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      Question

      The Securities and Exchange Board of India (SEBI) has

      mandated the submission of legal entity identifier (LEI) details for all non-individual foreign portfolio investors (FPIs).  However, all existing FPIs have been directed to update their LEI with designated depository participants (DDPs) within _______months; failure to do so will lead to the blocking of their accounts.
      A 6 Correct Answer Incorrect Answer
      B 8 Correct Answer Incorrect Answer
      C 9 Correct Answer Incorrect Answer
      D 11 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      The Securities and Exchange Board of India (SEBI) has mandated the submission of legal entity identifier (LEI) details for all non-individual foreign portfolio investors (FPIs).   LEI is a unique 20-character code used globally to identify distinct financial entities.  Currently, LEI is only sought voluntarily during registration and know-your-customer (KYC) formalities. However, all existing FPIs have been directed to update their LEI with designated depository participants (DDPs) within six months; failure to do so will lead to the blocking of their accounts.   Furthermore, all fresh registrations will also mandatorily require LEI submission. Accounts of FPIs with lapsed LEIs will be blocked until they are renewed.

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