The Global Legal Entity Identifier Foundation (GLEIF) has added MNS Credit Management Group (MNS) as a Validation Agent in the Global LEI System. This brings the number of agents able to obtain and maintain LEIs for their clients to more than 10 worldwide. MNS will work as a Validation Agent for Legal Entity Identifier India, a GLEIF accredited LEI issuer and subsidiary of the Clearing Corporation of India. It is a B2B debt management and business information company based in New Delhi and the second agent to be established in India.
Given international support for the broader use of the LEI in cross-border payments, the Validation Agent network, which spans Africa, Australasia, China, Europe, India, the Middle East, and North America, is playing an increasingly important role in facilitating LEI issuance in support of efforts to counter global criminality.
Stephan Wolf, CEO of GLEIF, says: “Adding MNS to the Validation Agent network is another important development for the Global LEI System. Considering industry recognition of the foundational role that the LEI can play in enabling faster, cheaper, more transparent and inclusive cross-border transactions, India’s support for the identifier over recent years offers a compelling precedent, underscoring the potential for jurisdictions around the world to fight global financial crime by driving forward LEI adoption.”
Sustained growth in LEI issuance in India, particularly across its dynamic and thriving small to medium enterprise (SME) population, stems principally from an advanced regulatory agenda. In recent years, bodies such as the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory, Development Authority of India, and Income Tax Department have all mandated and recommended LEI usage across various applications. Beyond regulatory mandates, the downstream impact of wider LEI adoption is increasing financial inclusion, as SMEs are more easily able to verify their identities across borders, supporting greater participation in global markets.
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