LEI License
What is LEI?
The Legal Entity Identifier (LEI) is a unique global identifier for legal entities participating in financial transactions. Also known as an LEI code or LEI number, its purpose is to help identify legal entities on a globally accessible database. Legal entities are organizations such as companies or government entities that participate in financial transactions. An individual person may not obtain an LEI. The identifier is used in regulatory reporting to financial regulators and all financial companies and funds are required to have an LEI.
The identifier is formatted as a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key information that enables a clear and unique identification of legal entities participating in financial transactions. Each LEI database entry contains information about an entity’s ownership and thus answers the questions of ‘who is who and ‘who owns whom. Therefore the publicly available LEI data pool can be regarded as a global directory of non-individual participants in the financial market.
There are a number of LEI issuers around the world that issue and maintain the identifiers and act as primary interfaces to the global directory, these are typically financial exchanges or financial data vendors. These are accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue LEIs.
Why this License is Required?
The Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management.
Who can get a LEI License?
Sole Proprietorships
Liability Partnerships
Partnership Firms
Trusts
Private Limited Companies
Public Limited Companies
Government Companies
Insurance Companies
Housing Finance Companies
Non-Banking Finance
One Person Company
Document Required for LEI License
- Certificate of Incorporation or Registration Certificate
- Copy of PAN Card
- Undertaking – cum-Indemnity as per the format prescribed by LEIL
- Audited Financial Statements
- Board Resolution as per the format prescribed by LEIL
- Power of Attorney as per the format prescribed by LEIL in case of any further delegation by officials mentioned in Board Resolution.
- Auditor’s Certificate as per the format prescribed by LEIL, in case of holding the company and ultimate parent.
Role of Shamkris and Process of LEI License
Shamkris adopts a results-oriented approach to compliance with mandatory licence requirements in the organization. A simple and guidance methodology help organisation to achieve licence in a timely manner and cost-effective. Shamkris support 100% in advisory, Guidance, Compliance with respect to license requirements to obtain approval.
The License process described below:
- Advertising for the document required
- Preparation of documents as per application & list of documents.
- Application File
- Inspection by the department if required
- Liaison department
- License issued
- Yearly compliance if applicable
- Renewal when due
