eMudhra shares zoom nearly 37% in two days; here's the trigger

Shares of digital identity and cybersecurity solutions provider eMudhra Ltd continued their sharp upward movement for the second straight session on Wednesday, soaring 14.13 per cent to hit a high of Rs 677.50 on BSE. At this level, the stock had gained 36.95 per cent in just two days.

The rally comes after the company was appointed as a Validation Agent of Legal Entity Identifier India Ltd (LEIL) in the Global Legal Entity Identifier (LEI) System. The appointment was announced by the Global Legal Entity Identifier Foundation (GLEIF).

As part of the arrangement, eMudhra will integrate LEI application and renewal services into its existing identity-verification and customer-onboarding workflows. The integration is aimed at allowing organisations to complete LEI-related processes alongside existing verification procedures.

LEIL is a GLEIF-accredited LEI issuer and a wholly-owned subsidiary of the Clearing Corporation of India Ltd (CCIL). It is currently the only LEI issuer recognised by the Reserve Bank of India (RBI) in India under the Payment and Settlement Systems Act.

Under the arrangement, LEIL will continue to issue and maintain LEI records and ensure compliance with the requirements of the Global LEI System, while eMudhra will act as the Validation Agent.

The company said the integration will bring LEI application and renewal into its existing identity-verification and onboarding processes, reducing the need for organisations to undertake separate verification checks across multiple platforms.

eMudhra is headquartered in Bengaluru and provides digital identity, authentication and trust services to customers across more than 35 countries. The company is also India's largest licensed Certifying Authority and provides solutions across public key infrastructure (PKI), electronic signatures, identity and access management, and certificate lifecycle management.

The company said its expertise in digital identity, PKI, electronic signatures and certificate lifecycle management will support its role in the Global LEI System.