LEGAL ENTITY IDENTIFIER REGISTRATION PRICES
Renewal cost of the Legal Entity Identifier from ₹ 3380 / year (₹ 4350 for 1 year).
* Prices shown are without GST. 18% GST applies under the GST regulations.
** The invoice will be sent after the assignment of the Legal Entity Identifier
|TYPE OF ENTITY||DOCUMENTS TO BE UPLOADED
PAN card is mandatory with supporting documents
|1||Private Limited/LLP/Limited||Certificate of Incorporation/ GST Certificate/ IEC Certificate||CIN/ LLPIN/ GSTN/ IEC Code|
|2||Trust||Trust Deed and Board Resolution/ GST Certificate/ NGO Darpan Certificate/ PAN Card||GSTN/ NGO Darpan Unique ID|
|3||Proprietorship||IEC Certificate/ GST Certificate/ Udyam Registration Certificate/ PAN Card – Any 2||IEC CODE/ GSTN/ Udyam Registration Number|
|4||Bank||GST Certificate/ Board resolution/ Registration Certificate/ PAN Card||GSTN|
|5||Partnership||IEC Certificate/ GST Certificate/ Partnership Deed/ Udyam Registration Certificate/ PAN Card – Any 2||IEC CODE/ GSTN/ Udyam Registration Number|
|6||Fund||Board Resolution and Trust Deed/ PAN Card|
|7||NGO, Society, Foundation||NGO Darpan Certificate/ PAN Card||NGO Darpan Unique ID|
|Others: Any document proving the entity name, entity address and authorised signatory name will suffice|
Certificate of Appreciation By Ministry of Finance
Legal Entity Identifier - The Complete Guide
1. What is an LEI number?
The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains well structured reference data which is categorized into 2 sections - Level 1 - who is who and Level 2 - who owns whom. Level 1 data includes entity registration details, such as legal name, Registration ID, legal and HQ address etc. Level 2 contains information about an entity’s ownership structure and thus answers the question who owns whom. Simply put, the publicly available LEI data pool transfers unstructured entity registration data into standardized global directory, which greatly enhances transparency in the global marketplace.
Did you know?
During the course of creating the GLEIS, it was considered desirable to keep up momentum by beginning to issue entity identifiers as early as possible rather than wait for the global system to become fully operational. It was therefore decided to issue "Pre-LEIs‟ to entities as an interim measure. The Pre-LEIs has all of the characteristics that the official LEIs has and at the right time will simply transform into an LEI without the need for changes.
Source: London Stock Exchange
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is tasked to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the LEI Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly drive forward transparency within the global financial markets. GLEIF is a supra-national not-for-profit organization headquartered in Basel, Switzerland.
GLEIF services ensure the operational integrity of the Global LEI System. GLEIF continuously increases both the information available within, and the quality of, the LEI data pool and makes public access to the information ever easier.
Good to know:
The current CEO of GLEIF is Mr Stephan Wolf. In January 2017, Mr. Wolf was named one of the Top 100 Leaders in Identity by One World Identity.
1.2 ISO 17442 standard
The International Organization for Standardization (ISO) 17442 standard defines a set of attributes or legal entity reference data that are the most essential elements of identification. The Legal Entity Identifier (LEI) code itself is neutral, with no embedded intelligence or country codes that could create unnecessary complexity for users.
The ISO 17442 standard specifies the minimum reference data, which must be supplied for each LEI. This data is usually referred as Level 1 Data - Who is who:
The official name of the legal entity as recorded in the official registers.
The registered address of that legal entity.
The country of formation.
The codes for the representation of names of countries and their subdivisions.
The date of the first LEI assignment; the date of last update of the LEI information; and the date of expiry, if applicable.
1.2.1 Level 2 Data - Who owns whom ?
Level 2 data answers the question who owns whom? It’s aim is to identify mother-daughter relationships among corporate structure. Only entities who’s parent or ulitmate parent consolidates the financial accounts of the daughter entity have the ability to report Level 2 data. Mere ownership of the daughter entity does not yet meet the Level 2 reporting criteria for the daughter entity.
