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Govt. to bring financial info in regional languages
By siliconindia
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Tuesday, 26 October 2010, 18:15 IST
Bangalore: Government is working on a plan to make information on listed companies available in all recognized languages. The linguistic in the country are working towards coining new words in over a dozen regional languages and from April 2011 onwards stock exchanges will provide online financial information in 16 official Indian languages.
The project will create local language equivalent of 4000-6000 line items, apart from some sector-specific terms. All the terms will be vetted by the Institute of Chartered Accountants of India (ICAI), the country's accounting watchdog. The new system allows the companies to file their statements in English; investors can see the results in regional languages through a user-friendly system.
The software will be installed at the level of the stock exchanges with which companies file their financial results. "The language-specific financial terms will be in the form of templates, the creation of which is a one-time effort," said S Swaminathan, Chief Executive officer, IRIS Business Services, an agency actively involved in the project.
Given the benefits that it promises to deliver, the government feels the cost burden will not be heavy on companies, he said. The Bombay Stock Exchange , or BSE, is already working towards a system wherein all past financial information of companies will be made available in vernacular scripts.