Leading stock exchange BSE today said it has moved to electronic format XBRL for reporting of shareholding patterns by listed companies.
"With a view to making reporting more accurate and more efficient, the stock exchange is moving towards the XBRL (eXtensible Business Reporting Language) based reporting for shareholding pattern with effect from June 11, 2015," BSE said in a statement.
XBRL is an electronic format for communication of business and financial data.
"The stock exchange will become the first stock exchange in India to introduce and implement XBRL based reporting in association with its partner in this endeavour, Microvista Technologies," it said.
According to BSE, XBRL would provide validations which will improve the accuracy of filings by a firm significantly.
It would also enhance the exchange's "monitoring of regulatory compliances with more speed and accuracy".
"Investment analysts can save effort and greatly simplify the selection and comparison of data, thereby deepening their company analysis," the exchange said.