Good to know:
If you decide to report Level 2 data (ownership structure), be prepared to provide the latest consolidated financial statement of a parent and/or ultimate parent to validate the mother-daughter relationship.
1.2.2 What if my company has a parent entity and accounts are consolidated but I am unable to provide consolidated financial accounts?
Entities can choose either to report corporate structure or choose between relevant reporting exceptions. Reporting exception is a reason not to provide information about corporate structure. More about exceptions can be found here.
2. What is the purpose of an LEI?
The LEI system was initiated as a response to the financial crisis and is aimed at improving transparency in financial data systems. Presently, there are several methods of identifying entities across various markets and countries. However the Global LEI System (GLEIS), when fully operational will ensure that there is just one standard system. There are a numerous regulations among jurisdictions that require the use of LEI’s. However the main idea of Global Legal Entity Identifier is to simplify, standardise and provide the ease of identification of any legal entity worldwide.
In order to find out more about what is an LEI number, who needs it and why, visit the LEI Lookup website. LEI Lookup is an excellent resource for obtaining information about the LEI system and its purpose.
2.1 The use of LEI in financial regulation.
LEI’s are in use worldwide among different jurisdictions. The USA and European Union were the first to adapt LEI in financial reporting. Although LEI adoption also remains uneven across jurisdictions, with coverage concentrated in Canada, the EU and the United States many countries are starting to follow the adaption. Reserve Bank of India (RBI) has mandated the use of LEI in over the counter derivative market as well as mandating the use of LEI for large corporate borrowers and FX deals. Australia has followed after with ASIC mandating the LEI for derivative transactions.
China is the fastest growing jurisdiction for LEIs in 2019.
In fact, LEI is free in China for Chinese entities.
3. Who needs an LEI?
In the most general sense, an LEI is needed by any legal entity whose activities incorporate financial transactions. There are currently around 100 regulations among jurisdictions where the use of LEI is either required or requested. For example more than 60 different acts in US and Europe alone. Access to all the regulations.
Currently only about 1% - 1.5% of the entities worldwide have an LEI. According to estimations there are more than 100 million legal entities worldwide.
3.1 Usage of LEI under EU Regulation, EMIR and MiFID II / MiFIR
The use of LEI is already required under a number of the European Union regulations and directives, in particular:
- European Markets Infrastructure Regulation (EMIR) - as from 1 November 2017 the EU trade repositories are mandated to reject trade reports that do not contain an LEI (irrespective of whether they pertain to the EU or non-EU market participants),
- MiFID II/MiFIR - the key date is 3 January 2018, i.e. the date when MiFID II/MiFIR enter into force, as from this date market participants will not be able to trade with in-scope investment firms if they do not have an LEI (MiFID II/MiFIR require investment firms to obtain an LEI from their clients prior to providing a service that would result in a transaction reporting obligation),
As of January 3rd 2018 all legal entities which wish to transact in European financial markets involving any kind of securities or derivatives (for example Stocks, Bonds, ETFs, FX Forwards, Swaps, Interest rate Swaps etc.) need to register for an LEI.
It is important to note that only legal entities are eligible to apply for an LEI.
A legal entity only needs to have an LEI if it wants to enter into a transaction for financial instruments.
3.2 Is the LEI compulsory?
As of the 3rd of January 2018 LEI’s are mandatory for trading entities. The European Union (EU) revised Markets in Financial Instruments Directive (MiFID II) and accompanying regulation (MiFIR) came into effect on this date and affects trading venues, investment firms and their intermediaries.
The investment service provider/bank has to make sure the traders have an active LEI if they wish to buy or sell securities. Although it is not mandatory to have an active LEI if you just wish to keep securities, it is highly recommendable to have one. A lapsed LEI or not having one can be a bad surprise one day when you decide to sell your securities.
3.3 Can a private individual apply for an LEI?
Private individuals cannot receive an LEI.
