Description

BSE has released a user manual for trading members to submit Software as a Service (SaaS) reports through the BEFS portal, outlining the procedure and system requirements for SaaS compliance submissions.

Summary

BSE has issued a comprehensive user manual for trading members on submitting Software as a Service (SaaS) reports through the BSE Electronic Filing System (BEFS) portal. The manual provides detailed step-by-step instructions for members to declare their usage of SaaS-based solutions, including system requirements and submission procedures.

Key Points

  • Trading members must use Microsoft Edge browser exclusively for SaaS submissions
  • Microsoft Excel 2007 or above is required
  • Submissions are made through BEFS portal under SaaS > Submission menu
  • Members must select submission period and indicate whether they are using SaaS services
  • Multiple SaaS services can be added by using the ‘Save’ button
  • Members not using SaaS must select ‘No’ and provide remarks/comments
  • Submitted reports can be viewed under SaaS > View SAAS Report
  • Successful submissions generate a confirmation message

Regulatory Changes

This circular introduces a standardized reporting mechanism for SaaS usage by financial sector organizations, specifically BSE trading members. It formalizes the process for tracking and monitoring SaaS-based solutions used by members.

Compliance Requirements

  • Trading members must log into BEFS portal using Microsoft Edge browser
  • Members must submit periodic reports indicating SaaS usage status
  • If using SaaS services, members must provide detailed information about each service
  • If not using SaaS services, members must submit a negative declaration with remarks
  • All required fields must be completed before submission
  • Members should maintain records accessible through the View SAAS Report function

Important Dates

No specific deadlines mentioned. Members must submit reports for their selected submission period as required.

Impact Assessment

This advisory has medium operational impact on BSE trading members. It introduces a new compliance reporting requirement specifically for SaaS usage tracking. Members using SaaS solutions will need to establish processes for periodic reporting, while those not using SaaS must submit negative declarations. The browser restriction to Microsoft Edge may require some members to adjust their technical setup. Overall, this represents an administrative compliance burden but does not affect trading operations or market activities directly.

Impact Justification

Procedural guidance for trading members on SaaS reporting compliance. Important for operational compliance but not market-moving. Affects all trading members using SaaS solutions.