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RBI to issue unique ID codes for market participants

India Infoline News Service | Mumbai |

According to RBI, the objective is to get a better handle on financial transactions

In order to issue unique identification codes to market participants, the Reserve Bank of India (RBI) has invited applications from over six organisations, according to a media report.

The entities include depositories, depository participants and custodians, the report added.

According to RBI, the objective is to get a better handle on financial transactions, such as equity and currency derivatives, the report further said.

The entities—which would be selected by RBI, may be given the responsibility of implementing a global legal entity identifier (LEI) system that will uniquely identify parties to financial transactions, the RBI added.

LEIs are identification codes that enable consistent and accurate identification of all legal entities that are parties to financial transactions, including non-financial institutions.


 

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