RBI to issue unique identification codes for financial market participants

Reserve Bank of India (RBI) to issue unique identification codes for financial market participants.

In a bid to get a better handle on financial transactions, such as equity and currency derivatives, the Reserve Bank of India (RBI) has invited limited bids from about six entities, including depositories, depository participants and custodians, to issue unique identification codes to market participants.

One or two of the selected entities are likely to be tasked with the responsibility of implementing a global Legal Entity Identifier (LEI) system that will uniquely identify parties to financial transactions.

Among others, National Securities Depository Ltd, Central Depository Services (India) Ltd and Stock Holding Corporation of India Ltd have been invited by the central bank to bid for becoming the local operating unit (LOU) to establish the LEI system in the country, said sources clued in to the development.

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