{"id":4415,"date":"2023-07-28T16:01:08","date_gmt":"2023-07-28T10:31:08","guid":{"rendered":"https:\/\/rubixds.com\/?p=4415"},"modified":"2023-07-28T16:01:08","modified_gmt":"2023-07-28T10:31:08","slug":"how-to-transfer-your-lei-code-to-indias-lou","status":"publish","type":"post","link":"https:\/\/rubixds.com\/blog\/how-to-transfer-your-lei-code-to-indias-lou\/","title":{"rendered":"How to Transfer Your LEI Code to India’s LOU ‘LEIL’?"},"content":{"rendered":"

In a volatile world with rising fraud and identity theft, establishing a legal identity is an important prerequisite for building trust in the global marketplace. The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code that enables a clear and unique identification of legal entities participating in financial transactions. Each LEI contains information about an entity\u2019s ownership structure, answering the questions of ‘who is who’ and \u2018who owns whom’. It provides a universally recognised identifier paired with essential entity data, rigorous verification processes, and high data quality.<\/p>\n

The LEI framework is administered by the\u00a0Global Legal Entity Identifier Foundation (GLEIF<\/a>), an international, not-for-profit organisation created solely to support and oversee the implementation and use of LEI.<\/p>\n

Under this framework, GLEIF has appointed and accredited Local Operating Units (LOUs) to issue and manage LEIs in various jurisdictions around the world. LOUs can further appoint Validation Agents to validate the identity of entities and improve the accuracy of LEI data as well as improve the efficiency of the LEI issuance process<\/a>, thereby increasing the penetration of LEIs globally.<\/p>\n

Legal Entity Identifier India Ltd, a wholly owned subsidiary of The Clearing Corporation of India Ltd, has been accredited by GLEIF as an LOU for issuing globally compatible LEIs in India. It has also been recognised by the\u00a0Reserve Bank of India (RBI<\/a>)\u00a0as an \u2018Issuer\u2019 of Legal Entity Identifiers under the Payment and Settlement Systems Act 2007 (as amended in 2015). At present LEIL<\/a> is the only GLEIF-accredited LOU to operate out of India. In turn, LEIL and GLEIF have appointed Rubix Data Sciences as India\u2019s first Validation Agent for LEIs.<\/p>\n

GLEIF provides flexibility for entities headquartered in one country to apply for an LEI under an LOU in another country. Similarly, even the transfer of LEI from one LOU to another (irrespective of geography and jurisdiction) is possible.<\/p>\n

Why Would an Entity Want to Transfer its LEI?<\/strong><\/p>\n