What is a Legal Entity Identifier (LEI)? (2026)
A Legal Entity Identifier, or LEI, is the 20-character code that identifies a legal entity, such as a company or a fund, across the financial system. Where a CUSIP or ISIN names a security, the LEI names the organisation behind it. This guide explains what a Legal Entity Identifier is, how it is structured, and who issues it in India. It is not investment advice.
Definition
A Legal Entity Identifier (LEI)
is a 20-character alphanumeric code, defined by ISO 17442, that uniquely identifies a legal entity in financial transactions. The first four characters identify the issuing unit, the next fourteen identify the entity, and the last two are check digits. Source: GLEIF, ISO.
How is an LEI structured?
An LEI has 20 characters:
- Characters 1 to 4 identify the Local Operating Unit that issued the code.
- Characters 5 to 18 are the unique string assigned to the entity.
- Characters 19 and 20 are check digits.
Behind the code sits a public record of reference data: the entity's legal name, address, and, where it applies, its parent. That is the point of the LEI, one code that maps to one verified entity.
Who issues LEIs, and who issues them in India?
The system is overseen by the Global Legal Entity Identifier Foundation (GLEIF), which accredits the Local Operating Units that actually issue codes. In India, the accredited issuer is Legal Entity Identifier India Limited (LEIL), a wholly owned subsidiary of the Clearing Corporation of India. The Reserve Bank of India has made the LEI mandatory for certain large-value transactions and large corporate borrowers, which is why many Indian entities already hold one.
20 characters
Length of an LEI under ISO 17442, valid one year and renewed annually with GLEIF
Source: GLEIF, ISO
Why the LEI matters for reading filings
The LEI solves a problem that trips up anyone matching filings: the same entity is written slightly differently across sources. A single LEI ties those records together. It sits alongside the security identifiers you meet elsewhere: the CUSIP in US filings and the ISIN globally, with CUSIP vs ISIN covering how those two relate.
For a US filing where entity identity matters most, an investment adviser's registration on Form ADV carries the firm's LEI where it has one.
Flock reads disclosure filings and keeps each entity matched, dated, and linked to its source. What any of it means for you is your call to make.
Frequently asked questions
What is a Legal Entity Identifier (LEI)?
A Legal Entity Identifier is a 20-character alphanumeric code, defined by ISO 17442, that uniquely identifies a legal entity taking part in financial transactions. It identifies the organisation itself, not a specific security. Source: GLEIF, ISO.
Who issues LEIs?
LEIs are issued by Local Operating Units accredited by the Global Legal Entity Identifier Foundation (GLEIF). In India, Legal Entity Identifier India Limited (LEIL), a subsidiary of the Clearing Corporation of India, is the accredited issuer. Source: GLEIF, LEIL.
Does an LEI need to be renewed?
Yes. An LEI is valid for one year from issue and must be renewed to keep its status active with GLEIF. The renewal reconfirms the entity's reference data. Source: GLEIF.
How is an LEI different from an ISIN or CUSIP?
An LEI identifies a legal entity, such as the company or fund. An ISIN or CUSIP identifies a specific security that entity issues. One entity has one LEI but can have many ISINs and CUSIPs. Source: GLEIF, ISO.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.