The Reserve Bank of India has mandated the implementation of the LEI system for all participants in the Over-the-Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives in India, in a phased manner. Entities without an LEI code would not be eligible to participate in the OTC derivative markets, after the date specified in the schedule.

 

Schedule for Implementation of LEI for various entities Phase

Entities

Date by which the LEI code is to be obtained

Phase I

Entities regulated by RBI / SEBI / IRDA / PFRDA and Corporates With Net Worth above Rs 10000 mn

August 1, 2017

Phase II

Corporates With Net Worth between Rs 2000 mn and Rs 10000 mn

October 1, 2017

Phase III

Corporates With Net Worth between Rs 700 mn and Rs 2000 mn

December 1, 2017

Phase IV

Corporates With Net Worth below Rs 700 mn

March 31, 2018

 

Kindly refer to the RBI Notification : "Introduction of Legal Entity Identifier for OTC derivatives markets"