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of <h1>RBI Requires Legal Entity Identifier for All OTC Derivatives Market Participants in India to Boost Data Accuracy.</h1> The Reserve Bank of India (RBI) mandates the implementation of the Legal Entity Identifier (LEI) system for all participants in India's Over-the-Counter (OTC) derivatives markets, including Rupee Interest Rate, foreign currency, and credit derivatives. The LEI, a 20-character code, enhances financial data accuracy and risk management. Participants must obtain an LEI from accredited Local Operating Units, with Legal Entity Identifier India Ltd. recognized as the issuer in India. The implementation is phased, with deadlines based on entity net worth, ranging from August 1, 2017, to March 31, 2018. Entities must renew LEIs as per guidelines to maintain validity.
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