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NSE Mandates XBRL Format for Voting Results Submission

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Aaron Jude
NSE Mandates XBRL Format for Voting Results Submission

Introduction: 


The National Stock Exchange of India (NSE) has recently issued a circular dated October 17, 2023, introducing a mandatory requirement for filing Voting Results in XBRL Format. This directive is aimed at standardizing and simplifying the reporting process for listed entities, aligning with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.


Detailed Analysis: 


The circular issued by the NSE refers to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which outlines the obligation for listed entities to submit Voting Results within two working days post the conclusion of their General Meeting. Previously, entities were submitting Voting Results in both PDF and XBRL formats. However, to enhance compliance and streamline the reporting process, the NSE has decided to discontinue the PDF reporting format for Voting Results submission. Effective November 1, 2023, listed entities will exclusively submit Voting Result disclosures in XBRL format.


Mandatory Filing of Voting Results in XBRL Form:


The circular underscores that this requirement aligns with Regulation 44(3) and emphasizes that no other form of filing, including PDF, will be considered compliant. It is imperative for listed entities to acquaint themselves with this change and ensure strict adherence to the new mandate. 


Listed entities can access the prescribed XBRL format for submitting Voting Results via the NEAPS platform, which serves as the NSE's compliance portal. This shift to filing Voting Results in XBRL format is intended to foster consistency, efficiency, and accuracy in reporting General Meeting outcomes. 


In the event of any queries or issues regarding this new requirement, listed entities are encouraged to reach out to the Exchange through the contact information provided on the NEAPS platform or via email at [email protected].


Refer Circular. No.: NSE/CML/2023/74  Date: October 17, 2023


History of XBRL format in India


The history of XBRL format in India can be traced back to October 17, 2023, when the National Stock Exchange of India (NSE) issued a circular introducing a mandatory requirement for filing Voting Results in XBRL format. This move was aimed at standardizing and simplifying the reporting process for listed entities, aligning with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Previously, entities were submitting Voting Results in both PDF and XBRL formats, but now, effective November 1, 2023, listed entities will exclusively submit Voting Result disclosures in XBRL format. This requirement is in accordance with Regulation 44(3) and emphasizes that no other form of filing, including PDF, will be considered compliant. Listed entities can access the prescribed XBRL format for submitting Voting Results via the NEAPS platform, the NSE's compliance portal. This shift to filing Voting Results in XBRL format is intended to foster consistency, efficiency, and accuracy in reporting General Meeting outcomes.


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