Most Popular

What’s New?

SEBI has introduced the Legal Entity Identifier (LEI) systemWhat is the purpose of an LEI in India?Why it’s important to renew LEIs in India?Why it’s important to fill in multiple contact details on your LEI application?Why transfer existing LEI to LEI Register India?GLEIF’s verifiable LEI issuer qualification programWhat are child entities and how do they relate to other entities?Do I need an LEI when selling shares?Business transparency: How to create an environment of trustAnti Money Laundering (AML) in banking: Everything you need to knowKYC in banking: Why it’s important and how to complyNews from RBI for BorrowersWhat is a parent company and how does it work?How long does it take to get an LEI?RBI demands borrowers with total exposure of ₹5 crore and above to obtain LEIWhat is beneficiary LEI? ISO 5009 – Identifying organizational rolesISO 17442 – Standard for LEI code structureLegal Entity Identifier for Cross-border TransactionsLegal Entity Identifier (LEI) vs Permanent Account Number (PAN)Is LEI and CIN the same?Who is an LOU in the LEI dimension?LEIL vs LEI RegisterGMEI Utility vs LEI RegisterLapsed LEI – Why should you keep your LEI active?Who is an LEI Registration Agent?Are LEIs public?Can an individual have an LEI?Who needs an LEI number?Do LEI numbers need to be renewed?Why is an LEI number required?How much does an LEI number cost?LEI Lookup – Fully dedicated LEI search websiteLEI RBIISIN to LEI mappingMiFID regulation | MiFID II LEIGLEIF | Global Legal Entity Identifier FoundationOpen LEIIndia LEI regulationsDocuments required for LEI registration – LEI requirement explainedLEI Full Form in BankingNo LEI Login Required with LEI RegisterHow to Download LEI CertificateNew Legal Entity Identifier (LEI) Regulations for Insurers and LoanersLegal Entity Identifier India: Extension of March 31 2020 deadlineLEI Entity Search for IndiaLegal Entity Identifiers in KYCHow to buy shares in India for beginners?Legal Entity Identifiers in Digital CertificatesBroad Adoption of LEIs Could Save The Global Banking Sector US $2-4 BillionThe European Market Infrastructure Regulation (EMIR) and Legal Entity Identifiers (LEIs)Adoption of LEI in Payment Messages by the Payments Market Practice Group (PMPG)RBI regulations for mandating Legal Entity Identifier in India (2019 extensions update)

What is beneficiary LEI? 

The Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions on a global scale. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management. An LEI number is mandatory for legal entities trading in the financial industry. A beneficiary LEI is therefore an LEI code of the legal entity that receives money or other benefits from a benefactor.

What is beneficiary LEI?

RBI has introduced LEI in a phased manner for participants in the Over The Counter (OTC) derivative and non-derivative markets. RBI introduced LEI first through a circular issued in June 2017 for participants in the OTC derivatives market. That was followed by RBI extension of LEIs for large corporate borrowers. In June 2020, the Insurance Regulatory and Development Authority of India issued a circular for insurers to obtain LEI.

As per the RBI circular, the introduction of LEI applies to all payment transactions of value Rs.50 crore or more by entities using Reserve Bank-run centralized payment systems, i.e. National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). This circular applies to entities who are non-individuals.

The member banks need to include remitter and beneficiary LEI information in NEFT and RTGS payment messages. They should maintain records of all transactions of Rs.50 crore or more through NEFT or RTGS.

When you come across the statement “Please enter a valid 20-digit alphanumeric beneficiary LEI” thus means to enter the LEI of your counterparty or the LEI of the legal entity that will receive money or other benefits from the transaction.

How to find beneficiary LEI?

Any company’s LEI data will be publicly available, completely free of charge, and can be accessed by anyone through LEI database. This provides a more transparent global marketplace and offers businesses a one-stop approach to identifying legal entities, which has the potential to take the complexity out of business transactions.

You’ll be able to find the transactions beneficiary LEI, through an LEI number search using the name of the company. From there the search tool will automatically display all the LEI information that is accessible through the database. You’re also able to filter the results of a legal entity identifier search by country. This will ensure that there are fewer results that need to be explored.

LEI Register — The leading LEI service provider

LEI Register is an official Registration Agent – we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal to make the LEI registration process simple, automated, fast, and affordable. At LEI Register we keep our profit margins low and believe in building long-term business relationships.

LEI Register has built a loyal customer base in India and worldwide by offering the lowest prices on the market, whilst keeping active 7 days a week customer support in a local language in 35 countries.  

We validate your registration data in cooperation with our GLEIF accredited partner LOU RapidLEI (Ubisecure Oy).