**Summary:**
This Reserve Bank of India (RBI) circular, reference number FMRD.FMID.No.2411.01.007/2019-20 dated March 27, 2020, addresses the extension of the deadline for implementing the Legal Entity Identifier (LEI) requirement for participation in non-derivative markets. This circular is further to circular FMRD.FMID.No.1011.01.007/2018-19 dated November 29, 2018 and circular FMRD.FMID.No.1511.01.007/2018-19 dated April 26, 2019.
Specifically, Phase III of the LEI implementation, concerning entities with a net worth of up to ₹200 crore, has been extended from the original deadline of March 31, 2020, to a new deadline of September 30, 2020.
This extension is granted in response to feedback and requests from market participants, acknowledging difficulties arising from the COVID-19 outbreak, and aims to facilitate a smoother implementation of the LEI system.
These directions are issued under Section 45W, read with Section 45U, of the Reserve Bank of India Act, 1934.
For further information, contact the Financial Markets Regulation Department, Central Office Building, 9th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, India. Telephone: +91 22 2260 1000. Fax: +91 22 2270 2290. Email: cgmfmrdrbi.org.in.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuing authority of the circular.
Legal Entity Identifier: A unique identification code for legal entities participating in financial transactions.
FMRD.FMID.No.1011.01.007201819: Reference number of a circular issued by the Reserve Bank of India on November 29, 2018 regarding Legal Entity Identifier requirements.
FMRD.FMID.No.1511.01.0072018 19: Reference number of a circular issued by the Reserve Bank of India on April 26, 2019 regarding revised timelines for implementation of Legal Entity Identifier for nonderivative markets.
COVID19: Novel coronavirus disease, the outbreak of which caused difficulties for market participants.
Reserve Bank of India Act, 1934: The act of the Indian Parliament that established the Reserve Bank of India and governs its operations.
Dimple Bhandia: General Manager-in-Charge at the Reserve Bank of India, as indicated by the signature block.
Mumbai, Maharashtra: Location of the Financial Markets Regulation Department, Central Office Building of Reserve Bank of India.
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2019-20/185
FMRD.FMID.No.24/11.01.007/2019-20 March 27, 2020
To
All eligible market participants
Dear Sir/Madam,
Legal Entity Identifier: Extension of deadline
A reference is invited to circular FMRD.FMID.No.10/11.01.007/2018-19 dated November 29, 2018
issued by Reserve Bank of India on requirement of Legal Entity Identifier (LEI) for participation in
non-derivative markets. Reference is also invited to circular FMRD.FMID.No.15/11.01.007/2018-
19 dated April 26, 2019 on revised timelines for implementation of LEI for non-derivative markets.
2. Based on the feedback and requests received from market participants, in the context of the
difficulties arising from the outbreak of novel coronavirus disease (COVID-19), and with a view to
enabling smoother implementation of the LEI system in non-derivative markets, the timeline for
implementation (Phase III) is extended as under:
Phase Net Worth of Entities Current Deadline Extended Deadline
Phase III Up to ₹ 200 crore March 31, 2020 September 30, 2020
3. These directions are issued under section 45W, read with section 45U, of the Reserve Bank
of India Act, 1934.
Yours faithfully
(Dimple Bhandia)
General Manager-in-Charge
�वत्तीय बाज़ार �व�नयमन �वभाग,क�द्र�य कायालर् य भवन, नौवीं मंिजल, शह�द भगत �सहं माग,र् फोटर्, मुंबई–400001.भारत
फोन: (91-22) 2260 1000,फैक्स: (91-22) 22702290 ई-मेल: cgmfmrd@rbi.org.in
Financial Markets Regulation Department, Central Office Building, 9th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001. India
Tel: (91-22) 2260 1000, Fax: (91-22) 22702290 e-mail- cgmfmrd@rbi.org.in
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