LEI

The purpose of LEI codes is to make it easier to identify a counterparty in financial transactions. The issuance of codes is regulated by the global umbrella organisation GLEIF (Global Legal Entity Identifier Foundation)

Why was the LEI system formed

The LEI system was created in response to the 2008 global financial crisis. When the financial meltdown happened, one of the biggest challenges regulators and financial institutions faced was not being able to clearly identify who was connected to whom across complex, global financial markets.

When & How it started

In 2011, at the G20 summit in Cannes, leaders agreed on the need for a universal legal entity identifier.

The Financial Stability Board (FSB) was tasked with developing recommendations.

The LEI ROC (Regulatory Oversight Committee) was formed in 2012.

The GLEIF (Global Legal Entity Identifier Foundation) was created in 2014 to manage the operational side.

Deep Drive

https://www.gleif.org/en/about-lei/get-an-lei-find-lei-issuing-organizations

LEI issuers – also referred to as Local Operating Units (LOUs)

Key Entities Involved in LEI Processing

GLEIF

The global, non-profit organization overseeing the entire LEI system. Maintains a central LEI database, accredits LOUs, ensures global standards.

India LOU

Accredited by GLEIF to issue, renew, and manage LEIs locally. Responsible for validating entity data as per GLEIF rules.

• LEI INDIA – https://www.ccilindia-lei.co.in/
• NSDL - https://lei-register.nsdl.co.in/LEIServices/#/home
• Bloomberg: https://lei.bloomberg.com/
• Indian LEI: https://indialei.in/
• Ubisecure:
  • https://www.ubisecure.com/organisation-identity/
  • https://rapidlei.com/

LEIL is a wholly-owned subsidiary of the Clearing Corporation of India Ltd. (CCIL) and is officially recognized by the Reserve Bank of India (RBI) as the authorized Local Operating Unit (LOU) for issuing LEIs in India.

Registration Agent

Acts as a middleman to help entities apply for or manage their LEIs. Collects data and submits it to LOU on the client’s behalf.

LEI ROC

LEI Regulatory Oversight Committee (LEI-ROC)

National authority where businesses are registered. LEIL and other LOUs often verify entity existence through ROC or equivalent records during LEI issuance.

Apply

To apply for an LEI code, a LEI code issuer LOU (Local Operating Unit) or an official Registration Agent is needed

Question

1. Who are we in the process involved in LEI Registration
2. How the verification process works
   • Time taken
   • Issue that can arise (Like: resubmit sone doc)
3. legalentityidentifier.in has Register, Renew, Transfer, (Bulk Order, Dematerialization)(cannot be done now)
4. How to fetch/verify LEI data -
   • legalentityidentifier.in is using this https://api2.companydata.io/leilookup.php?lei=984500AFEBD6695E1F67
   • indialei.in uses https://indialei.in/apis/search-api/search.php?searchFor=suggestions&searchTerm=984500F858B39EFDF365&searchBy=lei_code&wpCountryCode=in

https://www.legalentityidentifier.in/ https://indialei.in/ https://lei-register.nsdl.co.in/LEIServices/#/home https://www.ccilindia-lei.co.in/Default.aspx

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