LEI Entity Search shows the Legal Entity Identifier (LEI) code status of a legal entity. It mentions if LEI is active or lapsed. It helps to know if a legal entity is registered and has LEI or not. Every information relating to the LEI of a legal entity is found by using this search. In India, the Legal Entity Identifier India Limited (LEIL) provides for LEI Search on its website.
LEIL is accredited as a Local Operating Unit (LOU) by the Global Legal Entity Identifier Foundation (GLEIF) for issuance of LEI in India. GLEIF is an international organisation which regulates and maintains global LEI. GLEIF has data of all the LEI of legal entities across the world and its LEI search tool 2.0 is the tool to search an LEI status of an Indian legal entity.
1. Search Under LEIL
LEIL website has the database of every LEI code. It has a search option in its site where anyone can view the LEI of any legal entity. By writing the name of the legal entity or an LEI number in the search bar, we get the result.
The search option has two sub-options which are ‘include foreign database results’ and ‘search by criteria.’ By selecting the ‘include database results’ option, LEI code of an international legal entity is obtainable. So we can get LEI information of both Indian and International legal entities on this website. The other option of ‘search by criteria’ is used to narrow down the search information of a legal entity. This option provides for choosing various categories like LOU name, country, registration and validation status to find specific details of a legal entity.
LEIL search gives information of an LEI code, country, entity status, address, registration status, validation source, registration authority name, registration authority ID and renewal date. It gives a view details option of the legal entity searched, which provides detailed information of it. If errors are present in LEI of a legal entity, there is an option for challenging it by writing to LEIL.
2. Search Under GLEIF
GLEIF website has a search tool to search for LEI,i.e. LEI search tool 2.0, which contains LEI information relating to global organisations. GLEIF has Global LEI Index, which is a central repository of LEI records and data. Global LEI Index is accessible through LEI search tool 2.0.
Since GLEIF has global data, LEI of any Indian legal entity can be searched in it. A foreign legal entity can find the details of LEI of Indian legal entities in their search tool. Similarly, Indian legal entities can use this tool to find the LEI details of foreign legal entities before entering into financial transactions with them. If there is an error in the LEI information, a challenge can be initiated by any interested party to update or change data.
3. Challenge Of LEI
Any user can challenge an LEI in writing to the LEIL when there is a data error in it. A challenge request is sent to the mailing address given in the LEIL website. Details such as full name, company name, contact number and address is stated in the email. The information challenged and the publicly available source details from where the challenged information can be verified should be mentioned in the email. Once, the challenge is raised, LEIL checks the data based on the publicly available authoritative sources and updates it.
Any user in GLEIF can lodge a challenge of an LEI through forms available on their website. When a challenge pertains to a legal entity registered in India, GLEIF sends it along with the evidence for the challenge to LEIL which checks with the legal entity and verifies the authoritative sources and updates the records.
4. Benefits Of LEI Entity Search
LEI entity search provides for transparency within the global market. Since the verification of the details of legal entities takes place, data accuracy is maintained. While registering a new legal entity, LEI search is useful to know if the proposed registration is not received or applied before. Once the legal entity ensures that it is not already assigned an LEI, it may proceed with the registration process. It helps legal entities while entering into financial transactions with other entities.Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice and should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.