Why it’s important to renew LEIs in India?
The Global LEI System (GLEIS) has been set up so that your Legal Entity Identifier (LEI) remains active for one year. Once a year from your initial registration date or renewal date has passed, your LEI will lapse in the Global Legal Entity Identifier Foundation (GLEIF).
Your LEI code must be renewed annually to maintain high-quality and reliable data. The LEI renewal process updates data related to a legal entity in the GLEIF database. This must be done with a chosen Registration Agent or Local Operating Unit (LOU) one year after initial registration or the last renewal.
Alternatively, LEI Register India provides multiyear plans for three and five years. This means we will be responsible for renewing your LEI ahead of the annual renewal date for the selected period. It is simpler, and you can save close to 20% on the annual renewal rate.
Your LEI will either automatically renew within our system, or we’ll reach out to gather the required documents and take care of the renewal for you. The latter will occur if you’re required to report ‘Level 2’ data or an authorized person of the company has changed within the previous year.
What happens if you don’t renew your LEI on time?
Once you’ve missed the deadline, your LEI will be inactive, and the registration will default to “Lapsed.” Please note that a lapsed LEI might affect your transactions. You could also face regulatory fines and be unable to make financial transactions through your bank. In addition to the technical difficulties, you’ll lose trust in the eyes of your partners.
“Once an entity has obtained an LEI code, it must be reported in all transactions of that entity, irrespective of transaction size.“
– RBI/2021-22/137, A.P. (DIR Series) Circular No. 20
LEI Register India created multiyear plans to help our customers stay on track with renewals. This means we take on the responsibility of renewing your LEI for three or five years.
When should you renew your LEI?
It’s best to put in your LEI renewal application 60-45 days ahead of the annual renewal date. This is important because renewing information, confirming ‘Level 2’ data, and processing the application can take time.
Putting in the renewal application a month or two ahead gives us enough time to tackle potential matters and ensure your LEI is renewed before the annual renewal date.
When renewing LEI 60 days or less before the deadline, your annual renewal date doesn’t change.
