India's RBI mandates LEI and UTI reporting in Master Direction
Change
India's RBI issued a Master Direction today that mandates Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) reporting for over‑the‑counter (OTC) derivative transactions in the financial markets it regulates.
Why it matters
Regulated firms must now supply the required identifiers on every OTC derivative regulatory submission, creating a single enforceable standard for trade reporting. Reporting and operations teams will need to align data capture and submission processes to the consolidated directive or face non‑compliance consequences.
Implications
- • Treasury and regulatory reporting teams at banks and Non‑Banking Financial Companies (NBFCs) that execute OTC derivative trades must update trade capture and filing systems to populate Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) fields for each transaction — failure to do so will produce non‑compliant reports.
- • IT and operations teams at those firms must test and validate end‑to‑end reporting pipelines against the Master Direction's identifier formats before returning to live reporting to avoid reporting rejections.
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Source
Topics
Regulatory Actions Compliance Banking Regulation Capital Markets Financial Services