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of <h1>Issuers must contribute to Recovery Expense Fund for Debenture Trustees to enforce security in defaults under SEBI rules.</h1> Issuers of listed or proposed debt securities must contribute to a 'Recovery Expense Fund' (REF) to aid Debenture Trustees in enforcing security in case of default. The issuer deposits 0.01% of the issue size, capped at Rs. 25 lakhs, with the Designated Stock Exchange. The REF is maintained through cash or equivalents, and investment income is added to it. In default, the REF is used for enforcement expenses. Any remaining REF balance is refunded to the issuer upon debt repayment, provided there are no defaults. This circular, effective January 1, 2021, aims to protect investors and regulate the securities market.
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