal of any, unit(s), division(s), or subsidiary of the listed entity or any other restructuring.
Post notice, the listed companies were required to submit the above mentioned disclosures in PDF mode but now the companies will be required to submit the disclosures in XBRL mode within 24 of submitting the PDF file.
Later, on a prescribed date (to be specified by BSE) the BSE will permanently shift to XBRL mode filing.
XBRL in National Stock Exchange (NSE)
The Exchange has provided online platform NEAPS (NSE Electronic Application Processing System) wherein listed companies are required to submit all the compliance disclosures to the Exchange in the SEBI prescribed format. In order to facilitate ease in compliance filings for listed companies across multiple Stock Exchanges, NSE has decided to provide XBRL based compliance reporting featuring identical and homogeneous compliance data structures between Stock Exchanges and MCA. This facility has been provided with an added flexibility for companies to file compliance reports in the following ways:
- Data entry / file upload: Currently, listed companies submit the compliance reports through NEAPS system using data entry / file upload options. Continuing the same, under XBRL mode of filings, companies shall 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 files 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.
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