SEBI introduces the Legal Entity Identifier (LEI) System

SEBI introduces the Legal Entity Identifier (LEI) System

Daily Current Affairs / SEBI introduces the Legal Entity Identifier (LEI) System

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Category : Business and economics Published on: May 09 2023

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The Securities and Exchange Board of India (SEBI) has introduced the Legal Entity Identifier (LEI) system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts.
The LEI is a unique global identifier for legal entities participating in financial transactions. Its purpose is to create a global reference data system that uniquely identifies every legal entity that is a party to a financial transaction.
The LEI code is a 20-character code to identify legally distinct entities that engage in financial transactions.
The LEI system will enable greater transparency and better risk management in the financial markets.
The LEI system will also help prevent fraud and financial crimes by properly identifying and verifying legal entities participating in financial transactions.
The Reserve Bank of India (RBI) mandates non-individual borrowers having an aggregate exposure of above Rs 25 crore to obtain the LEI code.

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