As per SEBI directions, Trading Members (TMs), Clearing Members (CMs), and Depository Participants (DPs) (collectively ‘Members’) 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. SEBI’s Initiative In its ongoing endeavour to promote ease of doing business and to facilitate cost effective innovation, SEBI undertook an initiative on harmonization, rationalization, and standardization of these reports. As a result, the total formats have been reduced from over 200 to 23. The new standardized file formats, termed “Unified Distilled File Formats (UDiFF)”, which is in conformity with international ISO standards, has been implemented in a phased manner.
To facilitate a smooth transition for members 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.
