Sebi Simplifies Reporting Format For Brokers

New Delhi: Markets regulator Sebi said its initiative of a standardised reporting format for brokers, clearing members and depository participants is expected to save more than Rs200 crore over the next five years, while reducing reporting requirements for these entities by 90 per cent.

The new standardised file formats termed Unified Distilled File Formats (UDiFF) enhance efficiency, productivity and interoperability at reduced costs, Sebi said in a statement. Trading members, clearing members and depository participants (collectively ‘members’) are required to file multiple reports daily for processing various types of transactions, with their respective Market Infrastructure Institutions (MIIs) -- exchanges, clearing corporations and depositories. Earlier, members had to file reports in over 200 different proprietary formats for processing various types of transactions leading to significant operational complexity and higher costs.