The Reserve Bank of India has selected the Clearing Corporation of India Ltd (CCIL) for issuing globally compatible legal entity identifiers (LEIs). CCIL will act as a local operating unit for issuing globally compatible LEIs in India. LEIs are a 20-character unique identity code assigned to entities which are parties to a financial transaction. CCIL will issue unique identifier codes to the eligible legal entities participating in financial markets across the globe on a non-profit cost recovery basis. CCIL is recognised by the Regulatory Oversight Committee of the global LEI system and the unique identity codes issued by it will be accepted globally. Once the infrastructure is set up, the LEI numbers will be mandatory for Over-the-Counter (OTC) derivative transactions. The implementation of the global LEI system is led by the Financial Stability Board (FSB).The functioning of CCIL as LEI will be under the regulation and oversight of the Reserve Bank of India.