Simplex Provides XBRL Insights

Simplex Provides Investment Professionals a Glimpse of XBRL Technology at the Indian Merchants’ Chamber (IMC) Conference, Mumbai, Maharashtra, India, Thursday, March 15, 2007 — (Business Wire India)
As a part of the celebrations of “100 years of Indian Merchants’ Chamber (IMC) 1907 to 2007″, IMC jointly with e-Information Systems Security and Audit Association (eISA) organized a Seminar on the role Information Technology in Investment management on 23rd February 2007, in Mumbai, India.

The keynote speaker was Mr. Rajnikant Patel, CEO of the 130 year old Bombay Stock Exchange. BSE is transforming towards a global role and is an early adopter of tomorrow’s technology. He gave a lucid view of the global horizons opening up before listed Companies, and the entire fraternity comprising individual investors, investment banks, investment houses, fund managers, analysts. He provided an insight into the IT initiatives being taken by the Bombay Stock Exchange. 

Mr. Patel particularly noted how critical was the ability to publish & handle the explosion of real time access to global data today. Rapid convergence to one internationally accepted accounting standard such as IFRS is essential for this. The BSE CEO noted the emerging global acceptance of XBRL, an “Extensible Business Reporting Language” as a standard for reporting & consumption of data.

Mr. Jay Chandran, Senior Partner, Simplex Data Technologies, from California, USA made a presentation about the global XBRL movement. The presentation highlighted the benefits that XBRL offered the investment professionals in terms of faster, better and cheaper data to facilitate investment analysis. Jay urged that IFRS convergence and XBRL development in India be pushed in parallel, not sequentially. “XBRL based technology, is set to improve transparency of financial reporting, enhance the working of the capital market and help democratize the analysis of financial information,” Jay said. 

”The presentation by Simplex unveiled XBRL in the Indian context, particularly its timeliness & urgency, given the global adoption of XBRL as a “Gold Standard” for financial reporting, and the emergence of Indian investors in the global capital markets,” said Dr. Sujata Kanhere, the Convener, Education Committee, IT Cell, IMC, and Officer in charge of the conference. 

”Simplex is pleased to be contributing to the development of a global business reporting standard. With the rich understanding of global and local business and accounting nuances needed, we hope to play a constructive & supportive role in the emergence & adoption of XBRL standards in India,” said Mr. Anil Inamdar, Director of Business Strategy of Simplex Data Technologies.

The Seminar covered another more traditional concern of the investor community – IT security. A number of eminent speakers dealt with general & specific aspects, led by Mr. Vijay Mukhi, Chairman IT Cell of IMC. Mr. Kutty Nair CMD, Miel e Security Pvt Ltd & Dr Akshai Aggarwal of the School of Computing, University of Windsor, Canada, added specific perspectives on best practices & on-line trading. 

Dr. K. Subramanian, Deputy Director General, National Informatics Centre, and IT Advisor to Comptroller and Auditor General of India, highlighted the issues and challenges faced in securing financial services, and how the transition from security to assurance can be achieved using e-trust and assurance. 

A Panel Discussion of eminent experts from the Investment and IT field including Mr. Sanjay Athalye President Techno Shares & Stocks Ltd, Dr Vishnu Kanhere, Chairman WIRC of eISA, discussed issues arising and helped throw light on this marriage of two I T s – Investment and Information Technology.

About Simplex Data Technologies: 

Simplex, a member of XBRL-US consortium, offers XBRL consulting, training and conversion solutions to companies that are set to publish their financial statements in XBRL. It is also assisting companies in the US participate in the SEC’s XBRL filing program. SimpleX has developed TagEzee(TM) and TagAudit(TM) that it uses to create instance documents and taxonomy extensions using XBRL specification 2.1. The company is based in California USA and recently opened its office in India. For more information, please visit www.simplexdtech.com

About Indian Merchants’ Chamber (IMC): 

IMC is a premier organization of Trade, Commerce and Industry in India. It was formed in 1907 and its mission is to provide quality service to members and the society at large enabling them to grow qualitatively & quantitatively, to make India a strong economic nation. For more information, please visit http://www.imcnet.org Contact: (91) (22) 2204 6633

About e-Information Systems Security and Audit Association (eISA) 

e-Information systems, Security and Audit Association is promoted to create awareness in the areas of eGovernance, eAuditing, Quality Assurance, Security and related areas in the field of Information Technology. Developing appropriate strategies through effective research and adapting good governance practices is crucial to enterprise success. For more information, please visit http://www.eissa.org

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