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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