About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

GLEIF Names Rubix Data Sciences as First LEI Validation Agent in India

Subscribe to our newsletter

The Global Legal Entity Identifier Foundation (GLEIF) expects use of the LEI to expand in India following the appointment of Rubix Data Sciences as the first Indian-based validation agent within the Global LEI System. The validation agent will support increasing regulatory demand for organisations to obtain LEIs, as well as SMEs that find it difficult to prove their identity.

Rubix provides a B2B risk management and monitoring platform to the Indian market, and will work as a validation agent of Legal Entity Identifier India Ltd. (LEIL), a GLEIF accredited LEI issuer. As a validation agent, the company will use its KYC and AML onboarding processes – already used to support SME risk assessments for banks, insurance companies and large corporates – to help clients obtain LEIs.

“The Indian market is dominated by SMEs,” says Mohan Ramaswamy, cofounder and CEO of Rubix. “In addition to the challenges of compliance with new mandates, many of these firms find it difficult to break into international markets. Despite the opportunities from digitalisation to participate in global supply chains, it can be difficult for SMEs to prove their identity to the external world and they can’t easily establish credibility through KYC practices. Working alongside LEIL, we will help Indian SMEs obtain an LEI.”

Regulatory mandates for organisations to obtain LEIs come from the Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority of India. These regulators mandate the use of LEIs in use cases including over-the-counter derivatives, credit borrowing, large value payments, insurance and cross border transactions.

The Validation Agent framework was introduced by GLEIF in September 2020 to enable financial institutions, certification authorities and fintech organisations to use their KYC and AML onboarding procedures to help clients obtain an LEI. Six validation agents have since been established in markets including North America, Europe, Africa, China and India.

Stephan Wolf, CEO of GLEIF, comments: “We welcome Rubix into the Global LEI System and hope its early move will encourage other organisations across India and the world to see the value of participation.”

Subscribe to our newsletter

Related content


Recorded Webinar: Adding value and improving efficiencies in sanctions screening

Sanctions have been headline news this year. They are growing in number, sanctions lists are changing on a daily basis, and there can be conflict between sanctions issued by different jurisdictions – the whole calling for financial institutions to optimise sanctions screening to reduce risk and avoid potentially punitive penalties of non-compliance. This webinar will...


SmartStream Combines Air, RDU to Offer Comprehensive Transaction Reporting for MiFID II

SmartStream Technologies has combined its SmartStream RDU reference data utility with its SmartStream Air (Artificial Intelligence Reconciliations) solution to create a new offering that provides regulated entities with comprehensive reporting capabilities for MiFID II. The new solution – Transaction Reporting Reconciliation and Reporting Decision Control – aims to address regulators’ growing requirement for completeness and accuracy...


A-Team Innovation Briefing: Innovation in Cloud

This Innovation Briefing will explore approaches to data infrastructure transformation, technologies required and how to make sure processes are optimised to support real time data management. Hear from leading practitioners and innovative technology solution providers who will share insight into how to set up and leverage your data infrastructure to provide user access to consistent data and analytics, and companies the ability to monetise their data.


ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...