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If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially in India due to the new regulations from the Reserve Bank of India (RBI).
To request invoice for wire transfer of ₹ please email sales@lei-worldwide.com
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company. LEI Registration in India is a simple process of completing a 5 minute application form. This form can be completed by anybody within your organisation. The LEI is mandated for use in financial transactions in India.
We explore this further in our recent post What is a Legal Entity Identifier?
| Benefits | Cost ₹ | Issuance Time (India) | Additional features |
|---|---|---|---|
| Best Value | 1 year – 4,210 | New LEI – 5 mins | 24/7 support |
| Rapid LEI issuance | 3 years – 12,500 | Transfer LEI – 2 days | Auto-Renewals |
The LEI has been mandated in India since 2017 in a bid to improve market transparency and prevent banking frauds. All borrowers of banks in India will require an LEI going forward and all entities trading internationally including those who are responsible for reporting OTC Derivative trading.
It was decided to utilise the global LEI system for both parties reporting in the Over-the-Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives in India.
This is being rolled out in a four phase approach and the directions are issued under Section 45(W) of the RBI Act, 1934.
You can read more about this in the circular notice which was shared by the Chief General Manager of the Reserve Bank of India by clicking here.
The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers have not been identifier by way of a Legal Entity Identifier in India before 30th June 2020.
However, if you are just a Limited Company or Sole Trader in India, you may not need an LEI by law. If you are engaged in cross border activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard.
If you are in financial services you will be required to legally register your entity for an LEI in order to be compliant with local regulations such as Mifid II, EMIR or to fulfil your local reporting obligations. To find out if you fall into this category and require an LEI please see our post discussing Who Needs an LEI?
Obtaining a Legal Entity Identifier code in India is very simple. The online LEI application form only takes a few minutes. Any representative of the company may apply on behalf of the entity. See which documents are required here.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application. When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a Certificate of Incumbency, Register of Directors, or a registry extract.
Checklist of requirements to obtain an LEI Code in India.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency.
A member of the LEI Worldwide team will review the submission upon submission and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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