An LEI can be issued to all legal entities. Branch offices or operating divisions which are not separate legal entities are initially expected to use the LEI of their parent organisation.
4. What is the LEI price?
LEI prices can differ among various service providers. The price of an LEI has to do with the organisation’s own pricing structure
and not with a “better” functioning LEI code. LEI is just a tool for identifying legal entities (who participate in financial actions, such as stock investments) for having a clearer view of the worldwide financial transactions to have better insight about financial counterparties identification, transparency and risk exposure.
Therefore it is best to pay attention to the LEI price as the primary factor when registering an LEI code.
LEI Register’s LEI price consists of the initial registration cost for the chosen period and the GLEIF fee. Currently GLEIF surcharge is 11 USD per application for 1 year.
Prices shown are without GST. 18% GST applies under the GST regulations.
LEI prices (new LEI application
and registration fee)
Cost of LEI renewal 1 year - 3990₹ (₹ 3990 / year) 1 year - 4350₹ (₹ 4350 / year) 3 years - 10950₹ (₹ 3650 / year) 3 years - 11970₹ (₹ 3990 / year) 5 years - 16900₹ (₹ 3380 / year) 5 years - 16900₹ (₹ 3380 / year)
4.1 1-year LEI registration
The industry standard for LEI registration is for 1-year. This means that after registering your LEI, the registrant has to renew their LEI code after the 1-year registration period has ended. This is primarily a precaution for legal entities for keeping their LEI data up to date with the corresponding enterprise. Here, you can find more information about LEI renewal.
LEI price for 1-year LEI registration is 3990₹ with LEI Register.
4.2 Multiyear LEI registration
LEI Register offers multiyear LEI registrations. This brings better prices for the customers and saves them from the yearly LEI renewal burden. Registering LEI for multiple years helps customers save money from each year bought.
4.3 What is GLEIF fee?
The GLEIF fee is the LEI license fee, which is passed on directly to the Global LEI Foundation (GLEIF). The GLEIF surcharge is paid by the LOU per issued LEI. The GLEIF uses the fee to cover the cost of the governance of the system and costs related to keep the open and free LEI database up and running. As GLEIF is a non profit organization the surcharge can be lowered annually if the total number of active LEI’s keeps increasing.
LEI Register’s prices already include the GLEIF fee and the registrants of the LEI do not need to pay any extra costs (except 18% GST) regarding the LEI registration.
Did you know?
The current GLEIF fee is 11 USD per LEI per year. GLEIF collects the fee from LOUs with quarterly payments.
5. How to obtain an LEI?
An LEI can be obtained from the Local Operating Unit (LOU) or from the LEI Registration agent. Legal entities have to register their LEI through the service provider (either through the LOU, Registration Agent or any other LEI service provider) by filling out the registration form. You can find the LEI registration form here.
LEI Register offers a simplistic and convenient registration form without the need to register an account. This helps customers to quickly fill out the form either manually or by using company data autofill option. Company data autofill option further enhances the user experience and speeds up the process of filling out the LEI registration form.
It is also possible to register for an LEI through the LEI Lookup website. LEI Lookup is a website dedicated to providing information about LEI codes, offering a comprehensive LEI Search tool, as well as Registration and Renewal of LEI codes. LEI Registration on the LEI Lookup site is quick and easy, also offering the entity data autocomplete function, as well as the possibility to input the data manually.
5.1 Payment methods
LEI Register accepts Netbanking, Bank transfer, Credit card and Razorpay. We accept all the major credit cards (VISA, MASTERCARD, AMEX, MAESTRO). If there are any difficulties paying with a credit card then please contact us and we will provide you a proforma invoice to make the payment via bank transfer.
5.2 Local Operating Units (LOU)
LEI issuers – also referred to as Local Operating Units (LOUs) – supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI. LOUs work closely with registration agents, who help legal entities apply for LEI codes.
Did you know?
There are currently 39 LEI issuing organisations worldwide. In addition there are numerous organisations helping entities register an LEI, mostly referred as registration agents. See the full list of accredited LEI issuers.
