The Reserve Bank of India today released Draft Directions on requirement of Legal Entity Identifier Code for participation in non-derivative markets. Comments on the draft directions are invited from banks, market participants and other interested parties by June 30, 2018.

Feedback on the draft directions may be forwarded to:

The Chief General Manager, Reserve Bank of India
Financial Markets Regulation Department
1st Floor, Main Building
Shahid Bhagat Singh Marg,
Mumbai – 400001

Or by email with subject line “Feedback on draft directions on requirement of Legal Entity Identifier Code“

Background

Reserve Bank of India in its Statement on Developmental and Regulatory Policies dated April 5, 2018 announced that RBI will implement the Legal Identity Identifier (LEI) mechanism for all financial market transactions undertaken by non-individuals in interest rate, currency or credit markets regulated by RBI to improve transparency in financial markets.

Accordingly, draft directions on requirement of Legal Entity Identifier Code for participation in non-derivative markets are being issued for feedback.

Ajit Prasad
Assistant Adviser

Press Release : 2017-2018/3321