“Explore the FAQs on Legal Entity Identifier (LEI) for Borrowers, covering RBI and IRDAI mandates. Learn about application processes, eligibility, and the significance of LEI in financial transactions. Stay compliant with the latest circulars and deadlines.”

RBI Circular for NEFT/RTGS Transactions

Q. This RBI Mandate states that LEI Number is required for all payment transactions of value INR 50 crore and above undertaken. Is this for one single transaction or cumulative amount for one financial year?

Ans. The circular refers to any single transaction done through RTGS/NEFT of value 50 croresor above during the year.

Q: For which type of Instrument of Payment will be consider for the circular. (E.g. FX Payments, Money Market Payments, Vendor Payments, Inter-company payments or any other. If any, please specify)

Ans. In case you are using RTGS/NEFT for carrying out transactions of value 50 crores or above for FX Payments, Money Market Payments, Vendor Payments, Inter-company payments or any other, LEI number would be required.

IRDAI Circular for Insurers and corporate borrowers

Q: What is the scope of the IRDAI circular dated June 05,2020?

Ans. The IRDAI circular is applicable to both term loan borrowers and debenture issuers. Debentures, term loans as well as Bonds both would be included in computing the overall exposure that an insurer or financial institution has to a corporate borrowers either in the form of term loan or debentures or in any other form of debt.

Q: I have obtained LEI for my company. Do I have to apply for LEI number again?

Ans. No, LEI number is a globally unique number assigned to your company. Hence, the same LEI number is also valid for credit and non derivatives markets.

RBI Circular for Non derivatives markets and for Large borrowers

Q: I have obtained LEI for my company. Do I have to apply for LEI number again?

Ans. No, LEI number is a globally unique number assigned to your company. Hence, the same LEI number is also valid for credit and non derivatives markets.

Q: What is the scope of the RBI circular dated November 29, 2018 and November 02, 2017?

Ans. RBI Circular covers participants in non derivative markets and borrowers of banks in a phased manner to apply for an LEI.

Non-derivative markets include Government securities markets, money markets (markets for any instrument with a maturity of one year or less) and non-derivative forex markets (transactions that settle on or before the spot date) that is cash, tom and spot transactions.

Q. What is Credit Exposure?

Ans. For Large Borrowings Mandate: The credit exposure comprises of all types of fund and non-fund based limits with all banks (which includes but not limited to loans, cash credit facility, Bank Guarantee, letter of credit, Commercial Paper/Corporate Bonds outstanding, forex/derivatives exposure limits). Exposure includes credit exposure (fund based and non-fund based credit limit) and investment exposure (including underwriting and similar commitments). The sanctioned limits, or outstanding, whichever is higher, shall be reckoned for arriving at the exposure limit.

Q: What is the scope of the RBI circular dated April 21, 2022?

Ans. RBI Circular states that non-individual borrowers having aggregate exposure of ₹5 crore and above from banks and financial institutions shall be required to obtain LEI codes as per the timeline.

Timeline for obtaining LEI by borrower

Total Exposure LEI to be obtained on or before
Above ₹25 crore April 30, 2023
Above ₹10 crore, up to ₹25 crore April 30, 2024
5 crore and above, up to ₹10 crore April 30, 2025

Q. In case of non derivatives for ex market, the RBI Notification states that “client transactions shall require LEI code for transactions involving an amount equivalent to or exceeding USD one million or equivalent thereof in other currencies.” Is this limit of USD one million or equivalent applicable for one transaction or all the transactions done in one year?

Ans. The limit of USD one million or equivalent is applicable for any one transaction carried out with USD one million or equivalent.

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 in India, in a phased manner. Entities without an LEI code would not be eligible to participate in the OTC derivative markets, after the date specified in the schedule.

Q: Can you let us know the background of LEI (Legal Entity Identifier)?

