India (IN)

Jurisdiction Overview

IDQuestionAnswer
415 *LEI: Is the use of an annually updated Legal Entity Identifier (LEI, developed under the guidance of the Financial Stability Board, FSB) mandatory for some financial market operators and/or asset classes? Yes, both for trading in "Over the Counter" (OTC) derivatives and for some financial market operators and/or asset classes beyond trading in OTC derivatives.
 Data Date: 2019

Notes

 
The Reserve Bank of India (RBI) introduced the LEI for OTC derivatives markets in June 2017, noting that lapsed LEIs would not be deemed valid for Trade Repository (TR) reporting (RBI/2016-17/314). Also in 2017, LEI was introduced for large corporate borrowers, also with a requirement for banks to ensure that borrowers renew the codes as per GLEIF guidelines. (RBI, 2017b). Implementation is scheduled to finalize by December 31, 2019. In 2018, the RBI introduced the LEI Code for participation in non-derivative markets whereby “All participants, other than individuals, undertaking transactions in the markets regulated by RBI […], Government securities markets, money markets […] and non-derivative forex markets […] shall obtain Legal Entity Identifier (LEI) codes […] Entities undertaking financial transactions shall ensure that their LEI code is considered current under the rules of the Global LEI System. Lapsed LEI codes shall be deemed invalid for transactions in markets regulated by RBI” (RBI, 2018). Deadline for implementation finalizes on March 31, 2020.

Sources

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI3143399AEE12E684FCF9FEEA7E03E0E9064.PDF#.pdf
 
https://www.gleif.org/en/about-lei/regulatory-use-of-the-lei
 
http://www.leiroc.org/lei/uses.htm
 
https://rbi.org.in/Scripts/NotificationUser.aspx?ID=11424
 
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11154&Mode=0