The Securities and Exchange Board of India (SEBI) has completed a new measure aimed at implementing the XBRL format for filing IPO papers and securities issues.
XBRL (extensible business reporting language) is a globally recognised language used for electronic communication of business and financial data. Its adoption brings significant benefits in the preparation, analysis and communication of business information.
The three-phase rollout, completed on 2 May, targeted specific types of offerings.
The first phase, which started on 1 March, covered public issues of specified securities. The second phase, which commenced on 3 April, focused on further issues. Finally, from 2 May, the third phase extended to open offers, buybacks and voluntary delisting.
An official circular from the capital markets regulator in February announced the implementation of the Issue Summary Document (ISD) in XBRL format, a move aimed at providing stakeholders with structured data and enhancing the availability of relevant information at stock exchanges and depositories.
The XBRL format is applicable to various types of offerings including IPOs, further public offers, preferential issues, qualified institutional placements (QIPs), rights issues, American depository receipts (ADRs), global depository receipts (GDRs), and foreign currency convertible bonds (FCCBs).
Under the new two-phase filing process outlined by the SEBI, the pre-issue fields of the ISD will be submitted in phase one, followed by the filing of post-issue fields once allotment is completed.
In February, the SEBI provided prescribed formats for the ISD and has set a timeline for the submission of details. The responsibility for submission lies with the entity filing the document.