Ans. We request you to watch our Audio-Video Presentation on the below link on LEIL website.

https://www.ccilindia-lei.co.in/USR_FAQ_DOCS.aspx

Q. What is the process to apply for LEI?

Ans. The following are the steps to apply for an LEI:

1. We request the applicant to kindly refer the LEIL web link https://www.ccilindia-lei.co.in. “Rules, FAQs & Docs” on the website provides the User Manual and FAQs for applying for an LEI. We request you to refer to chapters “Getting Started” and “New Registration of the LEI Manual for LEI Services document “.

2. Please go to Download Tab and download the documents under Tab “Legal Doc Download”. You will be able to download the list of documents and formats for LEI application.

3. The applicant who is authorized through letter of authority in the format prescribed by LEIL/general board resolution will create an online account.

4. The applicant will submit the online registration form and makes the payment.

5. The entity will be required to upload the necessary documents on the online form.

6. In this case legal entity is unable to upload documents the entity has to courier the required physical documents to LEIL.

7. LEIL will verify the documents received payment and the online form.

8. LEI number is issued. Please feel free to contact at lei@ccilindia.co.in or 18002106990.

Q. How much time does it take to process an LEI application?

Ans. We generally take 1-2 working days to review after receipt /upload of complete application form and payment.

A. General questions

Q. What is LEI?

Ans.  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.

Q: What is the purpose of LEI?

Ans. 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.

Q: How can I find out more about the global LEI system?

Ans.  The websites of the Financial Stability Board (FSB), Regulatory Oversight Committee and Global Legal Entity Identifier Foundation provide general information on the current status of the global LEI system.

Q: What is the LEI structure?

Ans. The LEI is a 20 character alphanumeric code created using ISO 17442:2012 standard and has the following structure:

Characters 1-4: Prefix used to ensure the uniqueness among codes from LEI issuers (Local Operating Units or LOUs).

”  Characters 5-18: Entity-specific part of the code generated and assigned by LOUs according to transparent, sound and robust allocation policies. As required by ISO 17442, it contains no embedded intelligence.

Characters 19-20: Two check digits as described in the ISO 17442 standard.

Every eligible legal entity will be assigned unique LEI for use globally. The LEI itself will contain no embedded intelligence

LEI Eligibility

Q: How to register for LEI codes?

Ans. A legal entity seeking LEI will be required to register as a user on our LEI website (i.e. www.ccilindia-lei.co.in). The authorized official will select the option “Create An Account” and fill in the required details. The officials will receive a confirmation e-mail to activate and verify his/her account. The official may then click on the link provided in the e-mail to activate the account.

Post successful login, on LEI service tab, the official may register and fill in necessary details.

Q: What happens if I do not receive the confirmation email?

Ans. If you have not received the confirmation e-mail to your inbox, we recommend that you check your spam/bulk e-mail folder. To avoid issues in receiving further e-mail from lei@ccilindia.co.in,please mark the e-mail as not being spam or alternatively you can request your I.T. department/ISP e-mail provider to white list all e-mails coming from lei@ccilindia.co.in.

If you have checked your spam folder/junk folder and have still not received our e-mail then please contact our systems support team at lei@ccilindia.co.in.

Q: Who is an Authorized Person for particular LEI?

Ans. Every legal entity applying for LEI and operating the portal to modify, update or renew is required to do so through officials authorized for this purpose. Authorized persons include:

a) Main user or primary user who is submitting the online application form for issuance of LEI.

b) Authorized user – Name and email id of authorized officials named in the LEI online application form

c) Secondary user – Name and email id of Secondary authorized officials named in the LEI online application form

A duly authorized person is the official authorized through Letter of Authority/Board Resolution,

Q: How to link an authorized person?

Ans.  A legal entity is expected to maintain updated details with LEIL LOU. Any change in main or primary officials should be communicated to LEIL LOU to link the user. LEIL LOU, post due diligence, will make necessary changes. Similarly, changes can be made for authorized or secondary user by raising a modification request on the web-portal.

Q: Who needs to apply for LEI codes?

