Introduction of Legal Entity Identifier for OTC derivatives markets

1. Introduction to Legal Entity Identifier (LEI)

LEI (Legal Entity Identifier) is a unique 20-digit code that is assigned to a legal entity set up by regulatory authorities to address the global financial crisis.

2. RBI Circular mandating the use of Legal Entity Identifier (LEI)

The Reserve Bank of India has mandated the implementation of the LEI number for all Corporates with Net Worth of Rs 700 million and below vide circular No. RBI/2016-17/314.

3. Registration on Legal Entity Identifier (LEI) Website

A legal entity seeking an LEI will be required to register as a user on 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.

4. Documentation for LEI:

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 submit the documents which include but are not limited to:

• Certificate of Incorporation/Registration Certificate
• PAN Card proof
• Undertaking –cum-Indemnity as per the format specified by LEIL
• Audited Financial Statements
• Board Resolution as per the format specified by LEIL
• Power of Attorney as per the format specified by LEIL Statutory Auditor’s Certificate as per the format specified by LEIL.

5. Validity period of an LEI:

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

Important : LEI number of Holding Company and Ultimate Holding company is reqired to be filled in the application form. If not provided, suitable reason thereof may be selected from the drop-down menu. eg. Consent not obtained from Holding Company.

Also Read-

Introduction of Legal Entity Identifier for OTC derivatives markets  (RBI Notification No. RBI/2016-17/314 Dated: 01/06/2017)

Legal Entity Identifier India Limited- Accredited by GLEIF- Frequently Asked Questions