BIIA Member Rubix Data Sciences Private Limited reports that it has signed a MOU with the FEDERATION OF INDIAN EXPORT ORGANISATIONS (FIEO) for the issuance of the Legal Entity Identifier (#LEI) to Indian #exporters.
As part of the MoU with FIEO, Rubix will handhold Indian exporters through the documentation process and facilitate speedy and cost-effective LEI issuance. Rubix will also work with exporters to ensure the timely renewal of LEIs to keep their LEIs active.
During the signing of the MoU, Dr. Ajay Sahai, Director General & CEO, FIEO said that “obtaining the LEI through Rubix will help FIEO members build trust with counterparties, financial institutions, and other stakeholder organisations, regardless of the sector, because it serves as an essential #identifier in both cross-border and domestic transactions and helps filter out fraudulent and fake entities that may try and register as suppliers, customers, distributors or dealers.”
“Rubix recognizes the critical role of exporters in driving India’s socio-economic growth. Given that the LEI is a global identifier, it is especially important for Indian SME exporters to obtain the LEI so as to stand out and be recognised in the global marketplace. It is a privilege for Rubix to assist Indian exporters in the LEI application and validation process via this partnership with FIEO, “said Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences.
As part of the MoU signing ceremony, FIEO in association with Rubix organised an Online Awareness Session on RBI Guidelines on LEI Registration in India which was attended by more than 70 exporters.
Source: Rubix Data Sciences Private Limited
Legal Entity Identifier (LEI)
The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). The LEI connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains information about an entity’s ownership structure, answering the questions of ‘who is who’ and ‘who owns whom’. It provides a universally recognized identifier paired with essential entity data, rigorous verification processes and high data quality.
About the Global Legal Entity Identifier Foundation (GLEIF)
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization created to support the implementation and use of the Legal Entity Identifier (LEI). GLEIF is headquartered in Basel, Switzerland.
GLEIF services ensure the operational integrity of the Global LEI System. GLEIF also makes available the technical infrastructure to provide, via an open data license, access to the full global LEI repository free of charge to users. GLEIF is overseen by the LEI Regulatory Oversight Committee, which is made up of representatives of public authorities from across the globe. For more information, visit the GLEIF website at https://www.gleif.org/en.