TR5-09 XBRL based reporting framework adopted by India's two leading stock exchanges

Presenter: Deepta Rangarajan

The capital markets in India are regulated by two types of bodies - The Stock Exchanges & the Securities Exchange Board of India (SEBI). There are two major stock exchanges, The Bombay Stock Exchange & the National Stock Exchange with more than 4000 companies being actively traded with them; and several smaller exchanges. The regulators wanted to reduce the reporting burden for the companies listed with the exchanges, by having an integrated filing platform. At the same time, the regulators also wanted a more swift information filing & consumption system which facilitated better quality data & automated processing; which would benefit both regulators and investors alike. Hence the two biggest exchanges, under the guidance of SEBI adopted 'CorpFiling' as an integrated, common electronic filing platform & dissemination portal. Corpfiling is an XBRL compliant electronic reporting and workflow system developed by IRIS, and is mandatory for top 100 companies to file. About 500 companies are voluntarily filing with the system. The presentation explains the Corpfiling solution that met the twin criteria of creating an easy reporting system, while at the same time making available high quality data to both exchanges simultaneously. The presentation also briefly explains iFile, the underlying application that CorpFiling is based on, outlining its features and benefits. Lastly, it talks about the development status of the system and the possible next steps. The presentation has also has a small video of how companies submit their data in XBRL format with the exchanges. This will be helpful for illustrating the system & highlighting its benefits.