5.3 Registration Agents
To further streamline the issuance of LEIs, GLEIF has introduced the concept of the ‘Registration Agent’. A Registration Agent helps legal entities to access the network of LEI issuing organizations responsible for performing LEI issuance and related services. LEI issuers are also referenced as Local Operating Units or LOUs.
5.4 Can I manage LEIs on behalf of my clients?
Any entity or private individual can manage LEIs on behalf of your clients. Of course a valid Letter of Authorization is required to ensure you are authorized to act on behalf of the given entity.
6. LEI renewal
One of the key benefits of the Legal Entity Identifier is the annual renewal and verification of the data, ensuring trustworthy high quality data. The quality of this data means that firms can rely on it to reduce counterparty risk and improve their operational efficiencies.
Therefore, LEI renewal is highly important. Legal Entity Identifiers (LEI) which are not renewed in time will lapse. If the status of LEI has lapsed in the GLEIF database, it reflects on your corporate branding and may prevent you from successfully completing a transaction or reporting in the future.
6.1 How to renew an LEI?
LEI renewal is a fairly similar process and is essentially identical to the LEI registration. The customer needs to fill out the form, either by entering company name or the LEI number to the LEI renewal form. Then, the company data is automatically added to the appropriate form fields. It is important to update all the information that has changed from the initial LEI registration (such as company phone number address etc.).
6.2 How long does it take to renew an LEI?
The renewal of an LEI is a rather quick process on its own, but when it comes to changing the LEI service providers (known as the LEI transfer) then it could take a few days (up to 7 days) for the transfer to be completed.
6.3 LEI transfer
LEI transfer is the movement of the LEI code from one service provider to another. The LEI is transferrable to ensure the client has a choice between the service providers. If the client is not happy with the fees, service or data quality it can move the LEI to another LEI issuer (LOU). In the process of transfer the LEI number does not change. It is a back-end process which is not visible to end customers. All the LEI codes are valid in every jurisdictions. Investment service providers can not differentiate the LEI numbers according to the LOU.
LEI Register has a special form for LEI transfer and always notifies clients when they decide to renew an LEI when their current LEI is managed by a different LOU.
6.4 LEI renewal prices
LEI renewal prices are the same as LEI registration prices with LEI Register. LEI Register offers multiyear LEI renewals for eliminating the annual burden for clients to manually renew an LEI.
Renewing an LEI for multiple years also helps clients save money from each additional years bought.
7. LEI search
LEI Register offers an LEI search function where it is possible to check the LEI’s validity and view associated company’s data, such as LEI registration details, company address etc. You can read more about LEI entity search from our blog.
LEI data gives interested parties the right idea about a company in terms of legal sanctions and authenticity. Authenticity and credibility are easily two of the most crucial parameters that drive financial investment.
International share trading comes with the risk of financial fraudulence. Emergence of globalization and latest technologies has made life easier for people but has also added the vulnerability associated with online financial transactions. LEI data allows individuals to get all legal information about any listed company, eliminating the chance of financial fraudulence.
Another great resource for finding out more about legal entity identifiers is the LEI Lookup website. LEI Lookup is a fully dedicated legal entity identifier Search website that offers access not only to a comprehensive LEI numbers database, but also an opportunity to register, renew and transfer LEI numbers.
7.1 How to check LEI code validity?
LEI validity can be checked with an LEI Register’s LEI search tool which is very easy to use.
Person looking for an LEI has to enter their company name or LEI number to the search bar. Then, the autosuggestion already helps to choose the right company name or LEI when typing to the search bar.
LEI Search bar:
After pressing enter for the search for the LEI, a new company tab will open up. The LEI company tab allows the option to see if the LEI is active, it shows the initial registration date and the next renewal date. LEI search also provides other LEI data information and information regarding the company itself.
7.2 LEI lookup API
LEI Register offers convenient LEI lookup API built on Global LEI data pool files offered by the GLEIF. The LEIAdmin.com application programming interface (API) provides developers with the opportunity to directly access the complete LEI data pool in real time and to perform on-demand checks for changes to specific LEI records in a convenient, easy-to-read format.
