Recovery expense fund (REF)

Question

Recovery expense fund (REF)

REF is a fund created by the NCD issuer to manage the deposit of debt securities with the stock exchange.

Answer 1 · 2024-03-05

The NCD issuers create the Recovery expense fund. It manages the deposit of debt securities with the stock exchange. It is a trustee for monetary claims. This enables them to take the necessary measures to immediately enforce the security in the event of a "default" of the listed debt instruments.

The REF must be deposited for both secured and unsecured debt instruments.

Recovery expense fund (REF)

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