Legal Entity Identifier (LEI) Code

The Legal Entity Identifier (LEI) system in India is governed by regulations issued by the Reserve Bank of India (RBI) under the Reserve Bank of India Act, 1934. The RBI has mandated LEI for all participants in over-the-counter (OTC) derivatives markets, non-derivative markets for large-value transactions, and for entities issuing commercial paper or certificates of deposit. The framework is aligned with the global LEI system established by the Financial Stability Board (FSB) and the Global Legal Entity Identifier Foundation (GLEIF).

The Reserve Bank of India (RBI) is the primary regulatory authority for LEI in India. The actual issuance of LEI codes is carried out by accredited Local Operating Units (LOUs). The main LOU in India is Legal Entity Identifier India Ltd. (LEIL), which operates the website www.leilegalentity.in. Other accredited LOUs include Bloomberg Finance L.P. and the Depository Trust & Clearing Corporation (DTCC). Applicants can apply online through the LOU's portal.

The process to obtain a Legal Entity Identifier (LEI) Code online in India involves the following steps:

1. Choose an accredited LOU: Select an LOU such as LEIL, Bloomberg, or DTCC.
2. Register on the LOU portal: Create an account and provide entity details.
3. Submit required documents: Upload the necessary documents (see Key Forms section).
4. Pay the registration fee: The fee varies by LOU and is paid online.
5. Verification: The LOU verifies the information against official records.
6. Issuance: Upon successful verification, the LEI code is issued and published in the Global LEI Index.

The entire process is online and does not require physical submission of documents.

To apply for a Legal Entity Identifier (LEI) Code online in India, the following documents are typically required:

• Certificate of Incorporation (for companies) or Registration Certificate (for other entities)
• PAN Card of the entity
• Address Proof of the registered office (e.g., utility bill, rent agreement)
• KYC documents of authorized signatories (e.g., Aadhaar, PAN, passport)
• Board Resolution or authorization letter (if applicable)

Each LOU may have specific requirements; it is advisable to check the LOU's website for the exact checklist.

Any legal entity that is a party to a financial transaction can apply for an LEI. In India, the RBI has mandated LEI for:

• Entities participating in OTC derivatives markets
• Entities undertaking large-value transactions in government securities, repo markets, and foreign exchange markets
• Issuers of commercial paper and certificates of deposit
• Non-individual borrowers with aggregate exposure of ₹5 crore and above (as per RBI circular)

There is no restriction on the type of entity; companies, partnerships, trusts, and government entities are all eligible.

The timeline for obtaining a Legal Entity Identifier (LEI) Code online in India depends on the LOU and the completeness of the application. Typically, the process involves:

• Application submission: Immediate upon online submission.
• Verification: The LOU verifies the documents and entity details. This may take a few business days.
• Issuance: Once verified, the LEI code is issued and published in the Global LEI Index.

No specific time estimate can be provided as it varies by LOU and the accuracy of the information provided.

The fees for obtaining a Legal Entity Identifier (LEI) Code online in India are set by the respective Local Operating Units (LOUs). Below is an indicative fee structure for LEIL (as of the latest available information):

Note: Fees are subject to change. Please check the LOU's website for current fees.