Introduction: The National Stock Exchange of India (NSE) has issued a circular dated October 17, 2023, regarding the mandatory filing of Voting Results in XBRL mode. This significant development impacts all listed entities and is aimed at streamlining and standardizing the reporting process in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Detailed Analysis: The circular refers to Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which specifies the requirement for listed entities to submit Voting Results within two working days following the conclusion of their General Meeting. Previously, entities were filing Voting Results in both PDF and XBRL formats.
To enhance compliance and simplify the reporting process, the NSE has decided to discontinue the PDF reporting format for Voting Results submission. Starting from November 1, 2023, listed entities will be required to submit Voting Result disclosures exclusively in XBRL format. The circular emphasizes that this is in accordance with Regulation 44(3) and that no other form of filing, including PDF, will be considered as compliance.
Listed entities are urged to familiarize themselves with this change and ensure that they adhere to the new requirement. The prescribed XBRL format for submitting Voting Results is accessible via the NEAPS platform, which is the NSE’s compliance portal. The process of filing Voting Results in XBRL format is designed to promote consistency, efficiency, and accuracy in the reporting of General Meeting outcomes.
In the event that listed entities encounter any issues or have questions related to this new requirement, they are encouraged to reach out to the Exchange through the provided contact information available on the NEAPS platform or by emailing takeover@nse.co.in.
Conclusion: The NSE’s directive to mandate the filing of Voting Results in XBRL mode, as per the circular dated October 17, 2023, is aimed at simplifying and standardizing the reporting process for listed entities. This decision will ensure that all entities comply with Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, effectively from November 1, 2023. This move by the NSE is expected to streamline compliance and reporting processes, aligning them with regulatory requirements. Listed entities should take note of this change and adjust their reporting practices accordingly to avoid any compliance issues.
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National Stock Exchange of India
Department: Listing
Circular Ref. No.: NSE/CML/2023/74 Date: October 17, 2023
The Company Secretary
All Listed Entities
Subject: Mandatory Filing of Voting Results in XBRL Mode
Dear Sir/ Madam,
This is in reference to Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which requires the listed entities to submit the Voting Results within two working days of conclusion of its General Meeting in the format specified by SEBI.
Currently, the listed entities are filing the Voting Results of the General Meeting both in the PDF and XBRL format. To facilitate ease of compliance for the listed entities, it has been decided to discontinue the PDF reporting format of the Voting Results submission and continue the filings in the XBRL format only.
The prescribed XBRL format for filing the Voting Results is available at the below mentioned path:
Path:- NEAPS> Compliance > Event Based Compliances > Voting Result
The listed entities are requested to submit voting result disclosure only in XBRL form on the following path:
Path:- NEAPS > Compliance > Common XBRL Upload > Voting Results
It is pertinent to note that the Voting Results shall be filed mandatorily by all the listed entities through the XBRL mode only with effect from November 01, 2023. Further, submission of Voting Results in the XBRL form will only be treated as compliance under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and no other form of filing (including PDF form) will be treated as compliance.
The listed entities are requested to please take note of the above and ensure compliance.
In case of any filing related concerns on the captioned subject, please reach out to the Exchange at takeover@nse.co.in and contact details given on NEAPS platform.
Yours Faithfully,
For National Stock Exchange of India Limited
Pooja Kothari
Manager – Listing Compliance
