Description

NSE announces applicability of Additional Surveillance Measure (ASM) under Inter Creditor Agreement (ICA) framework effective April 10, 2026, with Mcleod Russel India Limited (MCLEODRUSS) being shortlisted under Stage I.

Summary

NSE has issued circular NSE/SURV/73681 (Ref. No. 259/2026) dated April 09, 2026, announcing the applicability of Additional Surveillance Measure (ASM) for companies under the Inter Creditor Agreement (ICA) framework effective April 10, 2026. Mcleod Russel India Limited (Symbol: MCLEODRUSS, ISIN: INE942G01012) has been shortlisted under Stage I of ASM ICA. No securities are moving between stages or being excluded from the ASM ICA list in this update.

Key Points

  • MCLEODRUSS (Mcleod Russel India Limited, ISIN: INE942G01012) is newly shortlisted under ASM ICA Stage I effective April 10, 2026
  • No securities are transitioning from Stage I to Stage II or from Stage II to Stage I
  • No securities are being excluded from ASM ICA in this circular
  • ASM ICA framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges
  • Shortlisting under ASM ICA is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued with reference to prior circulars NSE/SURV/37979 dated June 08, 2018, NSE/SURV/42218 dated September 24, 2019, and NSE/SURV/52368 dated May 20, 2022 establishing the ASM ICA framework. The current update adds one security to Stage I of the consolidated ASM ICA list, bringing total securities under the framework to 1.

Compliance Requirements

  • NSE members must note and comply with the ASM ICA applicability for MCLEODRUSS effective April 10, 2026
  • Market participants must apply ASM ICA restrictions in conjunction with all other prevailing surveillance measures
  • Members with queries may contact NSE Surveillance at surveillance@nse.co.in

Important Dates

  • April 09, 2026: Circular issuance date
  • April 10, 2026: Effective date for ASM ICA Stage I applicability for MCLEODRUSS

Impact Assessment

The placement of MCLEODRUSS (Mcleod Russel India Limited) under ASM ICA Stage I will subject the security to enhanced surveillance measures, potentially including trade-to-trade settlement and additional margin requirements. The impact is confined to traders and investors holding or trading this single stock. The ICA framework targets companies undergoing debt resolution under the Inter Creditor Agreement, signaling financial stress. Market participants should exercise caution when dealing in MCLEODRUSS. The overall market impact is low given only one security is affected in this cycle.

Impact Justification

Affects one security (MCLEODRUSS) being placed under ASM ICA Stage I; no exclusions or stage transitions this cycle. Impact is limited to a single stock but ASM placement restricts trading conditions for market participants.