SEBI has reduced the number of reporting formats to be filed by trading and clearing members with market infrastructure institutions to 23 from over 200 earlier, which will lead to lower costs, yet enhanced regulatory oversight.
The new standardised file formats, termed “Unified Distilled File Formats (UDiFF)”, enhance efficiency, productivity and interoperability at reduced costs.
Trading members, clearing members and depository participants operating in the Indian securities market are required to file multiple reports daily for processing various types of transactions, with their respective market infrastructure institutions such as exchanges, clearing corporations and depositories.
Old file formats
Previously, these report formats were proprietary to each MII, resulting in more than 200 formats being filed daily for processing various types of transactions.
“In its ongoing endeavour to promote ease of doing business and to facilitate cost-effective innovation, SEBI undertook an initiative on harmonisation, rationalisation, and standardisation of these reports. UDiFF, which is in conformity with international ISO standards, has been implemented in a phased manner. To facilitate a smooth transition for members and the markets, there was a parallel run of the existing system for nearly two quarters, and the old file formats were phased out in a staggered manner,” SEBI said on Thursday.