Mumbai, January 22, 2017
Leading stock exchange BSE has made it mandatory for listed companies to report voting results of shareholder meetings in electronic format eXtensible business reporting language (XBRL) from January 30.
"It has been decided that with effect from January 30, 2017, filings in respect of voting results would be required to be filed mandatorily by all listed entities, through XBRL mode only," BSE said.
"Filing of compliances...In modes other than XBRL format shall not be considered as submission," it added.
In a recent communication, the bourse said it has been receiving filings for voting results from several companies along with reports on corporate governance and shareholding pattern through XBRL mode.
Aiming to make disclosures and information filed by listed firms more accurate and efficient, BSE last year had introduced XBRL-based reporting for filing of compliances under Sebi's listing norms.
Since then, listed companies have been reporting corporate governance and shareholding pattern related information using such electronic mode.
Filing information on voting results using such business reporting language makes the process easier, faster and more accurate.
As per Sebi regulations, a listed entity is required to submit to the stock exchange, within 48 hours of conclusion of its general meeting, details regarding the voting results in a prescribed format.
[The Business Standard]