Ans.  An entity registered in India needs to apply for LEI code from time to time. The list of entities eligible to apply for LEI codes are but not limited to Sole Proprietorships, Limited Liability Partnerships, Partnership Firms, Trusts, Private Limited Companies, Public Limited Companies, Government Companies, One Person Company, Insurance Companies, Housing Finance Companies, Non-Banking Finance Companies, Non profit companies, Special Purpose Vehicles – ARC Trusts, Special Purpose Vehicles – Companies, SPV – Partnership Firms, SPV – Co-operative Societies or Multistate Co-operative Societies Mutual Fund, Mutual Funds-Sub Scheme, Pension Fund, pension Fund Sub-Scheme, Alternative Investment Fund (AIF), AIF- Sub Scheme, Nationalised Banks, Scheduled Urban Cooperative Bank, RRBs, Payment Banks, Banking Companies – Others, Stand Alone Primary Dealers, Public Financial Institutions, Unlimited Companies, Cooperative Societies or Multistate Cooperative Societies, Government Organizations, Companies Limited by Guarantee, Provident/Superannuation/Gratuity/Insurance Fund, HUF, etc. Other entities as may be specified from time to time.

Q: Can an individual apply for LEI?

Ans. No, an individual acting in natural capacity is currently out of scope to apply for LEI.

Q: Can I apply on behalf of another entity as an authorized intermediary?

Ans. LEIL accepts only self-registration and also through a Validation Agent

Q: Sub-Schemes of Mutual Fund/Alternative Investment Fund LEI applications.

Ans.  Each scheme of Mutual Fund/Alternative Investment Fund may apply for LEI code. When applying for a sub-scheme under an umbrella, ensure that the legal entity name is submitted in your application as follows:

In case of Mutual fund sub-scheme, the legal name would be the name of the scheme only For example: If the Mutual fund sub-scheme named IDBI MUTUAL FUND-IDBI SHORT TERM FUND has applied then the LEGAL NAME will be IDBI SHORT TERM FUND only.

LEI Registration Process

Q: What are the documents required to be submitted to LOU for processing LEI applications?

Ans. The legal entity after creating an account will go to “Information” Tab and select “Legal Doc Download”. The list of documents for each legal form is available for download. The legal entity will have to upload the soft copy of documents in case you are not able to upload the documents you may email them to lei@ccilindia.co.in.

√  Letter of Authority as per the format specified by LEIL or General Board resolution

√  Audited Financial Statements

√  Audited financials of Holding and Ultimate Parent or Auditor’s Certificate as per the format specified by LEIL in case of holding company and ultimate parent.

Q: What validation will be done against my submission?

Ans. All LEI requests will be independently validated with the identified source. The below is the list of Registration Authority for the respective legal forms.

Name of Registration Authority Type of Legal Form
Ministry of Corporate Affairs All types of Companies permitted under the Companies Act including NBFCs, AMCs and Insurance Companies
Securities Exchange Board of India Mutual Funds (MFs),

Alternative Investment Funds (AIFs)

National Securities Depository Limited and /or Central Depository Services Limited MF Sub Schemes
AIF Sub Schemes
National Housing Bank Housing Finance Companies
NSDL (ITD) For PAN Verification of all Legal entities
Directorate General of Foreign Trade / ICEGATE For Import Export Code (IEC) Verification of all Legal entities
Goods and Services Tax For GSTIN Verification of all Legal entities
The Insurance Regulatory and
Development Authority (IRDAI)
For Insurance Companies
Deposit Insurance and Credit Guarantee Corporation Scheduled Urban Co-operative Bank
Pension Fund Regulatory Development Authority Pension Fund and Pension Fund sub-scheme
Directorate of Printing and Department of Publications – Gazette of India, Reserve Bank of India Payment Banks/RRBs/Funds
Gazette Notification / Act of Parliament / Presidential order Public Sector Undertaking Banks, Government Organizations

Q: What information is saved with the LEI?

Ans. Each LEI code references data about the legal entity itself. The following information can be viewed on the LEIL portal.

