Legal Entity Identity number is must to assert legitimacy globally

  • Interviews
  • Feb 09,22
Legal Entity Identifiers (LEIs) are required by all parties participating in regulated transactions and provide a publicly available verifiable source of ‘who's who’ and ‘who-owns-whom’. The LEI code is endorsed by the G20 as the most important global identifier, says Hitesh Rughani, MD, Dreams Merchant.
Legal Entity Identity number is must to assert legitimacy globally

Legal Entity Identifiers (LEIs) are required by all parties participating in regulated transactions and provide a publicly available verifiable source of ‘who's who’ and ‘who-owns-whom’. The LEI code is endorsed by the G20 as the most important global identifier, says Hitesh Rughani, MD, Dreams Merchant.

What types of services are offered by Dreams Merchant?
Dreams Merchant has a strategic relationship with RapidLEI and the GLEIF. We are Official Registration Agents engaged in the fields of legal, technical, and financial activities under a single umbrella having a robust clientele base of Government and local bodies, corporates, banks, financial institutions, other institutions, trusts, societies, funds, start-ups, individuals, celebrities, etc. Dreams Merchant provide hassle-free swift solutions in each complex arena at the lowest cost. We provide our expertise and experience to fulfill your valued dream projects at end-to-end level. Dreams Merchant is the one place “where dreams come true”.

Our expertise lies in the following arenas:
Legal: Credit rating, ROF, ROC, title search, notice of intimation, registered mortgage, charge to create with registrar of companies, and title certificate.
Finance: Education, home, mortgage, yacht, ship, barge, helicopter, aircraft, earth mover, vehicle, car, project, machineries, overdraft, cash credit, drop line over draft, loan bank guarantee, letter of credit, and debts consolidation
Documentation: Agreements, registration, MTR challan number 6, e-SBTR certificate, re-conveyance, newspaper advertising, conveyance, and deemed conveyance.
Registration: Legal entity identifier, registrar of firms, registrar of companies, trade union, charity commissioners, society and CSR trust registration, newspapers registration, import export code, and co-operative societies.
Real estate: Project management consultant, self-redevelopment, RERA, and construction.
Insurance and investments: Plant insurance, fixed deposits, and mediclaim

What is a Legal Entity Identifier (LEI) number? Why it is important?
A Legal Entity Identity (LEI) number is a unique 20-character alphanumeric string (i.e. 529900T8BM49AURSDO55) used to distinctly represent a Legal Entity (company, organisation, firm, government body, trust, fund, etc) on a worldwide basis. Once issued, the LEI number can be used to represent the entity in financial transactions or organisation identity assurance use cases. LEIs are required by all parties participating in regulated transactions and provide a publicly available verifiable source of ‘who is who’ (organisation identity) and ‘who owns whom’ (organisation group structures).

The LEI code is endorsed by the G20 as the most important global identifier. Organisations should have LEIs to be compliant with regulation, enable trust in their identity and assert their legitimacy.

What kind of LEI expertise does Dreams Merchant offer?
Our LEI expertise lies in being paperless, it's instant and valid upto 5 years. Moreover, it's available round-the-clock all year round at the lowest cost with no hidden charges. What is RapidLEI?

How is it helping organisations transact business globally?
RapidLEI is a Ubisecure service that automates the LEI creation process to deliver LEIs quickly and easily. Ubisecure is accredited by the Global LEI Foundation (GLEIF) to issue LEIs to legal entities. It is a technology innovator and identity assurance specialist, providing identity management software and cloud identity services to companies all over the world.

How is the partnership with RapidLEI benefiting Dreams Merchant customers?
Dreams Merchant has a strategic relationship with RapidLEI and the GLEIF. We are Official Registration Agents.

What are the advantages of validated LEIs?
About 1.6 million organisations, trusts and funds now have Legal Entity Identifiers (LEI). The LEI is firmly established as the global code to identify ‘who is who’, and ‘who owns whom’. LEIs are required for many financial regulations such as MifID II, MiFIR, Dodd-Frank Act, EMIR and more. Organisations attempting to trade under these regulations without an LEI Number will be unable to transact, or risk being fined. There are over 100 regulations requiring LEIs, with additional regulations mandating inclusion going live every month.

As LEIs contain valuable, accurate and transparent identity data attributes, the LEI enables high levels of trust in an organization’s legitimacy and identity. Increasing numbers of data providers and credit check organizations utilise LEIs in Know-Your-Customer (KYC) on-boarding and Client Refresh processes.

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