For many companies – which come under the MCA mandate there is a need to file their annual returns in xbrl format. This happened because there were some companies which were filing very poor quality of info while filing the details with the RoC.
The sad part of non compliance by a few people is the price is paid by the whole community. And that can be painful…
When Harshad Mehta and Ketan Parekh did not comply with the normal rules, the price was paid by all of us. WE ARE STILL PAYING IT. I hear stories….’my father lost….’ , ‘my mother lost…’ The investing population has shrunk (ask Sucheta Dalal, not SEBI). See the number of people INVESTING in direct equities.
When the L&T IPO was about to close, I was told…Rs. 10 negative mein khulega. It actually went to 43…
IPO form printers can tell you horror stories about merchant bankers…Bankers can tell you about cheques dated Friday being banked on Tuesday – and the client paying 25%p.a. interest FROM FRIday….:-)
Once in a quarter MoneyLife tells you what bad things are happening in general…and in Sebi in particular.
Then somebody in Delhi tells you how the inmates of Tihar were just pawns in a much bigger game and pawns have fallen to protect the bishop, elephant and of course the King and the Queen. Then somebody will tell you the whole drama, the prices paid, etc. as if it is a movie scrip.
You feel sad, because you know you will pay the price. For example I do not care what Sanjay Dutt does with his spare time – but for dealing in arms and drugs -a lesser guy would be in jail for 20 years at the least.
I have no objection to an actor drinking, smoking grass or whatever as long as he takes his car and drives it off a cliff – sadly he drives it over the pavement dwellers!
Or when Amitabh Bachhan says when an Indira Gandhi dies ‘one drop of blood should reach every house’ or some such shit and the price is paid by saradarjis lynched by the mob. Then congress says ‘1984 bloody riots’ – it was MURDER.
So it is not the cost of compliance that is important, but the cost of non compliance – because it is a huge bill and it is paid for by the civil society (no pun intended)…
Now Sebi’s internal study says….read on
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