Legal Entity Identifier (LEI) Registration
The utilization of a Legal Entity Identifier (LEI) is obligatory for transactions within the interest rate, forex, and credit derivative markets. Furthermore, the Reserve Bank of India (RBI) has stipulated the mandatory requirement of LEI for companies and organizations that possess aggregate fund-based and non-fund based credit exposure exceeding Rs 50 crore.
The Legal Entity Identifier (LEI) is a distinctive alphanumeric code consisting of 20 characters, adhering to the ISO 17442 standard established by the International Organization for Standardization (ISO). This code plays a crucial role in financial transactions by enabling convenient reference to essential information about the parties involved. Serving as a global directory, the LEI enhances transparency in financial dealings, offering comprehensive insights into the ownership structure and associated details of the entities participating in the transaction.
Schedule for Implementation of LEI for Large Corporate Borrowers
(According to Reserve Bank of India)
The Legal Entity Identifier (LEI) serves as a valuable tool for banks and credit providers, aiding them in monitoring the exposure of corporate borrowers. This system prevents the issuance of multiple loans against the same collateral by providing a unique identifier for each legal entity.
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LEI Registration
₹
1,499/-*
₹
Documents & Details Required For LEI Registration :
- 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.
Documents List Provided by LEI India Limited.
- LEI Registration Fees is not included in the above amount. The above amount is the Professional Fees for LEI Registration
- Client is liable for all the information provided during the Registration of LEI.
- Fees Should be paid according to conversation held between the Legal Parivar Team and Client.
LEI Registration FAQ's
The Legal Entity Identifier (LEI) is a distinctive alphanumeric code consisting of 20 characters, adhering to the ISO 17442 standard established by the International Organization for Standardization (ISO). This code plays a crucial role in financial transactions by enabling convenient reference to essential information about the parties involved. Serving as a global directory, the LEI enhances transparency in financial dealings, offering comprehensive insights into the ownership structure and associated details of the entities participating in the transaction.
The inception of the Legal Entity Identifier (LEI) system was a response to the financial crisis, with the primary objective of enhancing transparency in financial data systems. Currently, there are diverse methods for identifying entities across different markets and countries. However, the Global LEI System (GLEIS), once fully implemented, will establish a singular standard system. Numerous regulations in various jurisdictions mandate the use of LEIs. Nevertheless, the overarching concept of the Global Legal Entity Identifier is to streamline, standardize, and facilitate the global identification of any legal entity.
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
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 Cooperative Societies Mutual Fund, Mutual Funds-Sub Scheme, Pension Fund, pension Fund SubScheme, Alternative Investment Fund (AIF), AIF Sub Scheme, Nationalized 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.