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NSDL gets GLEIF accreditation for Legal Entity Identifier issuance in India

NSDL gets GLEIF accreditation for Legal Entity Identifier issuance in India

| @indiablooms | 12 Jan 2024, 01:14 am

Mumbai: National Securities Depository Limited (NSDL) has received accreditation to commence Legal Entity Identifier (LEI) related services from the Global Legal Entity Identifier Foundation (GLEIF) in December 2023, a press release said.

NSDL will start offering LEI service including new LEI registration, LEI renewal and LEI transfer to business entities from January 16, 2024.

The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the data quality accuracy of financial data system for better risk management post the global financial crisis.

The LEI is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO).

It connects key reference information that enables clear and unique identification of legal entities participating in financial transactions and contains information about an entity’s ownership structure.

The LEI is not only a regulatory requirement for the business entities engaged in various kind of financial transaction, but it also helps entities to improves transparency and reduces risk in financial transaction, facilitates cross-border trade and builds trust with customers and partners.

NSDL MD & CEO Padmaja Chunduru said; “We are pleased to announce that NSDL has received the accreditation from GLEIF to start LEI services. NSDL will facilitate business entities obtain LEIs smoothly besides enabling them to meet their regulatory requirements. NSDL in collaboration with GLEIF will strive to expand and strengthen LEI network in India.”

GLEIF CEO Stephan Wolf said: "GLEIF's accreditation process involves a comprehensive assessment of organizations seeking to function as LEI issuers and custodians of LEI reference data within the Global Legal Entity Identifier (LEI) System. The achievement of Global LEI System membership through GLEIF accreditation serves as a globally recognized symbol of a firm's unwavering commitment to data accuracy and exceptional customer service. GLEIF eagerly anticipates a collaborative and fruitful partnership with NSDL in their accredited role as an LEI issuer."

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