Unique Identifiers in Financial Markets Directions

What changed

The Reserve Bank of India consolidates existing requirements for Legal Entity Identifiers (LEI) and Unique Transaction Identifiers (UTI) into a single Master Direction. The LEI mandate applies to all non-individual entities in government securities, money market, foreign exchange, and derivative markets. Entities must obtain an LEI from an accredited Local Operating Unit. The UTI mandate applies to over-the-counter derivative transactions. Market participants must generate and report a unique 52-character UTI for these transactions. The direction defines a waterfall mechanism to determine the entity responsible for UTI generation. Participants must ensure their LEI remains current and implement systems to capture required identifiers. These directions supersede previous circulars regarding LEI and UTI implementation.