India LEI - What to keep in mind when filling the LEI application in India?
As of 3 January 2018, LEIs are mandatory for all companies who wish to continue trading in securities.

LEI application – what to keep in mind when filling the LEI application?

LEI application – what to keep in mind when filling the LEI application?

The Reserve Bank of India has mandated the use of LEIs by large corporate borrowers and legal entities operating within certain financial markets. RBI mandated use of LEIs by all market participants, who wish to transact in markets regulated by the RBI including, Government securities markets, money markets (markets for any instrument with a maturity of one year or less) and non-derivative forex markets. However, LEI numbers are not required from natural persons and can be issued only for legal entities.

If a company needs an LEI, the first thing to do is to submit an LEI application. India LEI offers LEI application form that is integrated with Ministry of Corporate Affairs so the first important thing is to find your company from the company search bar.

In case you can`t find your company from the list or your company is just not registered with MCA, it is still possible to get an LEI – you just need to fill in all the information manually. The LEI application is basically divided into 2 sections:

  • Level 1 data: this part of the application providers answer to a question “who is who” providing the basic information about the company like company name, registration number and legal address.
  • Level 2 data: this section is focused on a question “who owns who” providing information about parent companies.

When filling the level 1 data in the LEI application form, it is important to keep in mind that:

  1. Company name must be written exactly the same way that it is registered with MCA, GST Portal or stated on the IEC certificate.
  2. Registration number should be CIN, GST Number, IEC or any other unique legal entity ID that it is possible to confirm from documents.
  3. Representatives name should be someone who is authorized to sign for this company.
  4. Company address should be written exactly the same way that it is visible on the documents. If the actual address of the company has been changed, it first needs to be changed in the business register and after that it is possible to change it in the global LEI system.

When filling the level 2 data of the LEI application for a company registered in Deutschland, you should proceed with step-by-step as in some cases you do not need to fill in all the fields. For example:

  1. Parent information is not needed if the company is owned by natural persons.
  2. Company parent information should be only provided for parent companies who own more than 50% of company shares and consolidate the financial statements.
  3. In some cases company is allowed to use a parent reporting exception and not to report a parent.
  4. GLEIF publishes parent company information only if the parent company also has the LEI number.
  5. After submitting the application, get prepared confirming the parent company with some documentation, for example consolidated financial statements of parent company confirming the subsidiary.

To conclude, keeping in mind these few remarks when filling the LEI application will help you save time and get your LEI registered quickly. India LEI registers most of the LEI codes within 24 hours and if your company needs an LEI, you can proceed with submitting the LEI application here: