Mumbai : The Federation of Indian Export Organisations (FIEO) has signed a Memorandum of Understanding (MoU) with Rubix Data Sciences Pvt Ltd (Rubix) to facilitate Legal Entity Identifier (LEI) issuance to Indian exporters and entities.
As part of the MoU with FIEO, Rubix will handhold Indian exporters through the documentation process and facilitate speedy and cost-effective LEI issuance. The company will also work with exporters to ensure the timely renewal of LEIs to keep their LEIs active.
“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,” Ajay Sahai, Director General & CEO, FIEO, said in a statement.
The Legal Entity Identifier (LEI) is a 20-character, alphanumeric code that uniquely identifies a legal entity or structure that is a party to a financial transaction in any jurisdiction. The LEI connects to key reference information that enables a clear and unique identification of legal entities participating in financial transactions.
Rubix Data Sciences is a business intelligence company offering a technology and analytics-based B2B Risk Management and Monitoring platform. In April 2022, the Global Legal Entity Identifier Foundation (GLEIF) and the Legal Entity Identifier India Ltd (LEIL) appointed Rubix as India’s first LEI Validation Agent to help clients obtain LEIs.
The LEI was developed as a collaborative effort by regulators across the world to push transparency in transactions across markets, products, and regions. Businesses and organisations must mandatorily quote their LEI for many types of transactions when doing business abroad.The key regulators of this system in India are the RBI,SBI and IRDAI who have laid down several mandates related to this system which have to be followed.
“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 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, in a statement.
Currently, more than 97,000 Indian businesses have the LEI status and are part of its global directory.
ETRise MSME Day 2022 Mega Conclave with Industry Leaders. Watch Now.