The committee on web-based dissemination of corporate information set up by Sebi has been working on the modalities for setting up such a unified electronic information gathering and retrieval system, the manner and format of electronic filing information, content and periodicity is being worked out. According to the Sebi member of board Prof JR Varma: "In order to obtain the views of corporates and chambers of commerce, Sebi today called a meeting of some top 10 listed companies and chambers. The companies present at the meeting were ITC, Infosys, Reliance and CII. Sebi has received positive reply from the corporate sector and the listing departments in the stock exchanges are also ready."

It was also suggested that the disclosures regarding the shareholding pattern, specifically with regard to promoter holding and disclosure of balance sheet items in periodical financial statements could also be included in the information database prepared by Sebi. "Sebi is currently developing the systems for the database and development of softwares. It is proposed that after the software is ready it would be tested through dummy filings by 100 top listed companies. u In the second quarter these companies will proceed with live electronic filing. In the next quarter another 500 companies is expected to go live," Mr Varma added.

The content of disclosure on the website could include the information currently being filed by the companies with the stock exchanges. The listing department of the exchanges has to first sort out the standardisation issue about the format and content of the data. The companies have also requested Sebi to explore the possibility that a single database ensures compliance with the listing agreements of the various stock exchanges.

Investors and market participants would be greatly benefited not only if all company related information is available at one location which is easily accessible, but also in electronic form. Such a mode of filing of information would be useful to the companies and the stock exchanges, as it would reduce the paper work and physical filing of documents.