Legal Entity Identifier Numbers (LEI Code) are a unique way of identifying your legal entity globally and tracking its transactions for risk assessment and financial security. We help you get your LEI Number within a week. Our process is online, convenient, and hassle-free.
| Characters 1-4 | Represent the LOU (Local Operating Unit) |
| Characters 5-6 | Reserved Digits |
| Characters 7-18 | Unique code assigned to the legal entity |
| Characters 19-20 | Checksum digits |
The use of LEI Number brings immense benefits for a legal entity. It helps in its unique global recognition and provides the means to verify its business transactions. Verifying and tracking business transactions through LEI is not just beneficial for the government and regulatory bodies, but also for the parties involved, as it helps in prior risk assessment and management, thereby helping create a financially sound and secure environment. Let’s elaborate on the benefits of Legal Entity Identifier Number a little.
LEI serves as a unique identification mark for legal entities globally, ensuring their easy recognition across national and international jurisdictions.
As a uniquely assigned number, LEI makes it easy to verify the origin of financial transactions, thereby offering legitimacy and authenticity to the parties involved.
Many jurisdictions across the world, including India, have adopted the concept of LEI and made its use mandatory among legal entities. So, obtaining and using LEI helps an entity remain compliant with law.
The process of obtaining an LEI is quite easy and convenient. Entities can apply online through certified Local Operating Units (LOUs) in their home country and get the LEI number without any hassle.
The unique LEI number helps track and monitor every financial transaction of a legal entity, thereby giving accurate insights into its financial status and performance.
With consistent tracking of financial transactions through an LEI number, assessing associated risks becomes easy. It helps foresee a financial crisis and prevent the same before time.
The Legal Entity Identifier procedure is quite straightforward and convenient. The applicant entity has to approach the LEIL, which is the LEI issuing Local Operating Unit in India, on its official website. Since documentation is a crucial part of the process, the applicant must begin by assessing what’s required. Once the list of documents is readily available, the applicant can begin the process by creating an account on the website, signing in with the login credentials received, and filing the complete application online. Here are the detailed steps for the process of LEI application:
Visit the official website of the LEIL @ LEIL LEI (ccilindia-lei.co.in) Go to the right hand corner on the Home Page, and click the option “Create an Account”. Fill in the Required Details of the authorised person to create a New User Account. The authorised person would be nominated or appointed for this purpose via a Letter of Authority or General Board Resolution. The details required include full name of the person, email ID and password to create login credentials, full address, and contact number. If the authorised person is different from the person of contact, provide the details of the latter as well. After filling the details, enter the captcha code and proceed.
The login credentials will be sent to the registered email address along with the activation link. Click on the link to continue with the signing in process. Next, go back to the Home Page and Click on Login in the right hand corner, just above the “Create Account” option. The login page will open. Enter the registered email address and password provided while creating the account.
After successful login, go to the LEI Services tab on the menu and click on “Register” from the dropdown. The application form for LEI number will appear on the screen. The requisite details to be filled will be divided in four sections, namely, Company Information requiring information of the legal entity applying for the LEI number, Direct Parent Page requiring information of the lowest level entity preparing consolidated financial statements or the applicant entity, Ultimate Parent Page requiring information of the lowest level entity that is preparing consolidated financial statements or the applicant entity, and ultimately the Payment Page requiring Payment Details of the application form. After filling out the details in each section, click on “Save” to save the information.
Upload all the requisite documents from the list downloaded in the earlier step. The letter of authority and audited financial statements are compulsory for every applicant regardless of the entity structure. An Auditor’s Certificate may be required in case the applicant is also submitting consolidated financial statements. The requirement for other documents may differ for different legal structures. If the applicant is unable to upload the documents, it can be submitted by email ( lei@ccil.india.co.in ) or posted to the registered office of LEIL.
After receiving the documents (soft or hard copy) and payment, LEIL will verify the same. The process begins 1-2 working days after the submission of the application and documents. Additional documents may be sought at this stage. Also, if any discrepancies are found in the form, LEIL may suggest changes which will have to be made in the prescribed time frame.
After successful payment and document verification, LEI number is issued. An email containing the LEI number is sent to the legal entity. A digitally signed invoice will be provided to the legal entity through e-mail after the issuance of LEI number.
The list of Documents for LEI registration application depends on the type of entity obtaining it. The exact list can be found on the official website of LEIL. However, there are certain documents that are common for all entities. These common documents have to be submitted mandatorily in order to file the LEI application successfully.
Usually, the validity of LEI extends to one year from the date of first issuance or last renewal. However, the applicant can also opt for multi-contract years and extend the validity of LEI up to 5 years. In either case, a LEI renewal application has to be filed with the documents discussed above before the expiry date. If the application for renewal gets delayed, an additional fee of Rs.250 will be charged per month until the renewal procedure is initiated.
The Legal Entity Identifier (LEI) fees depend on the duration for which it is contracted. The applicant can opt for a single year issuance, or may extend the same up to 5 years. The rule applies both in case of first issuance, as well as renewal of the expired LEI. Let’s understand the cost breakup for LEI application and renewal:
| No | Validity | New Registration (Inclusive of GST) | Renewals (Inclusive of GST) |
|---|---|---|---|
| 1. | Single Year | ₹ 4,130/- | ₹ 3,304/- |
| 2. | Two Years | ₹ 7,257/- | ₹ 6,431/- |
| 3. | Three Years | ₹ 10,207/- | ₹ 9,381/- |
| 4. | Four Years | ₹ 13,039/- | ₹ 12,213/- |
| 5. | Five Years | ₹ 15,694/- | ₹ 14,868/- |
