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)