The Securities and Exchange Board of India (Sebi) is envisaging to make the extensible business reporting language (XBRL) technology mandatory for listed companies in the mutual fund sector, reports Financial Express.

Already Sebi has made it mandatory for the top 100 companies to adopt XBRL.

Usha Narayan, executive director, SEBI, on the sidelines of a CII conference on corporate governance, said, Sebi would be making XBRL mandatory in phases. To begin with all the mutual fund companies will be told to adopt this reporting tool. The companies filing their financial statements with the board will be required to do so in XBRL compatible form.

In fact, earlier this month the US house, passed two bills, with provisions related to the use of Extensible Business Reporting Language, or XBRL.

XBRL is a language for the electronic communication of business and fnancial data that is revolutionizing business reporting around the world, and provides major benefts for those who prepare, analyze and communicate business information. It offers greater effciency, cost savings and improved accuracy & reliability to all those involved in supplying or using fnancial and business reporting data. XBRL`s main beneft is the simplifcation of the exchange of business reporting data.

Institute of Chartered Accountants of India (ICAI) constituted the XBRL group in 2007 for undertaking the development and promotion of XBRL in India.