Home Law LEGAL ENTITY IDENTIFIER

LEGAL ENTITY IDENTIFIER

667
0
SHARE

CONCEPT OF LEGAL ENTITY IDENTFIER:

The Legal Entity Identifier (LEI) is a 20-digit, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction.

LEI’s can be assigned to any legal identity including but not limited to all intermediary institutions, banks, mutual funds, partnership companies, trusts, holdings, special purpose vehicles, asset management companies and all other institutions being parties to financial transactions.

ISSUER OF LEGAL ENTITY IDENTIFIER:

Legal Entity Identifier India Limited (CIN- U74900MH2015PLC268921), a Wholly Owned Subsidiary of The Clearing Corporation of India Ltd. acts as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in India. LEIL has been recognized by the Reserve Bank of India as an “Issuer” of Legal Entity Identifiers under the Payment and Settlement Systems Act 2007 (as amended in 2015). LEIL has been Accredited by the Global Legal Entity Identifier Foundation (GLEIF) as a Local Operation Unit (LOU) for issuance and management of LEI’s.

PURPOSE OF LEI:

LEI will be assigned on application from the legal entity and after due validation of data. For the organization, LEI will :

  • Serve as a proof of identity for a financial entity.
  • Help to abide by regulatory requirements.
  • Facilitate transaction reporting to Trade Repositories.

STRUCTURAL REPRESENTATION OF LEI CODE:

LEI REGISTRATION PROCESS:

1.Prepare the list of Documents required for the LEI Registration.

2.Self registration of online form:The authorized user has to create an account with personal official email id and fill up online form.Application will not be accepted if unauthorized official submits the application.

3.The user can save the partial filled application form and can retrieve the same from the Home Page.

4.The entity clicks on “Save & Submit” button once all the requisite fields are inputted correctly.

5.A reference number is generated and an email detailing the documents to be sent for LEI validation is sent to the legal entity’s authorized person. The reference number will became an interface for any further communication between LEIL and the legal entity.

6.Please ensure that the status of the online form is “Request generated/pending documentation”.

7.Courier the documents: The entity will be required to submit the necessary documents including Board Resolution and / or Power of Attorney in the format as specified by LEIL.

8.Verification of online form and documents: LEIL will verify if the mandatory list of documents are submitted.

LEIL may:

  • Ask for additional documents if necessary during verification process.
  • Suggest certain online form changes

(In order to carry out the changes on the online form, the legal entity has to login and go to Home Page.The user has to click on “View/Edit Details” and edit the changes on the online form. The User has to click on ‘Save & Submit’ button on the last page of the online form.)

9.PAYMENT TO LEIL: With effect from June 1, 2018, LEIL has reduced fees for New Registration 6000 + 1080 (18% GST) =Rs.7,080, (Revised from Rs 7000+GST=Rs.8260)

NOTE: Applicants who have received official intimation from LEIL for payment or have made payment to LEIL prior to 1st June 2018 will continue to pay Rs 7,000/- + GST towards New Registration.

10.MODES OF PAYMENT:

i) NEFT

ii) DEMAND DRAFT Payable at Mumbai.

11. ISSUANCE OF LEI: After successful payment verification, LEI number is issued. An email is sent to the legal entity which is to be provided to all your banks. An invoice will be provided to the legal entity after the issuance of LEI.

MISCELLANEOUS INFORMATION:

1.Definition of Authorised User:

Every legal entity applying for LEI and operating the portal to modify, update or renew is required to do so through officials authorized for this purpose.

A duly authorized person,

  • For companies, is the one authorized by the Board Resolution,
  • For Trusts, is the one authorized by the Board of Trustees Resolution,
  • For Societies, is the one authorized by the Resolution of the Committee of Members,
  • For sole proprietorship concerns, is the proprietor himself or a duly authorized person appointed through a power of attorney,
  • For partnership firms and limited liability partnerships, is the partners themselves or an authorized person appointed through a power of attorney,
  • For mutual fund/mutual fund sub-schemes/AIF/AIF Sub-Scheme, is the official authorized to submit a Letter of Authority in terms of the Board Resolution of the AMC.

Authorized persons include:

  • Main user or primary user who is submitting the online application form for issuance of LEI.
  • Authorized user – Name and email id of authorized officials named in the LEI online application form.
  • Secondary user – Name and email id of Secondary authorized officials named in the LEI online application form.

2.The address to courier/demand draft is:

Legal Entity Identifier India Limited (LEIL)

(The Clearing Corporation of India Ltd.)

CCIL Bhavan, 3rd Floor,K. Bole Road, Dadar (West),

Mumbai – 400028

3. For NEFT payment details are as follows:

Account Holder Name

 

Legal Entity Identifier India Limited
Account Number

 

05420350001234
Bank Name

 

HDFC Bank Ltd.
Bank Branch Name

 

Kamala Mills Compound, Lower Parel
IFSC Code

 

HDFC0000542

 

4. GST Details of Legal Entity Identifier India Limited:

 https://www.ccilindia-lei.co.in/Documents/LEIL%20GST%20DETAILS.pdf

Legal/Trade Name Legal Entity Identifier India Limited
State Maharashtra
State Code 27
Name of contact person Hardik Parikh/

Pragnesh Makwana

Mail ID fnagst@ccilindia.co.in
Billing Address CCIL Bhavan,

S K Bole Road,

Dadar (West),

Mumbai – 400 028

Provisional GST ID 27AACCL9508M1Z1
PAN No. AACCL9508M

 

5.LIST OF DOCUMENTS:

S.NO. PARTICULARS Optional/ Mandatory Checklist (please documents ready to submit to LEIL)
1. Certificate of Registration issued by Reserve Bank of India for NBFC. Mandatory  
2. MCA Registration Certificate containing CIN number. If CIN number is not stated on the certificate, MCA Website Print signed by Company Secretary/Managing Director/Director is to be additionally provided  with old MCA certificate. Mandatory  
3. Pan Allotment Letter and/or Pan Card issued to the Company. Mandatory  
4. Board Resolution to trade in derivatives if not provided for in Objects or Other Objects Clause. Optional  
5. Board Resolution for the authorized signatories to apply for LEI and/or (duly notarized original copy of Power of Attorney to the authorized person/ employees of the legal entity to apply for LEI on behalf of the legal entity-). As per format specified by the LEIL Mandatory  
6. Audited Financial Statements of the legal entity for the last financial year or link to its website showing its financials Mandatory  
7. Audited Financial Statements of the direct and/or ultimate parent OR

Auditor’s Certificate.

Mandatory  
8. Undertaking –cum-Indemnity Mandatory  
9. If Headquartered (Corporate) Address is different from Registered Address, please provide any one of the following:

1.Website Link

2.Annual Financial Statements – Mention Page No

3.Please mention the Headquartered Address on Company Letter Head signed by Company Secretary/Managing Director/Director

Mandatory