INDIA: The Clearing Corporation of India Ltd (CCIL) to issue Unique Identity Codes to Entities in Financial Transactions

Tuesday January 7 2014

The Reserve Bank of India has selected the Clearing Corporation of India Ltd. (CCIL) to act as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs) in India. The LEI is a 20-character unique identity code assigned to entities which are parties to a financial transaction. As an LOU, CCIL will issue unique identifier codes to all eligible and desirous legal entities participating in financial markets across the globe on a non-profit cost recovery basis. On CCIL being recognised by the Regulatory Oversight Committee of the global LEI system, codes issued by it will be accepted globally. Once the infrastructure in this regard is set up, the use of the LEI numbers is likely to be mandated for OTC derivative transactions and large borrowers (legal entities) in a phased manner, to begin with. The implementation of the global LEI system as a part of G20 mandate is being spearheaded by the Financial Stability Board (FSB).The functioning of CCIL as an LOU will be under the regulation and oversight of the Reserve Bank of India.

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