Rubix Data Sciences has been appointed as a Validation Agent for the Legal Entity Identifier by GLEIF and Legal Entity Identifier India Ltd (LEIL), a subsidiary of the Clearing Corporation of India Limited (CCIL) Local operating unit, recognised as an issuer of LEI in India by the Reserve Bank of India, under the Payment and Settlement Systems Act, 2007.
Companies apply for an LEI number
RUBIX validates data with MCA, GSTN, SEBI, NSDL, IRDA, DGFT, etc
The LEI code is issued to the company
The LEI code is updated into the GLEIF database
LEARN MORE
INITIAL LEI REGISTRATION
FREE LEI CERTIFICATE
INITIAL LEI REGISTRATION
FREE LEI CERTIFICATE
INITIAL LEI REGISTRATION
FREE LEI CERTIFICATE
Certified by:
What is LEI?
A. The Legal Entity Identifier (LEI) initiative is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is party to a financial transaction. More specifically, LEI is a unique 20-digit code that is assigned to a legal entity.
What is the purpose of LEI?
A. The global LEI system (GLEIS) has been set up by regulatory authorities [including G20 and the Financial Stability Board (FSB)] to address the global financial crisis. The LEI is designed to enable the identification and linking of parties to financial transactions in order to manage counterparty risk. Its goal is to help improve the measuring and monitoring of systemic risk and support more cost-effective compliance with regulatory reporting requirements.
Non-individual borrowers with an aggregate exposure of ₹5 crore and above from banks and financial institutions must obtain LEI as per the Reserve Bank of India.
The timelines are:
Exposure above ₹25 crore by April 30, 2023;
Exposure above ₹10 crore and up to ₹25 crore by April 30, 2024;
and exposure of ₹5 crore to ₹10 crore by April 30, 2025.
Entities in derivatives, government securities, money markets, and large-value transactions (₹50 crore+) must include LEI details. SEBI mandates all non-individual Foreign Portfolio Investors (FPIs) to update LEI by January 27, 2024, or face account suspension. The Insurance Regulatory and Development Authority of India (IRDAI) mandates that all insurers and their corporate borrowers with exposures of ₹50 crore and above must obtain a Legal Entity Identifier (LEI) code, with insurers required to comply by July 31, 2020, and corporate borrowers by June 30, 2020.
What is the LEI structure?
How to register for LEI codes?
A. You have to contact Rubix Data Science India Private Limited (Rubix) to assist you in the registration and document submission process. Rubix. You can reach them on Email: lei@rubixds.com, Call: 18002584421 or visit on https://www.rubixds.com/lei/ and know more…
Who is Rubix Data Science India Private Limited (Rubix)?
A. Rubix has been appointed as India’s first Validation Agent for the LEI by GLEIF and Legal Entity Identifier India Ltd (LEIL) which is accredited by GLEIF as a Local Operating Unit (LOU) for issuing globally compatible LEIs in India.
Who is required to have an LEI?
A. Any legal entity that is a party to financial transactions can obtain a LEI. This entity could be an incorporated entity, partnership firm, proprietorship firm, bank, mutual fund, asset management company, trust, holding company, special purpose vehicle (SPVs) etc.
How much time does it take to process an LEI application?
A. it generally takes 6-48 hrs to issue an LEI after receipt of payment / submission of required documents
Who is an Authorized Person for particular LEI?
Why do LEIs need to be renewed?
A. Renewing the Legal Entity Identifier is necessary to ensure that all information about the company connected to the LEI is up to date. Rubix offers cost effective rate for renewal of LEIs for any period from 1 year to 5 years. In case of multiyear renewal next renewal date will be shown for 1 year only because LEI data needs to be updated every year.
What are the documents required to be submitted to Rubix for processing LEI applications?