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Oct 19, 2023

Mandating LEI Code for All Non-individual FPIs

SEBI, by way of its Circular dated July 27, 2023, has made it mandatory for all non-individual foreign portfolio investors (‘FPIs’), to provide their legal entity identifier (‘LEI’) code to their respective designated depository participants (‘DDP’). Existing FPIs are also required to provide the LEI code to their DDPs (if not given earlier) within 180 days from the date of the Circular.

Further, all FPIs need to ensure that their LEI codes are active at all times, failing which their account will be blocked for further purchases until their LEI codes are active. Previously, the Reserve Bank of India (‘RBI’) had mandated authorized dealer Category I banks to obtain LEI codes from resident non-individuals undertaking capital or current account transactions of INR 50 crore (approx. US$ 6 million) and above under the Foreign Exchange Management Act, 1999.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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