SEBI Says Rs200 Crore Can Be Saved by Using UDi File Format for Reporting
Moneylife Digital Team 26 September 2024

Market regulator Securities and Exchange Board of India (SEBI) says that, over the next five years, the market ecosystem could save an estimated Rs200 crore by using the new standardised file formats, termed 'unified distilled file formats' (UDiFF), that will enhance efficiency, productivity and interoperability at reduced costs.

SEBI says it undertook an initiative on harmonisation, rationalisation and standardisation of reports and, as a result, the total formats have been reduced from over 200 to 23.

Trading members (TMs), clearing members (CMs) and depository participants (DPs) 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 (MIIs), such as exchanges, clearing corporations and depositories. Previously, these report formats were proprietary to each MII, resulting in more than 200 formats being filed by members daily for processing various types of transactions.

"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," the market regulator says.

According to SEBI, using UDiFF for reporting will help improve the ease of doing business and operational efficiency through standardised reporting and a reduction in reporting formats by over 90% for brokers, DPs and CMs.

UDiFF reporting has a lower integration cost with MIIs for new fin-techs and offers interoperability between MIIs and member interface, facilitating seamless transition with no additional development costs.

Comments
Growpital Action: The Only SEBI Action That Will ‘Protect’ Investors Is Refunding Their Money
Sucheta Dalal, 27 September 2024
There are two kinds of people who were lured by the promise of high, tax-free, guaranteed returns on agriculture, promised by Growpital: a) those who are too young to remember the1990s when lakhs of people lost money in agriculture...
SEBI Cuts Timeline to T+3 from T+6 for Listing of Debt Securities, NCRPS
Moneylife Digital Team 26 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has decided to reduce the timeline for listing of debt securities and non-convertible redeemable preference shares (NCRPS) to trading (T)+3 working days from existing T+6...
Vaishno Devi Dairy Products, 6 Directors Asked To Refund Rs25 Crore Illegally Collected from Investors for NCDs
Moneylife Digital Team 26 September 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered Vaishno Devi Dairy Products Ltd (VDDPL) and six of its directors to refund the money which it had raised illegally from investors and also barred them from the...
NCLAT Did Not Apply Its Mind while Closing Insolvency Proceedings against Byju's: SC
Debayan Roy (Bar  and  Bench) 25 September 2024
The Supreme Court on Wednesday expressed doubts over whether the National Company Law Appellate Tribunal (NCLAT) had applied its mind while deciding to close insolvency proceedings against ed-tech firm Byju's (Glas Trust Company LLC...
Array
Free Helpline
Legal Credit
Feedback