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’s ownership structure, answering the questions of ‘who is who’ and ‘who owns whom’. It provides a universally recognised identifier paired with essential entity data, rigorous verification processes, and high data quality.

The LEI framework is administered by the Global Legal Entity Identifier Foundation (GLEIF), an international, not-for-profit organisation created solely to support and oversee the implementation and use of LEI.

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, thereby increasing the penetration of LEIs globally.

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 Reserve Bank of India (RBI) as an ‘Issuer’ of Legal Entity Identifiers under the Payment and Settlement Systems Act 2007 (as amended in 2015). At present LEIL is the only GLEIF-accredited LOU to operate out of India. In turn, LEIL and GLEIF have appointed Rubix Data Sciences as India’s first Validation Agent for LEIs.

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.

Why Would an Entity Want to Transfer its LEI?

• Some entities may opt for LEI transfer to an alternative LOU that offers swift and localised support, a more streamlined experience, and competitive pricing. Assistance from a local Validation Agent can expedite the LEI application and renewal process, and make it more cost-effective.

The LEI transfer is a simple, free-of-charge process (except where the LEI is up for renewal or has lapsed) as described in the graphics below.

If your entity is facing any issues with respect to your LEI, and if you’d like to transition seamlessly to LEIL as your LOU, please call us on our LEI Toll-free number: 18002584421 or write to us at ‘lei@rubixds.com’. We’d also be happy to answer any other queries pertaining to the LEI.