What is a Legal Entity Identifier?

The Legal Entity Identifier (LEI) is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction.

The LEI is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO).

The LEI connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains information about an entity’s ownership structure and thus answers the questions of ‘who is who’ and ‘who owns whom’.

The LEI data pool can be regarded as a global directory that greatly enhances transparency in the global marketplace.

Why obtain a Legal Entity Identifier?

LEI provides global recognition for your business or organization:

Regulators such as RBI, SEBI and IRDA may require you to obtain a LEI:

02-06-2017
OTC derivatives markets
The Reserve Bank of India has mandated the implementation of the LEI system for all participants in the Over-the-Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives

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02-11-2017
Large corporate borrowers
The Reserve Bank of India has mandated the phase-wise implementation of the LEI system for all borrowers of banks in India. Entities without an LEI code are not to be granted renewal / enhancement of credit facilities

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29-11-2019
Non derivative markets
The Reserve Bank of India has mandated the phase-wise implementation of the LEI system for Non-derivative markets include Government securities markets, money markets and non-derivative forex markets (cash, tom and spot transactions).

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29-10-2019
Eligible Foreign Entities
Securities and Board of India has mandated LEI code for Eligible Foreign Entities (EFEs) in the commodity derivatives market

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06-06-2020
Insurers/Corporate borrowers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated implementation of the LEI system for all insurers and their corporate borrowers.

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05-01-2021
RTGS/NEFT Transactions
The Reserve Bank of India has mandated the LEI Number for all payment transactions of value ₹50 crore and above undertaken by entities (non-individuals) for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

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10-12-2021
Cross Border Transactions
The Reserve Bank of India has mandated the LEI Number for cross border transactions such as capital or current account transactions of ₹50 crore and above. The timeline to obtain LEI Number is October 1,2022.

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21-04-2022
Legal Entity Identifier
(LEI) for Borrowers
The Reserve Bank of India has advised that non-individual borrowers enjoying aggregate exposure of ₹5 crore and above from banks and financial institutions (FIs) shall be required to obtain LEI codes as per the given timeline.

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03-05-2023
Non-convertible securities,
securitised debt instruments
and security receipts
Securities and Board of India has mandated LEI code for issuers transacting in listed non-convertible securities and issuers transacting in listed securitised debt instruments and security receipts. The timeline to obtain LEI Number is September 1, 2023.

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28-07-2023
Foreign Portfolio Investors
(FPIs)
Securities and Board of India has mandated reporting of LEI code for Foreign Portfolio Investors (FPIs) to depositories (DPs) in India. The timeline to report LEI Number to DPs is January 23, 2024.

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Who is eligible for obtaining the Legal Entity Identifier?

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.

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Who manages the LEI System?

About Global Legal Entity Identifier Foundation

Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is tasked to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly driver forward transparency within the global financial markets. GLEIF is a supra-national not-for-profit-organization headquartered in Basel, Switzerland.

GLEIF makes available the Global LEI Index; i.e. the only global online source that provides open, standardized and high quality legal entity reference data. By doing so, GLEIF enables people and businesses to make smarter, less costly and more reliable decisions about who to do business with.

About Legal Entity Identifier India Ltd

Legal Entity Identifier India Ltd, a wholly owned subsidiary of The Clearing Corporation of India Ltd, acts as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in India.

LEIL has been recognized by the Reserve Bank of India (RBI) as an ‘Issuer’ of Legal Entity Identifiers under the Payment and Settlement Systems Act 2007 (as amended in 2015). LEIL has been accredited by GLEIF as a Local Operating Unit (LOU) for issuance and management of LEIs.

About Rubix Data Sciences Pvt. Ltd.

Rubix Data Sciences has been appointed as a Validation Agent for the Legal Entity Identifier by GLEIF and Legal Entity Identifier India Ltd (LEIL).

As per the terms of its appointment, Rubix is responsible, inter alia, for:

Fees for obtaining the Legal Entity Identifier : INR 4,250 + 18% GST per entity