√  The official name of the legal entity;

√  The address of the headquarters of the legal entity;

√  The address of legal formation;

√  The date of the first LEI assignment;

√   The date of last update of the LEI;

√  The date of expiry, if applicable;

√  For entities with a date of expiry, the reason for the expiry should be recorded, and if applicable, the LEI of the entity that acquired the expired entity;

√  The official Registration Authority where the foundation of the legal entity is mandated to be recorded on formation of the entity, where applicable;

√ The reference in the official Registration Authority to the Legal entity, where applicable.

√  Permanent Account Number (PAN) – Referred to as “Tax Id” in the Application form available online, this is mandatory for all legal entities. However, for the purposes of publication, PAN number will not be published. For certain types of Sovereign agencies/Indian Government offices, PAN number may not be available and may be waived while issuing LEI Number.

√   LEI Code (if issued)

√   LEI Registration Status

√  Successor LEI (if applicable)

√  LEI Next Renewal Date

√  Direct Parent Relationship Details

√  Ultimate Parent Relationship Details

√  Fund relations (It will be applicable only in the case of Mutual Fund/Mutual Fund Sub-scheme/AIF/AIF sub-scheme)

The collection of further information and fields for the global LEI system is currently under consideration.

Q: What is to be entered in Registration Authority Name / Type field? (Page 9-1)

Ans. The Registration Authority Name / Type field will be capture as per the legal form of the entity. Please select the respective Registration Authority Name/Type as per waterfall approach below:

√  Companies/Limited Liability Partnerships/One Person Company/AMCs – Ministry of Corporate Affairs (MCA)

√  Nationalized Bank – If CIN Number is available then Ministry of Corporate Affairs (MCA), If CIN is not available then select “Gazette Notification”

For legal forms which are not registered with MCA, such as Partnerships, Scheduled Co–operative Banks, Public Financial Institutions, Proprietorships, Trusts, etc. the entity must enter Registration Authority Name/Type as follows:

Type of Legal Form Name of Registration Authority
Mutual Funds (MFs), Alternative Investment Funds (AIFs), Pension Fund and AMCs SEBI/PFRDA Registration Number/Gazette Notification
MF Sub Schemes/PF Sub Schemes and AIF Sub Schemes National Securities Depository Limited and /or Central Depository Services Limited (ISIN of the “Regular Growth Option” of the respective fund sub schemes to be inputted)
Co-operative Bank/RRBs/Payment Banks DICGC Bank Code, Directorate of Printing and Department of Publications – Gazette of India, Reserve Bank of India, Goods & Service Tax (GST)
Public Financial Institution Gazette Notification Number

If any one of the above Registration Authority Name/Type is not available or not applicable for your legal entity, then select NSDL (ITD).

Q: Will my Registration Authority Identifier Number be published?

Ans. The Registration Authority Identifier Number will only be published as permitted by the regulator.

Q: What is to be entered in the field Incorporation Date?

Ans.  The incorporation date is the date on which your entity was formed. You may refer your PAN for the same.

Q: I applied for an LEI through the portal, why can’t I see it as “issued” through the search in the public area?

Ans. Your record is published as soon as your application is processed and LEI is assigned. Depending on the number of LEI applications and the volume of public sources that need to be checked, the validation may take a while. We will notify you by email when your LEI is issued and published.

Normally if all documents have been uploaded/submitted and payment is received, LEI should be issued within 1-2 working days.

Q: What is the validity period of LEI?

Ans.  The LEI is valid for one year from the date of issuance/last renewal date.

Q: Why is LEI number required to be renewed??

Ans. The LEI number is valid for a period of one year from the date of registration. The renewal of this is necessary to ensure the actuality and accuracy of the information. This validation is done only if the entity requests the Renewal certification. If not, the LEI status is set to “Lapsed. If the LEI number is not renewed the LEI status is set to “LAPSED”. We are now offering for multiple annual renewals for ease of operations.

Q: Where can I find out the renewal date for my existing LEI?

