The Economic Times daily newspaper is available online now.

    CCIL receives global approval to act as local legal identifier

    Synopsis

    The Clearing Corporation of India or CCIL — a clearing and settlement platform for OTC debt, forex, money market and derivative transactions.

    ET Bureau
    MUMBAI: The Regulatory Oversight Committee or ROC, a global entity to oversees a worldwide framework of legal entity identification, has approved the Clearing Corporation of India as local operating unit that can issue legal entity identifier.

    “This event marks significant landmark in aiding Global Legal Entity Identifier System (GLEIS) aimed at giving regulators and firms stronger systemic risk monitoring capabilities,” CCIL said in a release on Monday.

    Earlier in November, India joined global efforts to bring in transparency in over-the-counter (OTC) derivatives market as part of a series of measures being put in place to avoid a repeat of the worst financial crisis seen in recent decades that was triggered by the collapse of Lehman Brothers in September 2008.

    The Clearing Corporation of India or CCIL — a clearing and settlement platform for OTC debt, forex, money market and derivative transactions — has become the 20th local operating unit under the Global Legal Entity Identifier System (GLEIS).

    Legal Entity Identifier (LEI) is a 20-character global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, under any jurisdiction.

    As a part of a global initiative to have a structure to identify legal entities across the globe in a unique manner, CCIL has been appointed by the Reserve Bank of India for rendering this service for Indian entities undertaking financial transactions.


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more
    The Economic Times

    Stories you might be interested in