RBI mandates LEI code for all market participants, bars non-compliant entities

The RBI told all market participants—resident and nonresident—to ensure that they have avalid legal entity identifier (LEI) code under the rules of the global LEI system. RBI said that entities without an LEI code would not be eligible to undertake transactions in the financial markets regulated by it.

The RBI also told participants to take LEI from a local operating unit (LOU), which is accredited by the Global Legal Entity Identifier Foundation. In the case of an LOU in India, it shall be an entity recognised by the RBI. The RBI told participants in the over-the counter derivative market to obtain a unique transaction identifier.