Electronic Data Information Filing And Retrieval (EDIFAR) System Nagesh Shastri & Sanjeev Katara, NIC HQ Timely and accurate information is central to the efficiency and fairness of the securities market and for investor protection. EDIFAR (Electronic Data Information Filing And Retrieval) System has been set up by the Securities and Exchange Board of India, in collaboration with the National Informatics Centre to enable listed companies to electronically file their periodic disclosure reports which are currently filed by them in physical form with the Stock Exchanges. The process of Electronic filing of reports is likely to help centralise the information and accelerate receipt, acceptance, dissemination and analysis of time sensitive corporate information filed with various stock exchanges and regulatory bodies. Investors, researchers, economists etc. can access the information soon after electronic filing by the companies. The EDIFAR system is expected to help increase the efficiency and fairness of the securities market in India and facilitate investor protection. The application is accessible through the web site of SEBI (http://sebi.gov.in). It can also be accessed directly from the website http://sebiedifar.nic.in. Filing of Statements and Documents by Member Companies For the quarter ending June 2002, about 200 listed companies which are currently included in the BSE Sensex 30, NSE S&P CNX Nifty and BSE 200 Indices, were enabled to file select financial statements electronically. In order to file the statements, the companies need to register in the system. The registration is carried out through SEBI authorised agencies viz. BSE and NSE. The details for registration of companies are fed by them on-line, followed by allotment of user id and password by the system administrator. The statements presently covered are quarterly financial report for banking and non-banking companies, shareholding pattern and segment report. In addition to these statements submitted through web forms, some other documents such as action taken against company, annual report, balance sheet, cash flow statement, corporate governance report and profit and loss account etc. can be submitted and retrieved in pdf format. After stabilisation of the system, it is proposed to discontinue the physical filing of the documents. In order to facilitate the companies to enter the data with accuracy, the system uses a two step approach. As a first step data is entered by them using the forms and becomes a part of the database. However, it is not available for public dissemination at this stage. The user verifies the accuracy of the data on-line and then as the second step, confirms it to make it publicly viewable. Facilitating Action against non- complying companies System also provides a number of administrative reports for SEBI and SEBI authorised agencies. These include the list of registered/unregistered companies, filings confirmed, non-complying companies etc. These reports enable them to initiate action against companies for non-compliance. Handling Users’ problems As the system is expected to handle a large number of companies, it is imperative that their queries and problems are attended to quickly. To facilitate this, a problem reporting/query module is provided in the system. Using this module they can report their problems. After the problem is rectified by the administrator, the company is notified by e-mail. They can also check the status of the reported problem through this module. This not only enables faster redressal of the problems but also in creating an archive to enable further analysis and improvement of the system. Information retrieval by non-members Apart from facilitating companies to file the documents, the system enables other users to query the database to extract the desired information. Information can be retrieved company and document-wise for a specified period. Thus it also serves as a large repository of data for investors, researchers etc. The Media Says…. The Financial Express, New Delhi dated Saturday, July 6, 2002 Investor Friendly SEBI formally launches EDIFAR In a major progressive move the Securities and Exchange Board of India (SEBI), formally launched its Electronic Data Information Filing And Retrieval (EDIFAR) system on Friday in Mumbai. The intention to launch this system is to facilitate electronic filing of all the information by companies which are currently being filed in the physical form with the stock exchanges country wide, keeping the broader interest of the investors in mind. Business Pioneer dated Saturday, July 6, 2002 : SEBI launches Electronic Data Filing And Retrieval System SEBI on Friday launched its Electronic Data Filing And Retrieval (EDIFAR) system that would initially disclose important financial information on 200 companies included in Sensex, BSE-200 and nifty index. “The investors, market participants and regulatory organisations would get all information including results and shareholding pattern at one location”, SEBI Chairman G.N.Bajpai said. “The EDIFAR is better than EDGAR system of Securities and Exchange Commission (SEC) of the US and it would be extended to 2000 companies by March 2003”, Mr. Bajpai added. For further information, please contact EDI Division NIC Headquarters Tel. : 91-11-24361649 Email : nagesh@hub.nic.in