XBRL based reporting in the Indian Mutual Fund Industry
The Indian Mutual Fund Industry has $120 billion in assets under management with 44 fund houses offering more than 3,000 schemes as of 2012. Securities and Exchange Board of India (SEBI) the regulator of the mutual fund industry, has progressively moved to a continuous disclosure regime. In 2010 IRIS built an e-reporting platform for SEBI that eased the process of report collection. IRIS also developed India's first mutual fund XBRL taxonomy as part of this project. IRIS also created an XBRL report generation tool for mutual funds to create their reports for filing with SEBI. This case study tells the full story of how XBRL was implemented end to end in the Indian mutual fund industry.