The Securities and Exchange Board of India(SEBI) on September 26, 2024, issued a circular regarding Unified Distilled File Formats (UDiFF) streamlining Indian Securities Market Reporting.
The following has been stated: -
•The Securities and Exchange Board of India (SEBI) has introduced the Unified Distilled File Formats (UDiFF) to simplify and standardize reporting for Trading Members, Clearing Members, and Depository Participants operating in the Indian securities market.
•Previously, these entities dealt with over 200 proprietary report formats from various Market Infrastructure Institutions (MIIs), including Exchanges, Clearing Corporations, and Depositories.
•SEBI promotes standardized reporting; savings of over Rs. 200 crores over 5 years, a 90% reduction in reporting requirements for Brokers/ Members, and lower cost of entry for new Fintechs.
•Key Outcomes of UDiFF implementation are Reduced Reporting Formats: From over 200 to 23 standardized formats, Improved Efficiency: Enhanced productivity and interoperability at lower costs and Phased Implementation: And parallel run of existing and new systems for smooth transition.
The detailed circular is given in the document below.
[Circular No. PR No.24/2024]
