https://www.taxtmi.com/circulars?id=64503 Creation of a Recovery Expense Fund is required from issuers listing debt securities; contributions may be cash, cash equivalents or bank guarantees, held and invested by the designated stock exchange with income credited to the REF. On default, the Debenture Trustee or Lead Debenture Trustee obtains holder consent for enforcement, notifies the designated exchange, and the exchange releases REF funds promptly. Trustees must account for expenses paid from the REF. Remaining balances are refundable to the issuer on repayment or call/put exercise upon trustees issuing a No Objection Certificate confirming no other defaults. en-us Thu, 22 Oct 2020 00:00:00 +0530 Thu, 22 Oct 2020 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=64503 Creation of a Recovery Expense Fund is required from issuers listing debt securities; contributions may be cash, cash equivalents or bank guarantees, held and invested by the designated stock exchange with income credited to the REF. On default, the Debenture Trustee or Lead Debenture Trustee obtains holder consent for enforcement, notifies the designated exchange, and the exchange releases REF funds promptly. Trustees must account for expenses paid from the REF. Remaining balances are refundable to the issuer on repayment or call/put exercise upon trustees issuing a No Objection Certificate confirming no other defaults. Circulars SEBI Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=64503