{"id":48209,"date":"2022-09-05T12:34:52","date_gmt":"2022-09-05T07:04:52","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=48209"},"modified":"2022-09-05T12:35:45","modified_gmt":"2022-09-05T07:05:45","slug":"how-to-get-legal-entity-identifier","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/","title":{"rendered":"How to Obtain Legal Entity Identifier?"},"content":{"rendered":"\n<p>LEI \u2013 <a href=\"https:\/\/corpbiz.io\/legal-entity-identifier\"><strong>Legal Entity Identifier<\/strong><\/a> is an alphanumeric code with 20 characters. Based on ISO &#8211; 7442 standards developed by the\u00a0 (ISO) International Organization for Standardization. It connects to essential reference information that enables unique and clear identification of legal entities participating in a financial transaction. Each LEI is categorized into 2 Sections \u2013 Level 1 data includes entity registration details such as Legal name, number of registration, legal and Headquarters address etc. Level 2 contains information about an entity&#8217;s ownership structure and thus answers the question of who owns whom. Further in this piece of writing, we shall be discussing how to obtain Legal Entity Identifier.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Purpose_of_LEI_Code\" >Purpose of LEI Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Structure_of_LEI_%E2%80%93_Legal_Entity_Identifier_Code\" >Structure of LEI \u2013 Legal Entity Identifier Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Who_needs_to_obtain_Legal_Entity_Identifier_code\" >Who needs to obtain Legal Entity Identifier code?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Documents_Required_to_Obtain_Legal_Entity_Identifier\" >Documents Required to Obtain Legal Entity Identifier<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Process_to_Obtain_Legal_Entity_Identifier\" >Process to Obtain Legal Entity Identifier<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#LEI_Legal_Entity_Identifier_Renewal\" >LEI (Legal Entity\nIdentifier) Renewal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/how-to-get-legal-entity-identifier\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose_of_LEI_Code\"><\/span>Purpose of LEI Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Legal\nEntity Identifier (LEI) code serves the following purpose:<\/p>\n\n\n\n<ul><li>To provide consistent &amp; accurate\nidentification of legal entities which are parties to financial transactions<\/li><li>To track financial exposure taken by the corporate<\/li><li>To help in cost-effective compliance with regulatory\nreporting requirements<\/li><li>To check credit rating, in the&nbsp; case any new financial product is launched in\nthe market to raise funds<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Structure_of_LEI_%E2%80%93_Legal_Entity_Identifier_Code\"><\/span>Structure of LEI \u2013 Legal Entity Identifier Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>LEI is\nbased on four principles \u2013 It is a Global Standard, Every Legal Entity is\nassigned a unique identifier, it is publicly accessible to all users, and\nhigh-quality data supports it. The code comprises 20 characters: &#8211; <\/p>\n\n\n\n<ol><li>Characters 1-4 are unique to each (Local Operating\nUnit) and are affixed by ROC Secretariat.<\/li><li>Characters 5-6 are reserved character characters\n(00).<\/li><li>Characters 7-18 comprise a 12-character reference\nthat is assigned by the LOU to a particular entity based on transparent and\nsound allocation and sound allocation policies.<\/li><li>Characters 19-20 are two check digits under ISO\n17442.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_needs_to_obtain_Legal_Entity_Identifier_code\"><\/span>Who needs to obtain Legal Entity Identifier code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>LEI are\nmandatory for interest rates, credit derivative markets and Forex transactions.\nThe RBI has made it mandatory for companies and organizations having aggregate\nfund\u2013based and non \u2013 fund-based exposure of credit over Rs 50 Crore is required\nto obtain Legal Entity Identifier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_to_Obtain_Legal_Entity_Identifier\"><\/span>Documents Required to Obtain Legal Entity Identifier<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nFollowing are the Documents required to obtain Legal Entity Identifier. <\/p>\n\n\n\n<ul><li>Copy of PAN Card;<\/li><li>Copy of Incorporation Certificate;<\/li><li>Audited Financial Statement;<\/li><li>Undertaking \u2013 Cum &#8211; Indemnity as per the prescribed format by LEIL (Legal Entity Identifier India Limited);<\/li><li>Board Resolution as per prescribed format by LEIL;<\/li><li>Power of Attorney as per the specified format by LEIL;<\/li><li>Auditor Certificate issued by the Chartered Accountant as per the prescribed format by LEIL;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_to_Obtain_Legal_Entity_Identifier\"><\/span>Process to Obtain Legal Entity Identifier<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nfollowing are the steps to obtain Legal Entity Identifier:<\/p>\n\n\n\n<ol><li>The legal entity should register as a new user on the official portal of Legal Entity Identifier India Limited.