import re
regex = r"(?:[BR]?|(?<!L)C)REF|^(?!\|)"
test_str = "XYZ:MUMBAI UNIVERSITYCREF:PUNE UNIVERSITYBREF:DADAR UNIVERSITYRREF:KOLHAPUR UNIVERCITY LLCREF:SOLAPUR UNIVERSITY"
subst = "|\\g<0>"
result = re.sub(regex, subst, test_str)
print (result)
aW1wb3J0IHJlCgpyZWdleCA9IHIiKD86W0JSXT98KD88IUwpQylSRUZ8Xig/IVx8KSIKdGVzdF9zdHIgPSAiWFlaOk1VTUJBSSBVTklWRVJTSVRZQ1JFRjpQVU5FIFVOSVZFUlNJVFlCUkVGOkRBREFSIFVOSVZFUlNJVFlSUkVGOktPTEhBUFVSIFVOSVZFUkNJVFkgTExDUkVGOlNPTEFQVVIgVU5JVkVSU0lUWSIKc3Vic3QgPSAifFxcZzwwPiIKcmVzdWx0ID0gcmUuc3ViKHJlZ2V4LCBzdWJzdCwgdGVzdF9zdHIpCgoKcHJpbnQgKHJlc3VsdCkKCg==