India's RBI issues Master Direction on unique identifiers in financial markets
Reporting teams at banks and NBFCs must add LEI and UTI to RBI regulatory filings
Change
India's Reserve Bank of India (RBI) has consolidated its Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) reporting mandates into a Master Direction that requires entities regulated by the RBI to include LEI for counterparties and UTI for over-the-counter derivative transactions in regulatory filings, effective immediately.
Why it matters
Legal Entity Identifier (LEI) must be provided to uniquely identify counterparties in all RBI-regulated transaction reports. Unique Transaction Identifier (UTI) must be supplied as the single reference for every over-the-counter (OTC) derivative transaction in those reports.
Implications
- — Reporting teams at banks and non-bank financial companies (NBFCs) in India must update regulatory-submission workflows immediately to include Legal Entity Identifier (LEI) for counterparties — filings missing LEI expose the firm to RBI regulatory non-compliance.
- — Back-office trade-reporting systems and operations teams at derivatives desks in India must populate a valid Unique Transaction Identifier (UTI) on every OTC derivative submission immediately — submissions lacking a valid UTI will be non-compliant with RBI reporting requirements.
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Source
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