The API (Request/Response Web Interface) allows organizations to set up fast, customized and automated access to the Global LEI Index, which contains historical and current LEI records including related reference data in one authoritative, central repository.
7.3 LEI Data files
The GLEIF updates the GLOBAL LEI reference data files on a daily basis and they are free and accessible from their dataset.(https://www.gleif.org/en/lei-data/gleif-golden-copy/download-the-golden-copy#/).
8. Future of an LEI
Up until today, every identity system has had different ways of using identifiers or identifying customers. Some use many different identifiers, while others use few. There is no consensus.
LEIs have the potential at first, to simplify and globalise a method of validating organisations and mapping identifiers. Tomorrow, this information can be used on a greater scale to understand organisation identity and hierarchy and potentially contribute to newer technological innovations like blockchain.
8.1 Possible use cases
LEIs are the best good solution to solving the issues associated with the less standardised, and less mature organizations domain to improve KYC, digital assurance and more. The future will only widen the LEI use cases.
8.2 LEI and banks
Banks are one example of companies who use different identifiers internally to identify the same customer. Vendors associated with the bank may also use different identifiers. LEI can consolidate some of these issues.
The bank of the future will use LEIs and organisation identity to save time onboarding, make processes more efficient and have a greater understanding of the transactions they are being asked to make, thereby providing a better safety net for the bank and for the clients they work with.
Good to know:
LEI Register has developed an LEI management platform for banks, wealth managers and entities who manage LEI's on behalf of their customers.
8.3 Payment industry (payment messages)
In addition, LEIs could help save money and time in the steps taken to complete a digitalised financial transaction, such as verification of identity, invoicing and signing.
LEIs would enable the immediate, digitised identification of entities and would allow banks to dramatically curtail the time and resources spent on background checks and investigations. It would also reduce the instances of false reporting.
ISO 20022 (driven by Swift) is driving the inclusion of LEIs in payment messages as it becomes the global standard language for financial transactions. Within five years ISO2002 is expected to be the main language for payments, supporting almost all of the value of transactions worldwide. All the entities involved in the transaction need to be verified legal entities.
8.4 Digital Certificates
One of the ways that criminals can intercept online communications is by creating fake websites and tricking users into submitting personal information.
In a B2B transaction we can require that any URLs sending or receiving sensitive information requires a HTTPS encrypted connection tied to a Legal Entity Identifier. So, not only do we know that the information is encrypted but we can be sure that we know who is sending and receiving that information.
Tith high level B2B transactions, this practice can add transparency and assurance that wasn’t previously available.
Did you know?
Recently GLEIF accredited LEI Issuer RapidLEI and DigiCert, world’s leading provider of TLS/SSL certificates recently announced a partnership to help to solve organizational identity challenges through the addition of LEIs into future DigiCert offerings.
- 1. What is an Legal Entity Identifier?
- 1.1 GLEIF
- 1.2 ISO 17442 standard
- 1.2.1 Level 2 Data - Who owns whom?
- 1.2.2 What if my company has a parent entity and accounts are consolidated but I am unable to provide consolidated financial accounts?
- 2. What is the purpose of an LEI?
- 2.1 The use of LEI in financial regulation.
- 3. Who needs an LEI?
- 3.1 Usage of LEI under EU Regulation, EMIR and MiFID II / MiFIR
- 3.2 Is the LEI compulsory?
- 3.3 Can a private individual apply for an LEI?
- 4. What is the LEI price?
- 4.1 1-year LEI registration
- 4.2 Multiyear LEI registration
- 4.3 What is GLEIF fee?
- 5. How to obtain an LEI?
- 5.1 Payment methods
- 5.2 Local Operating Units (LOU)
- 5.3 Registration Agents
- 5.4 Can I manage LEIs on behalf of my clients?
- 6. LEI renewal
- 6.1 How to renew an LEI?
- 6.2 How long it takes to renew an LEI?
