Legal Entity Identifier – How to Obtain, Renew, Download LEI Code

LEI Registration-In the present era of corporates, credit to the advancement in technology, transactions between businesses take place at exorbitant levels and involve significantly massive amounts. As a result, businesses and financial institutions are exposed to substantial amounts of risk.

The worldwide financial crisis of 2007-08 gave rise to the need for transparency in financial transactions. The fact that a significant number of corporations engaged in window dressing and the further concealment of debt that the company had previously held in order to raise more funds and attract investors indeed resulted in a catastrophe. These events are what eventually led to the need for the establishment of a system such as the Legal Entity Identifier (LEI) system.

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Legal Entity Identifier (LEI)

The Legal Entity Identifier is a unique 20 character long alphanumeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). With the help of the LEI, essential information regarding the parties to a financial transaction can be easily referenced. It acts as a global directory that provides the much-needed transparency for the benefit of all involved, providing details of the ownership structure and associated details of the parties involved.

Structure of the LEI Code

The LEI code is not one that possesses any embedded intelligence or country codes that would give rise to confusion and complexity of the users. It is based on four simple principles:-

1. It is a global standard.
2. Every legal entity is assigned a single unique identifier.
3. It is available publicly, free to all users.
4. A high level of data quality supports it.

The LEI code comprises of 20 characters and the following structure:-

Characters 1-4 are unique to each LOU (Local Operating Unit) and are affixed by the ROC Secretariat.

Characters 5-6 are reserved characters (00).

Characters 7-18 comprise a 12 character reference that is assigned by the LOU to a particular entity based on transparent and sound allocation policies.

Characters 19-20 are two check digits under ISO 17442.

Documents Required for LEI Registration

In India, the Legal Entity Identifier (LEI) is a 20-character alphanumeric code mandated for legal entities participating in financial transactions. The LEI registration process requires specific documents based on the type of entity. Below is an entity-wise breakdown of the required documentation:

1.Companies (Public/Private Limited)

• Certificate of Incorporation (issued by the Ministry of Corporate Affairs).
• Memorandum of Association (MOA) and Articles of Association (AOA).
• PAN Card of the company.
• Address Proof (e.g., utility bill, GST registration, or registered office address).
• Board Resolution authorizing the LEI application (if applicable).
• Details of Authorized Signatory (ID proof, PAN, and address proof).

2.Limited Liability Partnerships (LLPs)

• LLP Incorporation Certificate (issued by the Ministry of Corporate Affairs).
• LLP Deed (partnership agreement).
• PAN Card of the LLP.
• Address Proof (utility bill or registered office proof).
• Authorization Letter from designated partners.

3.Trusts

• Trust Deed (including details of trustees and beneficiaries).
• Certificate of Registration (if registered under the Indian Trusts Act).
• PAN Card of the trust.
• Address Proof of the trust.
• Authorization Letter from the trustee(s).

4.Partnership Firms

• Partnership Deed.
• PAN Card of the firm.
• Address Proof (e.g., GST certificate or utility bill).
• Authorization Letter from a partner.

5.Sole Proprietorships

• PAN Card of the proprietor.
• GST Registration Certificate (if applicable).
• Bank Account Details (cancelled cheque or bank statement).
• Address Proof (business or personal address).
• Udyam Registration (MSME certificate, if applicable).

6.Banks/Financial Institutions

• RBI License/Certificate of Registration.
• PAN Card.
• Address Proof.
• Board Resolution for LEI application.

7.Non-Banking Financial Companies (NBFCs)

• Certificate of Registration from RBI.
• PAN Card.
• Address Proof.
• Board Resolution authorizing the LEI application.

8.Mutual Funds/Asset Management Companies

• SEBI Registration Certificate.
• PAN Card.
• Address Proof.
• Authorization Letter from the fund manager.

9.Insurance Companies

• IRDAI Registration Certificate.
• PAN Card.
• Address Proof.
• Authorization Letter from the board.

10. Foreign Entities Operating in India

• Incorporation Certificate (from the home country).
• Indian PAN Card (if registered in India).
• Address Proof of the Indian branch/office.
• Notarized/Apostilled Documents (if required).

Common Requirements for All Entities

1. Authorized Signatory Details:
   • ID proof (Aadhaar, PAN, or passport).
   • Address proof (utility bill, bank statement).
2. Entity’s PAN Card: Mandatory for all Indian entities.
3. Digital Copies: Scanned copies of documents in PDF/JPG format.

Process for LEI Registration

1. Apply through an LEI Issuer: Use accredited Local Operating Units (LOUs) like NSDL or CDSL in India.
2. Submit Documents: Upload digital copies on the issuer’s portal.
3. Verification: The issuer validates the documents with MCA/SEBI/RBI databases.
4. Payment: Pay the registration fee (₹4,500–₹6,500).
5. Receive LEI: Issued within 3–5 working days.

Key Notes

• LEIs must be renewed annually with updated documents.
• SEBI and RBI mandate LEIs for entities involved in securities markets, derivatives, or cross-border transactions.
• Ensure all documents are up-to-date and match regulatory records to avoid rejection.

For more details, visit the Legal Entity Identifier India portal or the RBI/SEBI guidelines.

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Renewal of the LEI Code

An LEI Code is generally valid for one year. In order to continue to use the code, it must be renewed through an application form. This can be found on the same online portal; the only difference this time around is to select the option “Modify and Renewal” and not the “Register” option. Again, any changes to this part will also need the authorised person to do so. In the form, once the LEI Code is entered in, all the details appear automatically. Any modifications to be made shall be made. The “LEI Renewal” checkbox has to be checked right and then the same process of form completion, payment and document submission is followed. On successful submission of all the above, the LEI Code is renewed, and the confirmation of the same is received.