Ans. The legal entity has to search the LEI in search tab. The user shall click on “View Details” which provide the “LEI Next Renewal Date”.

Q: What is the difference between legal address and the address of headquarter?

Ans. For legal entities other than funds, the legal address shall be the physical address to which communications with respect to LEI would need to be addressed; this address shall be available on business official registries or documents submitted by the legal entity. Where no such formal headquartered address exists, the entity will input address at which it might be contacted most usefully. The headquartered address can be similar to that of legal address.

In case of the legal address for funds, LEIL will validate using the following “waterfall” approach: (1) where the fund’s Prospectus identifies a registered address, that address is to be entered by the legal entity (2) failing (1), if the incorporation (foundational) documents identify an address for the service of legal documents, that address is to be entered by the legal entity; (3) failing (1) and (2), if there is a management company responsible for the legal affairs of the entity, the address of the management company is to be entered by the legal entity.

In case of the headquartered address for funds, please input C/O followed by the name of the fund management entity

Q: My application for LEI was rejected, what happened?

Ans. Usually, this happens if our validation team finds your requested LEI either to be a duplicate or to have inaccurate information included in your record. In both cases, no LEI will be published and you would receive an email or phone call from the LEI team explaining the reason for the refusal.

INTERNATIONAL BRANCH

Q: Can an international branch obtain an LEI number?

Ans. Yes, an international branch carrying out its operations in India can obtain an LEI number.

For illustration, your parent company (head office) may be located in foreign (home) country and its branch is operating in India, then the branch can obtain an LEI number.

Q: What is the eligibility criteria/pre-requisites for an international branch to obtain LEI?

Ans. The below is the eligibility criteria/pre-requisites for an international branch to obtain an LEI:

√Only one LEI will be issued to a branch or network of branches operating in India (host country)

√ The branch is registered in a publicly accessible local business registry or local regulatory registry or tax registry

√ The head office (or headquarters) of the branch already has an LEI so that the LEI of the head office entity can always be associated with the LEI of the international branch.

√  The reference data of the branch always specifies that the entity is a branch.

Q: What is to be entered in Registration Authority Source field for an International Branch?

Ans.  International Branch: If FCRN number is available, then select Ministry of Corporate Affairs

(MCA). If FCRN number is not available, then select DICGC.

Q: What will be the Next Renewal Date for the International branch?

Ans. The next renewal date of branch is same as that of the next renewal date of the headquartered office next renewal date.

Relationship Record

General Information

Q. What is a Relationship Record?

Ans. Relationship Data means collection and reporting of data on Direct and Ultimate Accounting Parent.

Data on parent entities is a part of the information that must be provided in order for LEI to be issued or renewed that have or acquire LEI.

Q. Define Parent Entity.

Ans.. A Parent is defined as an entity that controls one or more entities and a ‘subsidiary as an entity that is controlled by another entity.

Q. Define Direct and Ultimate Parent?

Ans. “Ultimate Parent” defined as the highest level legal entity preparing consolidated financial statements, as well as their “direct accounting consolidating parent”.

“Direct Parent” defined as the lowest level legal entity that prepares consolidated financial statements that consolidate the entity

In both cases, the identification of the parent would be based on the accounting definition of consolidation applying to this parent.

Q. Define Fund Relations?

Ans.  The FUND RELATIONS tab is applicable in case of MUTUAL FUND/MUTUAL FUND SUB_SCHEME/AIF/AIF SUB_SCHEME only.

For MUTUAL FUND/MUTUAL FUND SUB_SCHEME

Fund Management Entity relationship IS_FUND-MANAGED_BY

The AMC of the Mutual fund is to be reported under this page, only if it has an LEI number it can be reported.

For example, HDFC Asset management entity (AMC) will be the Fund Management Entity for HDFC Children’s gift Fund.

ii) Umbrella Structure relationship IS_SUBFUND_OF

The Mutual fund name is reported here in case of Mutual fund sub-scheme

For example: HDFC Mutual Fund will be reported as Umbrella Structure for HDFC Children’s gift Fund.

iii) Master feeder relationship: In case of Master Feeder relationship, please report the feeder information.

