Legal Entity Identifier code is a measure to improve the quality & accuracy of financial data systems for better risk management post Global Financial Crisis. It was designed to create global reference to financial data that identifies legal entities across any country.
LEI is a 20-digit unique code which is assigned to different legal entities engaged in financial transactions. Same is defined by ISO 17442.
Any legal entity in India having borrowing limits (Fund-based or Non Fund-based) greater than or equal to 5cr should apply for LEID mandatorily