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LEI Full Form in Banking

If you’re a corporate borrower or intending to make any kind of financial transaction in forex or on the credit derivative market or any similar type of financial transaction, then you will need an LEI number. This may be something you have heard about already, but if you’re unsure about what this means, and don’t understand the LEI full form in banking, then we are going to go into detail for you.

What Is The Full Form Of LEI?

 

The full form of LEI is a Legal Entity Identifier. This is a 20-digit unique code that is issued to any company wanting to conduct financial transactions and trade or borrow money as a corporate borrower in India. The LEI code contains information about the organization’s ownership and structure and is meant to enhance transparency in the financial marketplace.

The LEI Code Structure

 

The LEI’s 20-character, alpha-numeric code is based on the ISO 17442 standard that was developed by the Internation Organization for Standardization (ISO).

While initially confusing, the digits within the code are there for a reason and are structured with the following information.

  • The official name of the legal entity
  • The registered headquarters address of the legal entity
  • The country of legal formation
  • The date of the first LEI assignment
  • The date of the last update of the LEI
  • The date of expiry, if applicable

 

The LEI full form:

  1. Characters 1-4 of the LEI is the prefix used to identify the LOU (Local Operating Unit) who issued the LEI code.
  2. Characters 5-6 are two reserved characters set to zero.
  3. Characters 7-18 are the entity-specific part of the code is that is generated by the LOU.
  4. Characters 19-20 are the two check digits that are described in the ISO 17442 standards.

LEI full form

You don’t necessarily need to understand every aspect of the LEI code, although you do need to register for one if you intend to make transactions in the global financial system and capital markets or if you are corporate burrower.

Why Is There The Need For A Legal Entity Identifier?

 

In this age of cybercrime, steps have needed to be taken to increase transparency in the financial market and to improve customer confidence. It has been very easy for anybody to set up a financial service without disclosing their relationship with other companies, but this can be fraught with problems, especially around the area of trust. When you don’t know who you’re dealing with due to a lack of identification procedures, doing business can be tricky. The pathway is opened to fraud and market abuse, and confusion can set in.

In short, the LEI is a means to identify a legal entity, giving you credibility when making financial transactions within the global market. Without an LEI, most companies will refuse to trade with you.  

How To Obtain A Legal Entity Identifier?

 

You can order an LEI from any local operating unit or from a Registration Agent such as ourselves. We are here to help companies in India apply for an LEI code in a simple and efficient way.

The process begins on our LEI registration page where you can apply for your LEI. Simply complete the LEI form, provide the documents requested, make your payment, and then wait while your application is sent for data validation. In 90% of cases, you will receive your LEI within 3-4 hours.

REGISTER LEI

Get In Touch

 

We pride ourselves on the services that we can offer our customers, so do not hesitate to get in touch with us. Call us, drop us an email, or use our contact form. All of our contact details can be found here. 

We are here to support you through all aspects of the registration process, and we can answer any questions you might have about LEI full form in banking. For other information, browse our website, including our blog and FAQ pages that will detail much of what you need to know. 

As the fastest and lowest cost LEI agent in India, we have served many happy customers, and we hope you will benefit from the service we can provide for you.