For AIF SUB_SCHEME

i) Fund Management Entity relationship IS_FUND-MANAGED_BY

The Investment manager of the AIF is to be reported under this page.

For example, IIFL Asset Management Limited (Investment Manager)having LEI Number will be the Fund management entity for IIFL INCOME OPPORTUNITES FUND – SERIES.

i) Umbrella Structure relationship IS_SUBFUND_OF

The AIF of the sub-scheme is reported here in case of AIF sub-scheme.

For example: IIFL INDIA PRIVATE EQUITY FUND(AIF) having LEI Number will be reported as Umbrella Structure for IIFL

INCOME OPPORTUNITES FUND – SERIES 3(Sub Scheme).

ii) Master feeder relationship: In case of Master Feeder relationship, please report the feeder information.

Q. What is the purpose of Relationship Data?

Ans.   The LEI reference data on ownership and corporate hierarchies are essential to achieve one of the key objectives of risk aggregation for the global LEI system. The aim is to have sufficient data to construct a map of the financial network and the complex entity groups which participate in it. By providing information on Parent Entities/fund relationships, it would be possible to construct
shareholdings and voting control through the financial group.

Examples of uses of the financial network are banking supervision (large exposures; data aggregation and risk reporting), securities regulation (aggregation of OTC derivatives data), licensing (banking ,insurance and securities sectors), and resolution of failing financial institutions, financial stability, antimony laundering and countering the financing of terrorism.

Issue of New LEI

 Q. Who will report the Relationship data on Direct and Ultimate Parent?

Ans.  Legal entities (Child Entity) will be obliged to provide data of its direct and ultimate parent to the LEIL.Information on parents will be part of the information that must be provided in order for LEI to be issued or renewed. The self registration principle holds also for the Relationship Data.

Q. Can the Parent and Child Managing LOU be different and need not be the same?

Ans.  Yes, 2 related entities may have LEIs managed by two different LOUs.

Q. When should the Relationship data be provided?

Ans.  Legal Entities (child) are required to provide Relationship Data either at the time of LEI Issuance,

LEI Renewal or LEI Transfer whichever happens first.

Q. Is Relationship Data reporting mandatory?

Ans. Yes, it is mandatory for all Legal Entities to report dataalongwith LEI of Direct and Ultimate Parent

(If the LEI is available for the parent) or if the LEI is not available, the basic business card information of the Direct and Ultimate Parent of the entity.

Q. What happens if an Entity does not want to report data on Direct and Ultimate Parent?

Ans. The collection of data on Parent Entity is mandatory for all Legal Entity. Nevertheless, if the Legal Entity declines to report the data on Relationship, the entity has to specify opt out reason for the same which is recorded by the LOU as an Exception. The “opt out” reason is thus collected as part of the LEI record of the reporting entity. Thus, all Legal Entities shall have minimum 2 records. The Legal Entities are required to provide LEIs of both Direct and Ultimate Parent. These records could be a direct parent relationship record, an ultimate parent relationship record or an exception report. The possible combinations of Direct and Ultimate parent are as given below:

Direct Parent Ultimate Parent
Relationship Record Relationship Record
Relationship Record Exception Record
Exception Record Relationship Record
Exception Record Exception Record

Q. What are the Exception Scenarios?

Ans. Under following circumstances where entities have parent but are not able to report, the Legal Entities may opt for Exception Reporting:

1. No LEI : There is a parent which consolidates your company but does not have an LEI Number

2. NON_PUBLIC : There is a parent but is unable to disclose due to legal obstacles, consent not obtained to disclose from the parent company, binding legal commitments, disclosure detrimental, other reasons

Q. What is to be reported if there is no direct/ultimate parent?

Ans.  Exceptions such as:

√ Natural Persons – There is no Parent according to the definition used, because the entity is controlled by natural persons without any intermediate legal entity meeting the definition of accounting consolidating parent.

