Description
NSE mandates AMCs to submit XBRL filings for Regulation 25(16)(B) compliance on alignment of designated employees' interests with unitholders, effective from Q4 2025.
Summary
NSE has notified all Asset Management Companies (AMCs) about the availability of a new XBRL utility on the NEAPS Portal for submissions under Regulation 25(16)(B) regarding alignment of interest of designated employees with unitholders. The utility will be available from January 05, 2026, and AMCs must comply with the timelines specified in SEBI Circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/36 dated March 21, 2025.
Key Points
- New XBRL utility will be available on NEAPS Portal from January 05, 2026
- Portal path: NEAPS > MUTUAL FUND > AMC XBRL Upload
- Compliance required under Regulation 25(16)(B) for alignment of designated employees’ interests with unitholders
- Based on SEBI Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/36 dated March 21, 2025
- Applies to all Asset Management Companies, AMFI, and Trustee Companies
Regulatory Changes
Implementation of SEBI’s framework on “Facilitating ease of doing business relating to the framework on Alignment of Interest of the Designated Employees of the Asset Management Company (AMC) with the interest of the unitholders” through a new XBRL-based submission system on NSE’s NEAPS platform.
Compliance Requirements
- Current Quarter (Q4 2025): AMCs must submit XBRL for the quarter ended December 2025 within the timelines mentioned in SEBI circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/36
- Retrospective Submissions: AMCs must submit XBRL for quarters ended June 2025 and September 2025 within 30 days from the quarter ended December 2025
- All submissions to be made through the NEAPS Portal using the designated XBRL utility
Important Dates
- January 02, 2026: Circular issued (NSE/CML/72149, Circular Ref. No: 0015/2026)
- January 05, 2026: New XBRL utility becomes available on NEAPS Portal
- Deadline for Q4 2025 (December 2025): As per timelines in SEBI circular dated March 21, 2025
- Deadline for Q2 & Q3 2025 (June and September 2025): Within 30 days from quarter ended December 2025
Impact Assessment
Operational Impact: AMCs need to prepare for XBRL-based submissions through the NEAPS platform, requiring technical readiness and data preparation for three quarters (June, September, and December 2025). The retrospective submission requirement for June and September 2025 quarters creates an immediate compliance burden.
Market Impact: Limited direct market impact as this is an internal governance and compliance mechanism aimed at aligning AMC employee interests with unitholders. However, it strengthens the mutual fund governance framework and investor protection measures.
Compliance Impact: High priority for AMCs to ensure timely adoption of the new XBRL utility and meet the specified deadlines to avoid regulatory non-compliance.
Impact Justification
High importance due to new regulatory compliance requirement with specific deadlines. Medium impact as it applies only to AMCs and requires operational adjustments for XBRL submissions.