<\/li><li>The application has to be submitted by a duly authorized person to create an account using the option on the website and fill in the required details.<\/li><li>Once the account has been created, a confirmation e-mail will be forwarded to the registered e-mail id to activate and verify the account.<\/li><li>The duly authorized may then press the link provided in the e-mail to activate the account.<\/li><li>After successful login, the duly authorized can register and fill in the necessary details.<\/li><li>After creating an account, the official must select the &#8216;Information&#8217; button and click on &#8216;Legal Doc Download&#8217;.<\/li><li>The list of vital documents for each legal form is available, and it can be downloaded.<\/li><li>The authorized person will submit the registration form in the physical documents as there is no option to upload documents on the <strong>Legal Entity Identifier India Limited (LEIL)<\/strong><sup><a href=\"https:\/\/www.ccilindia-lei.co.in\/\"><strong>[1]<\/strong><\/a><\/sup> portal. The documents have to be submitted to the Legal Entity Identifier India Limited (LEIL).<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"LEI_Legal_Entity_Identifier_Renewal\"><\/span><strong>LEI (Legal Entity\nIdentifier) Renewal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A Legal\nEntity Identifier code is generally valid for one year to continue using this code;\nit must be renewed annually through an application form. This can be found on\nthe same online website the difference this time around is to select the option\n&#8220;Modify &amp; Renewal&#8221; and not the &#8220;register&#8221; option.\nAgain, any modification to this part will also require the authorized person.\nOnce the LEI code is entered, all the details appear automatically. The LEI\nrenewal checkbox has to be checked right, and then the form completion process,\npayment and documents submission are followed. On successful submissions of all\nthe above, the LEI code is renewed, and the confirmation for the same is\ncommunicated. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This article concludes that the LEI Code is a unique alphanumeric code with 20 characters. An LEI code is categorized into 2 Sections. Level 1 data includes entity registration, and Level 2 contains information about an entity&#8217;s ownership structure. The companies and organizations with aggregate fund-based and non-fund-based exposure of credit over Rs 50 Crore must obtain Legal Entity Identifier.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEI \u2013 Legal Entity Identifier is an alphanumeric code with 20 characters. Based on ISO &#8211; 7442 standards developed by the\u00a0 (ISO) International Organization for Standardization. It connects to essential reference information that enables unique and clear identification of legal entities participating in a financial transaction. Each LEI is categorized into 2 Sections \u2013 Level [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":48210,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2692],"tags":[2691],"acf":{"service_id":"590"},"authorName":"Saiyam Shah","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-76.jpg","authorDescription":"Saiyam Shah has done his LL.M in Business Law from Amity Institute of Advanced Legal Studies \u2013 Amity University. His area of interest is legal research related to Indirect \u2013 Tax and Company law. He has prior experience in Tax litigation, dealing with various Income \u2013 Tax Assessments and has good drafting skills in filing arguments and replying to Income \u2013 Tax Notices.","postViews":2767,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/48209"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=48209"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/48209\/revisions"}],"predecessor-version":[{"id":48219,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/48209\/revisions\/48219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/48210"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=48209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=48209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=48209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}