√ Non Consolidating – There is no parent according to the definition used because the entity is controlled by legal entities not subject to preparing consolidated financial statements.

√ No known Person – There is no parent according to the definition used because there is no known person controlling the entity.

Q. In case of the ultimate and direct parent is the same legal entity, in such cases does the Legal entity have to input the same legal entity, in such cases does the child have to input the same entity twice in direct and ultimate parent?

Ans.  Yes, as a Relationship record is created for each ultimate and direct parent, the legal entity will have to choose ultimate parent same as direct parent while filling the relationship data on LEIL website.

Q. What happens if the Direct/Ultimate Parent does not have LEI?

Ans. Direct/Ultimate Parent who do not have LEI or the parent does not consent to have an LEI may choose exception reporting – No LEI or Non Public

Q. What happens once non- LEI Direct/Ultimate Parent procures LEI either from LEIL or some other LOU?

Ans. The Child Entity/Legal Entity is responsible to update the Relationship Record of the Direct/Ultimate Parent reference data as and when the Parent Entity procures LEI or at the time of renewal.

Q. What are the Validation Documents to be submitted by Legal Entities?

√ Consolidated financial statements to validate parent relationship or

√ Regulatory filings (Reports to a securities regulator or a bank supervisor) or

√ Other types of documents/sources supporting the preparation of consolidated financial statements, contract and other official documents such as Statutory Auditor’s certificate.

Q. What is a Relationship Period?

Ans. The Relationship period indicates the duration of validity of the relationship. The Start date indicates the earliest date at which the relationship existed or the first date it is known and recorded in the LEIL system.

Q. Explain Document Filing and Accounting Period?

Ans. Document Filing is the date of document filing or publication. This only applies where the validation documents are filed or publicly available. The Start date is the date of document filing or publication.

Accounting period is the date reflected in the source document and indicates the accounting period covered in the recent validation document.

Renewal

Q. We needed to renew an LEI with LEIL. However we have made unknowingly a payment on another website www.abc.xyz.lei.com . However, now they are asking us to transfer. How can we get a refund?

Ans. There are many registration agents of LEI Issuers who transfer your LEI outside India. There are no fees for transfer of LEI Number. You have to email the agent to refund you the fees charged to you. You will have to submit a Transfer Objection Form to LEIL.

In case you face any problems with the agent, please feel free to email us on lei@ccilindia.co.in

Q. Does LEIL re-validates the Relationship Record at the time of Renewal?

Ans.  At the time of renewal of the child entity record LEIL shall re-validate the relationship record.

Transfer of Relationship Record

Q. What happens to the relationship record if the LEI of the Child?

Ans. If the LEI of the Child entity are transferred to another LOU, the relationship record of the child entity also gets transferred.

Q. Incase of “INACTIVE” relationship record, will the relationship record be transferred from another LOU to LEIL?

Ans. Yes, all relationship record irrespective of whether active or inactive shall be transferred from other  LOU to LEIL.

Parent/Child Entity Merged/Retired or Change of Control

Q. Explain what happens if a Child Entity merges, retires or is acquired.

Ans. If the Legal entity merges or retires, LEIL shall update the relationship status of the Legal Entity as “INACTIVE” and registration status as “RETIRED”.

Others

Q. What happens incase the Legal entity reports that the Relationship does not exist and LEIL is aware of information that the Relationship exists?

Ans. LEIL shall notify the Legal Entity or about the relationship reporting and accordingly update the Relationship Record.

Q: How to apply for LEI through Validation Agent?

Ans. Legal entity has to visit Validation Agent (RUBIX’s website – https://rubixds.com/) where the LEI tab is available. Legal entity will be redirected to LEIL’s website after clicking on the aforesaid LEI tab. Please refer user manual for the steps to obtain LEI number.

Q: Who is Validation Agent?

Ans. Currently M/s. Rubix Data Sciences Private Limited (RUBIX) has been appointed as a Validation Agent by LEIL.

