The Legal Entity Identifier (LEI) code improves the quality and accuracy of financial data systems for better risk management. The 20-digit unique code helps to identify parties of financial transactions worldwide.
Obtaining an LEI code is very plain and simple.
With LEI Kart, you can apply for an LEI code in just 2 minutes.
Who needs the LEI code in India?
As per Reserve Bank of India (RBI) guidelines, all legal entities, including Private Limited, LLP, Partnership, and Proprietorship, with a total exposure of Rs. 50 crore and above must have an LEI code. By the end of 2025, it will also be mandatory for entities having Rs. 5 crores and above exposure to obtain LEI code according to the timeline provided by RBI.
Who issues the LEI code?
In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations on Legal Entity Identifier (LEI) and a supporting governance structure which came into action at the end of 2012. Later in 2014, they formed a not-for-profit organization named Global Legal Entity Identifier Foundation (GLEIF) to govern LEI. Then, GLEIF gave the authority to the Local Operation Unit (LOU) to issue LEI numbers. Later, GLEIF introduced Registration Agents (RA) to help the legal entity register an LEI code in collaboration with LOU-s.
Therefore, LOU-s are the ones who issue LEI codes, and RA-s are the ones who assist clients with the registration process. LEI Kart is an authorized RA in partnership with RapidLEI (LOU).
How to obtain an LEI code?
The LEI number can be obtained by following the steps below.
- Type www.leikart.com in your device (laptop/ mobile/ desktop/ tablet).
- Click on ‘LEI Registration’ at the top of the page.
- Click ‘Apply for a new LEI number’.
- Fill in your company/ firm name, director/ partner’s full name, registration ID (GSTIN/ CIN/ IEC/ UAN), valid email and your phone number.
- From there, you’ll need to pick whether the registered address is the same as your office address or not. Fill in your address if ‘yes’, if ‘no’, then you have to fill in both the headquarters and office address. Remember you have to fill in the address according to your GST.
- On the next page, you will have to confirm if your company is owned by another company or not (> 50%). If ‘yes’ fill in your parent entity’s details, if ‘no’ proceed with the application.
- Upload the supporting documents of your company.
- Accept the terms and conditions and click ‘Confirm and Continue`.
- Choose your renewal plan; LEI Kart provides a multi-year renewal plan, i.e., one year, three years, and five years.
- Add ‘LEI Certificate’, you can have only a pdf LEI certificate or a hard copy and pdf both. Remember, the LEI certificate is totally optional, you can still have it for yourself.
- Lastly, Insert your GST number for the invoice, choose the method of payment and proceed. LEI Kart accepts any kind of payment like UPI, bank transfer, NEFT, net banking, and card payment.
Sit back and wait up to a few hours for the confirmation of your LEI number.
You can track your order by clicking here.
Why should you get an LEI code in India?
As RBI has already circulated multiple guidelines regarding the LEI number, making it mandatory for the legal entities to obtain it. Apart from the notifications by RBI, let us tell you the reasons why you should get an LEI number in India.
- An LEI number identifies you throughout the globe.
- The LEI is an essential identifier to enable cross-border transactions.
- Both humans and machines can verify LEI.
- It boosts credibility not only within India but worldwide.
- It can be used for hedging, forward-booking, auction-booking, and more.