Requirement and procedure for obtaining Legal Entity Identifier (LEI) code:

RBI vide its notification RBI/2017-18/82 DBR No BP.BC.92/21.04.048/2017-18 has mandated to obtain LEI code for the corporate borrowers having aggregate fund-based and non-fund based exposure of Rs. 5 crore and above from any bank.

Further vide circular RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2-16-17 dated June 01, 2017 RBI mandated to obtain the LEI Code for the participants of the OTC i.e. Over the Counter derivatives in a phased manner.

Object: The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. LEI is a 20-digit unique code to identify parties to financial transactions worldwide.

Procedure:

  • Visit to website ccilindia-lei.co.in.
  • Download the Draft Documents which are already available on the website.
  • Following are the documents required to be filled with application.
  • Certificate of Incorporation / Registration Certificate
  • PAN
  • Undertaking cum Indemnity as per the format specified by LEIL
  • Audited Financial Statement
  • Board Resolution as per the format specified by LEIL
  • Power of Attorney as per the format specified by LEIL
  • Audited financials of Holding company and ultimate parent company.
  • Create an online account vide official e-mail id.
  • An e-mail is sent to the legal entity to validate the e-mail id.
  • Open the link provided in the mail for activating account and fill the details as required in the form.
  • After that payment option will generate and have to pay at that time only.
  • All the documents are required to be send physically with the reference number generated after making the payment.
  • Once the documents are verified by officials LEI Code will be provided by mail.
  • Generally it takes 2-3 days after receipt of documents by officials in providing LEI Code. However if any further documents required they may call for the same.

Following are the deadlines for obtaining LEI Code.

Schedule for implementation of LEI

Total Exposure to SCBs To be completed by
₹ 1000 crore and above Mar 31, 2018
Between ₹ 500 crore and ₹ 1000 crore Jun 30, 2018
Between ₹ 100 crore and ₹ 500 crore Mar 31, 2019
Between ₹ 50 crore and ₹ 100 crore Dec 31, 2019

Disclaimer:-This material and the information contained herein are intended to provide general information on a particular subject. Before making any decision or taking any action you should consult a qualified professional adviser. Author shall not be responsible for any loss whatsoever sustained by any person who relies on this material.

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