Q: What will Validation Agent do?

Ans. A Validation Agent(VA)begin with a check to establish whether their client has an LEI or not. If their client does not have LEI, the VA will collect the required documents as prescribed by the linked LOU. It shall validate the Legal Name, Authorized Signatory(ies), Business Registry Information, Legal / Headquarters / Branch address, Parent information etc. and co-ordinate with the LOU to facilitate their clients in obtaining and maintaining LEI smoothly

Validation Agent

Q: What is Validation Agent?

Ans. The Validation Agent Framework is a new operational model in the Global LEI System wherein a financial institution or an entity is appointed by the LOU and approved by GLEIF to act as a Validation Agent(VA). VA assists their clients in obtaining and maintaining Legal Entity Identifiers (LEIs) in cooperation with accredited LEI Issuer Organizations (LOUs) by leveraging their business as usual client identification procedures in Know Your Customer (KYC) and client onboarding processes.

Public Access

Q: Where can I find information on LEI issued by other LOUs?

Ans. You can find the information of LEIs on LEIL web portal in Search Screen. Additionally, the websites of the GLEIF i.e. www.gleif.org/en also provide information on LEI issued by all LOUs.

LEI records managed by other LOU can be found on the website of the respective LOU.

Q: How should I indicate in case of any events of your legal entity to LEIL?

Ans. The events includes:

Q: What if I wish to move my LEI from an existing operational LOU to LEIL?

Ans. An Indian entity that has obtained its LEI from another LOU may raise a portability request for transfer of record to LEIL by logging in the LEI portal. For more information on the process for portability, please refer to LOU Rules and User Manual available under “FAQs and Documents”. For further clarifications, please contact LEI team on 022 022-61546469/6632.

LEI Payment

Q: What forms of payment are accepted?

Ans. The payment can be made by way of NEFT/Internet Banking/Credit Card/Debit Card/ Demand Draft payable at Mumbai. The authorised user will receive email with respect to payment of fees.

Q: What are the charges for LEI registration/ renewal?

Ans. You can choose any payment (single/multi year) option as follows:

1) Amount for one year

– 5,015/- (4250/- plus GST @ 18%) for New Applications

– 3,540/- (3000/- plus GST @ 18%) for Renewal Applications

2) Fee structure including 1st year issuance

Multi-Year Contract Option SEZ Non SEZ

( inclusive of 18% GST)

Fees + 18%

GST

Total fees
2 years – New application & Renewal for next 1 year 7,100 7100+ 1,278 8378/-
3 years – New application & Renewal for

next 2 years

9,750 9,750+ 1,755 11,505/-
4 years – New application & Renewal for

next 3 years

12,350 12,350+ 2,223 14,573/-
5 years – New application & Renewal for 4

years

14,750 14,750+ 2,655 17,405

3) Fee structure for renewals only

Multi-Year Contract Option SEZ Non SEZ

( inclusive of 18% GST)

Fees + 18% GST Total fees
Renewal application for 2 years 5,850 5850+ 1,053 6,903
Renewal application for 3 years 8,500 8,500+ 1,530 10,030
Renewal application for 4 years 11,100 11,100+ 1998 13,098
Renewal application for 5 years 13,500 13,500+ 2,430 15,930

LEI Number is valid for one year. LEIL shall send reminder email well in advance in case of single year payment or multi-year payment to submit required documents before the due date

In the multi year option, if the validity of LEI extends beyond the end -date of contract for which term the multi- year fee payment is made due to non submission of required documents for renewal in time, an additional fee of Rs 250/- per month will be levied for the period for which it extends the end date . Entities are, therefore, requested to submit the required documents timely.

Source- https://www.ccilindia-lei.co.in/Documents/FAQs.pdf

Author Bio

Qualification: CA in Practice
Company: Deep Gandhi & Associates
Location: Ahmedabad, Gujarat, India
Member Since: 02 Jun 2021 | Total Posts: 1

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