The Indian Clearing Corporation Ltd (ICCL) has become the first company to receive Pre-Legal Entity Identifier (LEI) from Clearing Corporation of India Ltd (CCIL).
Deputy Governor, Reserve Bank of India H R Khan presented the LEI certificate to MD & CEO, ICCL K Kumar and Chief Risk Officer, ICCL Piyush Chourasia in a function held at CCIL today, in presence of invitees from RBI, industry associations, exchanges, primary dealers, depositary participants and banks, a statement issued by ICCL said.
Due to the vulnerabilities of the global financial system, the importance of creating a common system of identifiers was keenly felt by the Financial Stability Board (FSB), IOSCO, and G-20 finance ministers and leaders.
The LEI helps connect to key reference information that enables clear and unique identification of companies participating in global financial markets, it said.
The LEI is based on the international ISO 17442 standard and the current guidelines of the FSB.
Every entity which registers for a LEI is subject to reliable, but flexible operational principles and standards for the origination and continued maintenance of a LEI.
In January this year, RBI identified CCIL as the Local Operating Unit (LOU) for issuing globally compatible LEIs in India.
LEI is a unique 20 digit, alpha-numeric reference code.
