CIRCULAR
SEBI/HO/DDHS/DDHS_Div1/P/CIR/2023/64 May 03, 2023
To,
Issuers who have listed and/ or propose to list non-convertible securities, securitised
debt instruments, security receipts and municipal debt securities; and
Registered Depositories
Madam/ Sir,
Sub: Introduction of Legal Entity Identifier (LEI) for issuers who have listed and/ or
propose to list non-convertible securities, securitised debt instruments and
security receipts
1. LEI is a unique global identifier for legal entities participating in financial transactions. LEI
is designed to create a global reference data system that uniquely identifies every legal
entity, in any jurisdiction, that is party to a financial transaction. It is a unique 20-character
code to identify legally distinct entities that engage in financial transactions. Presently, RBI
directions, inter alia, mandate non-individual borrowers having aggregate exposure of
above Rs. 25 crores, to obtain LEI code.
2. In view of the above, issuers having outstanding listed non-convertible securities as on
August 31, 2023, shall report/ obtain and report the LEI code in the Centralized Database
of corporate bonds, on or before September 1, 2023. Similarly, issuers having outstanding
listed securitised debt instruments and security receipts as on August 31, 2023, shall
report/ obtain and report the LEI code to the Depository(ies), on or before September 1,
2023.
3. Further, issuers proposing to issue and list non-convertible securities, on or after
September 01, 2023, shall report their LEI code in the Centralized Database of corporate
bonds at the time of allotment of the ISIN. Similarly, issuers proposing to issue and list
securitised debt instruments and security receipts, on or after September 01, 2023, shall
report their LEI code to the Depositories at the time of allotment of the ISIN. The
requirements are tabulated below:
Category of Relevant Applicability Timeline
security Regulation
Non- SEBI (Issue and Issuer proposing to issue and list On or after
convertible listing of Non- non-convertible security September 1, 2023
Securities convertible Issuer having outstanding listed On or before
Securities) non-convertible security as on September 1, 2023
Regulations, 2021 August 31, 2023
Securitised SEBI (Issue and Issuer proposing to issue and list On or after
Debt Listing of Securitised Debt Instruments or September 1, 2023
Instruments Securitised Debt Security Receipts
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Category of Relevant Applicability Timeline
security Regulation
and Security Instruments and Issuer having outstanding listed On or before
Receipts Security Receipts) Securitised Debt Instruments September 1, 2023
Regulations, 2008 and Security Receipts as on
August 31, 2023
4. The requirement of LEI for issuers proposing to list/ having outstanding municipal debt
securities shall be specified later.
5. Entities can obtain the LEI code from any of the Local Operating Units (LOUs) accredited
by the Global Legal Entity Identifier Foundation (GLEIF). In India, the LEI code may be
obtained from Legal Entity Identifier India Ltd (LEIIL), a subsidiary of the Clearing
Corporation of India Limited (CCIL), which has been recognised by the Reserve Bank of
India as issuer of LEI under the Payment and Settlement Systems Act, 2007 and is
accredited by the GLEIF as the LOU in India for issuance and management of LEI codes.
6. The Depositories shall:
a. map the LEI code to existing ISINs by September 30, 2023; and
b. for future issuances, map the LEI code provided by the issuers with the ISIN at the
time of activation of the ISIN.
7. This circular shall come into force with immediate effect.
8. This Circular is issued in exercise of the powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI
(Issue and Listing of Non-Convertible Securities) Regulations, 2021, Regulation 29 of the
SEBI (Issue and Listing of Municipal Debt Securities), Regulations, 2015 and Regulations
48 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts)
Regulations, 2008, to protect the interest of investors in securities and to promote the
development of, and to regulate the securities market.
9. This Circular is available at www.sebi.gov.in under the link “LegalCirculars”.
Yours faithfully,
Pradeep Ramakrishnan
General Manager
Department of Debt and Hybrid Securities
+91-22-26449246
pradeepr@sebi.gov.in
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