Receivables Exchange of India Ltd (RXIL), is a joint venture promoted by Small Industries Development Bank of India (SIDBI), the apex financial institution for the promotion and financing of MSMEs in India, and the National Stock Exchange of India Limited (NSE), the premier stock exchange in India. RXIL operates the Trade Receivables Discounting System (TReDS) Platform as per the TReDS guideline issued by RBI on December 3, 2014.