MUMBAI: Bloomberg has announced that it has successfully on-boarded eXtensible Business Reporting Language (XBRL) data exclusively from the Bombay Stock Exchange (BSE), resulting in significant benefits to market participants in the preparation, analysis and dissemination of business information.[the_ad id=”32940″]Bombay Stock Exchange (BSE) is the first exchange in India to accept financial statements in the XBRL format, allowing for the extraction of data such as shareholding patterns, financial results, voting results, corporate governance data, as well as financial results from general insurance and life insurance companies and annual reports.
eXtensible Business Reporting Language (XBRL) is an electronic format for communication of business and financial data which offers major benefits to business reporting and analysis, resulting in better automation, cost control and more reliable data handling.
The standard is widely used globally among financial regulators, stock exchanges, business registrars and listed companies. With implementation of XBRL, Bombay Stock Exchange (BSE) has joined a growing number of international stock exchanges that have implemented eXtensible Business Reporting Language (XBRL) based reporting.
“We are pleased to be first in the market to capitalize on these new data sets provided by BSE,” said Ashlesh Gosain, head of South Asia Sales at Bloomberg. “Our clients will be able to leverage these rich data sets on our terminal, especially India’s mid to micro-cap investors, who will see the timeliness and transparency of this data improve significantly. In addition, the available data for smaller companies has become much more robust and is now aligned with their larger counterparts, making disclosure levels more uniform across India’s universe of listed companies.”
Nehal Vora, Chief Regulatory Officer at BSE added, “Bloomberg has been an invaluable partner in ensuring investors have the best tools and technology to invest in India’s growing markets. By adopting this document format, we are ensuring that local and international investors are given the transparency to invest confidently in India’s mid to small-cap businesses.”
On 18 February 2019, BSE announced that it adopted the XBRL taxonomy published by the Ministry of Corporate Affairs, Government of India, for filing of annual reports by companies.
From the date of accepting filings in XBRL format, BSE has received more than 21,000 XBRL documents.