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Legal Entity Identifier (LEI)

The Legal Entity Identifier (LEI) code is known as a key measure to enhance the financial data system’s quality and accuracy for better risk management post the Global Financial Crisis.

Regulatory Authority of Legal Entity Identifier

GLEIS a.k.a. The Global LEI System has been set up by the regulatory authorities which is G20 and the Financial Stability Board (FSB) to strut the global financial crisis. The online portals of the FSB, Regulatory Oversight Committee & Global Legal Entity Identifier Foundation provide general information on the status of the global Legal Entity Identifier system.

Structure of Legal Entity Identifier Code

LEI is a twenty unique code to identify parties to financial transactions globally. It contains long alphanumeric code based on the ISO 17442 standard developed by the ISO and having the following structure:

  • Characters 1to 4, a 4-character prefix assigned by the Regulatory Oversight Committee Secretariat, unique to each Local Operating Unit (LOU) (for LEIL–3358)
  • Characters 5 to 6, two reserved characters – 00
  • Characters 7 to 18, 12 characters created and assigned to an entity by the Local Operating Unit according to transparent and sound allocation policies.
  • Characters 19 to 20, two check digits under ISO 17442

Who Needs To Apply For Legal Entity Identifier Codes?

1. RBI Circular for NEFT/RTGS Transactions:

As per the latest RBI circular dated 05 January, 2021, the RBI said that LEI Number is mandatory for all payment transactions of value of INR 50 cr. and above undertaken.

In case you are using RTGS/NEFT for carrying out transactions of value INR 50 cr. or above for FX Payments, Money Market Payments, Vendor Payments, Inter-company payments etc., the LEI number would be needed.

2. IRDAI (The Insurance Regulatory and Development Authority of India) Circular (05 June 2020) for Insurers and corporate borrowers:

The Insurance Regulatory and Development Authority of India circular is applicable to both term loan borrowers and debenture issuers.

3. For Non derivatives markets and for Large Borrowers- RBI Circular

The RBI Circular covers participants in a non-derivative markets and borrowers of banks in a phased manner to apply for an L Legal Entity Identifier.

Non-derivative markets include

  • Government securities markets
  • Money markets (markets for any instrument with a maturity of 1 yr. or less) and
  • Non-derivative forex markets (transactions which settle on or before the spot date) i.e. cash, tom & spot transactions.

 4. Remaining Participants according to the RBI has made compulsory the implementation of the LEI System

All participants in the Over the Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives in India, in a phased manner as described below: –

1. Phase I – Entities who are regulated by RBI / PFRDA /SEBI / IRDA and Corporates with Net Worth above INR 10000 million – August 1, 2017

2. Phase II – Corporates with Net Worth between INR 2000 million and INR 10000 million -August 1, 2017

3. Phase III – Corporates with Net Worth between INR 700 million and INR 2000 million – December 1, 2017

4. Phase IV – Corporates with Net worth of INR 700 million and below- March 31, 2018

Important point to note that entities who do not have LEI code would not be eligible to participate in the Over the Counter derivative markets, after the date specified in the schedule.

The Process To Apply For A Legal Entity Identifier: –

A legal entity looking for a Legal Entity Identifier will be needed to register as a user on LEI website (

Choose the option to “Create an Account” and fill in the mandatory details correctly. The officials will receive a confirmation mail to activate and verify his/her account. You can verify through the confirmation link.

An LEI is valid for 1 year from the date of issuance/last renewal date.

These are the steps to apply for an LEI:

1. First visit the L Legal Entity Identifier India Limited website

2. Go to Download Tab and click on the Tab “Legal Doc Download” and download the documents.

The applicant who is authorized by the board will make an online account.

1. The applicant will submit the online registration form and go for the payment & make payment.

2. The entity will be required to upload the mandatory documents on the online form.

3. In the case if anyone is not able to upload documents then they can courier the required physical documents to Legal Entity Identifier India Limited.

  • Legal Entity Identifier India Limited will verify the documents received, payment and the online form.
  • LEI number is issued.

After documents & payment upload, it takes generally 3- 5 working days to issue an LEI.

What are the Documents Required to Be Submitted to Local Operating Unit for Processing Legal Entity Identifier Applications?

  • Copy of Certificate of Incorporation/Registration Certificate
  • Copy of PAN Card proof
  • Copy of Undertaking-cum-Indemnity as per the format specified by Legal Entity Identifier India Limited
  • Copy of E-stamp paper
  • Copy of Audited Financial Statements
  • Copy of Board Resolution as per the format specified by LEIL OR A certified true copy of the general board resolution or general power of attorney
  • Copy of Power of Attorney as per the format specified by Legal Entity Identifier India Limited
  • Copy of Audited financials of Holding & Ultimate Parent or Auditor’s Certificate according to the format specified by Legal Entity Identifier India Limited in case of holding company and ultimate parent

What If Application For Legal Entity Identifier Was Rejected: –

In the event the validation team finds your requested pre-LEI/LEI duplicate or to have an inaccurate information included in your record; then in these cases, no LEI will be published.

In case your application is not processed after six months of the payment date or in case of rejection, Legal Entity Identifier authority will initiate refund of application amount.

FAQs (Frequently Asked Questions)

If I have got LEI for my Company for one kind of securities so, do I have to apply for Legal Entity Identifier number again?

No, Legal Entity Identifier number is a globally unique number assigned to your company. For instance- The same LEI number is also valid for credit as well as in non-derivatives markets.

Can an individual apply for Legal Entity Identifier?

No, this is currently out of scope to apply for Legal Entity Identifier.

If Company registered office is moving abroad. Do I need to apply for new Legal Entity Identifier?

No, an issued Legal Entity Identifier keeps its validity even if the entity moves into the area of responsibility of a different issuing agency if the legal entity remains the same.

What is the validity period of a Legal Entity Identifier?

A Legal Entity Identifier is valid for 1 year from the date of issuance/last renewal date.

Where can I find renewal date for my existing Legal Entity Identifier?

Search the LEI in search tab. The user will click on “View Details” which provide the Next Renewal Date of LEI.

What happens if I don’t renew my Legal Entity Identifier?

The LEI shall be valid for a term of 1 year after assignment or renewal. It will be the duty of the entity to apply for renewal of Legal Entity Identifier before expiry of the validity of the LEI. The status of your Legal Entity Identifier will change to ‘LAPSED’ on the next renewal date.