The Market Data Advisory Committee (MDAC) of SEBI observed that the formats of existing standardized data files generated by all MIIs in all segments are different and there is a need for these formats to be standardized and harmonized in conformance to the ISO standards, which will facilitate ease of doing business in the Indian securities market.
In view of the above, initially as a first phase (Phase 1) of standardization, it was decided that the fields which were common in the file across MII or exclusively applicable to an MII shall be retained to harmonize the file. Further, ISO tags were identified for each field of a harmonized file and provided as header in each such standardized file. The same was informed to market participants via initial circulars as below:
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Circular no
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Dated
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Segment
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20220531-44
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May 31, 2022
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Equity
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20220531-45
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May 31, 2022
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Equity Derivatives
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20220531-46
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May 31, 2022
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Currency Derivatives
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20220715-30
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July 15, 2022
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Commodity Derivatives
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In the second phase (Phase 2) as per holistic approach taken by SEBI along with consultation with all MIIs, it was concluded that to harmonize and standardize the files, rationalization of both files and fields was necessary. Accordingly, the approach was changed from the file-based standardization to information based one. The fields in each of the formats were also distilled to keep only rationally required fields. Additionally, few more fields as suggested by the market participants were added to facilitate them in development and processing of these files.
In accordance to the above and as per recommendations of SEBI’s MDAC, the new UDiFF (Unified Distilled File Formats) file formats applicable for Equity - Cash Market (CM), Equity Derivatives (FO), Currency Derivatives (CD) and Commodity Derivatives (COM) segments are designed and being developed.
Members are requested to refer the below provided details and initiate necessary changes in their systems:
- The SEBI guidance document having the UDiFF Standards for Generation and Implementation is attached as Annexure A
- The proposed UDiFF trade and Bhavcopy file formats are attached as Annexure B with ISO tags as headers in the aforesaid files.
- To simplify development at members and vendors end, sample test files with ISO tags are attached as Annexure C.
- The details mentioned in point number 1 to 3 shall also be made available on BSE website. The website link shall be communicated shortly via separate circular.
- Following are the LIVE release dates for the UDiFF file formats:
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UDiFF file name
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Segment
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LIVE Release date
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Trade file
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Equity, Equity Derivatives, Currency Derivatives, Commodity Derivatives
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February 05, 2024
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Bhavcopy file
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January 01, 2024
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6. The existing Trade and Bhavcopy files shall continue to be available in parallel along with the new UDiFF format files for some time period after which they shall be discontinued. Its discontinuation dates shall be communicated separately via circular. Kindy refer Annexure D for list of existing files to be discontinued.
Members are advised to take note of the same and initiate necessary changes in their systems.
In case of any queries members may kindly contact on group email ID or contact number given below.
IML Info Team
E-mail: iml.info@bseindia.com
T: 022-2272 5621/8818
For and on behalf of BSE Ltd.,
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Vivek Garg
Senior General Manager
Trading Development
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Omkar Wanage
Assistant General Manager
Trading Development
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December 11, 2023 |