Ambit of XBRL compliance filings expanded for Debt Issuers in India
India sees an expansion in the implementation of XBRL as the Bombay Stock Exchange issued a circular in September that called for all the listed Debt issuers are to file their compliance filings in XBRL apart from also filing in PDF until further notice.
Debt Issuers in India are now applicable to do XBRL compliance filings:
A mandate which was earlier applicable to equity issuers, is now meant for debt issuers as well – to declare financial results to stock exchanges, based on the new request. This is likely to change the operations of some key finance companies in the fray.
The Exchange has introduced new facilities that are primed to accept XBRL submissions for the mandated disclosures that pertain to:
- Record Date (to be submitted both in PDF and XBRL)
- Credit Rating
- Interest Payment
- Redemption Payment
- Default History Information
The following path has been defined to Record date details and XML file under Regulation 60.
Listing Compliance – Corporate Announcement – Security Type (Debt/CP/MF) – Scrip Code – Category / Sub-Category (Compliance) – Record Date/Book Closure as per Regulation (60).
India has a centralized database of corporate bonds that SEBI runs. In a bid to improve transparency to investors and stakeholders while furthering ease of access, SEBI has already issued a circular regarding compliance reporting submission using XBRL earlier this year.
Online submission portals have been developed, and one common taxonomy has been defined, making the process of feeding information into the central database efficient, fast and easy.
BSE has also provided an online real-time Helpdesk to aid filers and preparers with their XBRL filings – bse.xbrl@bseindia.com / listing.crd@bseindia.com | Helpdesk toll-free number 1800 233 0445.
The adoption of XBRL in more aspects of compliance reporting is a step toward expanding India’s digitization. Structured automated reporting reduced human intervention, thereby eliminating errors and improving the accuracy of submissions.
At DataTracks, we have helped over 20,000 enterprises across 26 countries adopt, manage, and efficiently utilize XBRL to save money and further their business goals.
To talk to an expert, get in touch with our team or you can either a line at enquiry@datatracks.in or call +91-44-4208 1719.