- 6.3 LEI transfer
- 6.4 LEI renewal prices
- 7. LEI search
- 7.1 How to check LEI code validity?
- 7.2 LEI lookup API
- 7.3 LEI Data files
- 8. Future of an LEI
- 8.1 Possible use cases
- 8.2 LEI and banks
- 8.3 Payment industry (payment messages)
- 8.4 Digital Certificates
LEGAL ENTITY IDENTIFIER FAQs
The Legal Entity Identifier is a global 20-character alphanumeric code for identifying legal entities. Each LEI is unique: it is assigned to each legal entity once and may not be assigned to any other entity. An LEI is an exclusive identifier, as each legal person is only issued a single LEI.
The Legal Entity Identifier does not replace the national registry code of a company.
An LEI connects a legal entity to its key reference information (name, location, etc.). An LEI enables identifying legal entities participating in global financial markets for various supervisory purposes.
For example, LEIs are already being used under the European Market Infrastructure Regulation (EMIR) for identifying counterparties to over-the-counter derivatives’ transactions. On 1 November 2017, with the application of the Implementing Regulation (EU) No. 2017/105, using an LEI was made mandatory for reporting all derivatives’ transactions.
Since 1 January 2017, all issuers have been required to have an Legal Entity Identifier for improving access to regulatory information.
Since 3 January 2018, LEIs have been used in reporting the securities’ transactions of investment service providers to supervisory authorities for identifying customers that are legal entities. These transaction reports are used for identifying and investigating market abuse as well as for monitoring transactions and the activities of investment service providers on securities’ markets. The format of the report is established by an implementing regulation of the European Commission.
Since 3 January 2018, legal entities are required to have a Legal Entity Identifier if they carry out transactions either in a trading venue (regulated market, multilateral trading facility, etc.) or outside a trading venue in connection with securities which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, as well as securities where the underlying is a security traded on a trading venue or an index or basket composed of securities traded on a trading venue.
Investment service providers must request customers that are legal entities to provide all information which is necessary for submitting information about transactions to supervisory authorities. Such information includes Legal Entity Identifier.
If a customer who is a legal entity does not provide the investment service provider with the necessary information, including an LEI, for reporting a security transaction, the service provider will not be able to fulfil their legal reporting obligation. Consequently, the investment service provider may refuse to provide the service.
Legal Entity Identifier applications may be submitted to authorised LEI operators. LEIs are issued by LOUs (Local Operating Units). Assistance in applying for an LEI code may be received from registration agents.
GLEIF is an international organisation which is responsible for the functioning of the Legal Entity Identifier system and for monitoring LEI issuers. The headquarters of GLEIF are located in Basel, Switzerland. The website of GLEIF can be found at www.gleif.org
An LOU or Local Operating Unit is an organisation that has been authorised by GLEIF to issue LEI codes. LOUs work closely with registration agents, who help organisations apply for LEI codes. A list of LOUs can be found here.
A registration agent is a company or organisation that provides assistance in applying for Legal Entity Identifier codes. For a detailed overview of registration agents, see here.
LEI Register is an LEI registration agent.
LEIs are universal codes and are not tied to any specific country. Each LOU has its own identifier, which is contained in the first four numbers of an LEI. LEIs are valid worldwide regardless of the LOU that issued the code.
Renewing the Legal Entity Identifier is necessary to ensure that all information about the company connected to an LEI is up to date. To ease the administrative burden on companies and organisations, LEI Register allows paying for multiple annual renewals. In this case, the LEI Register takes it upon itself to verify the information upon renewal of an LEI for the designated period. Information updates are performed on the basis of official registry data.
LEI Register normally provides your Legal Entity Identifier within 1–24 hours from the moment of payment for the application (if the company submits any necessary additional documents promptly).
Legal Entity Identifier codes are issued for a fee and an annual maintenance fee must be paid for the renewal of the code.
The price list of LEI Register is available here.
To fulfil their reporting obligation, investment service providers need their customers that are legal entities to have a valid LEI. Before carrying out any securities’ transactions, investment service providers verify the existence of a valid LEI.