Description

NSE circular updating the Additional Surveillance Measure (ASM) framework for companies under Inter Creditor Agreement (ICA). No new securities are added; Mcleod Russel India Limited is excluded from ASM ICA and moved to the ESM framework, effective April 22, 2026.

Summary

NSE has issued Circular Ref. No. 288/2026 (Download Ref: NSE/SURV/73834) dated April 21, 2026, updating the Additional Surveillance Measure (ASM) list for companies under the Inter Creditor Agreement (ICA) framework. The consolidated ASM ICA list has no active securities as of this update. No new securities have been shortlisted under Stage I, moved between stages, or added to the framework. One security — Mcleod Russel India Limited (MCLEODRUSS) — has been removed from the ASM ICA list as it now meets the exclusion criteria and is being moved to the Enhanced Surveillance Measure (ESM) framework.

Key Points

  • No securities are newly shortlisted under ASM ICA Stage I effective April 22, 2026.
  • No securities are moving from Stage I to Stage II or from Stage II to Stage I.
  • Mcleod Russel India Limited (Symbol: MCLEODRUSS, ISIN: INE942G01012) is excluded from ASM ICA effective April 22, 2026, as it transitions to the ESM framework.
  • The consolidated ASM ICA list is now nil — no securities remain under this surveillance measure.
  • ASM ICA framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • Shortlisting under ASM ICA is purely for market surveillance purposes and should not be construed as adverse action against the concerned company.

Regulatory Changes

This circular is issued under the framework established by earlier NSE circulars:

  • NSE/SURV/37979 dated June 08, 2018
  • NSE/SURV/42218 dated September 24, 2019
  • NSE/SURV/52368 dated May 20, 2022

The exclusion of MCLEODRUSS from ASM ICA and its transition to the ESM framework represents a change in the applicable surveillance regime for that security.

Compliance Requirements

  • All NSE members are required to note the updated ASM ICA security list.
  • Members should update their systems to reflect that MCLEODRUSS is no longer under ASM ICA as of April 22, 2026, and is now subject to ESM framework rules.
  • For queries, members may contact NSE Surveillance at surveillance@nse.co.in.

Important Dates

  • April 21, 2026: Circular issued.
  • April 22, 2026: Effective date for the exclusion of MCLEODRUSS from ASM ICA and all Stage I/II changes (which are nil).

Impact Assessment

The market impact of this circular is minimal. No securities are being newly placed under the restrictive ASM ICA framework, meaning there are no additional trading restrictions imposed on any stock. The only affected security, Mcleod Russel India Limited (MCLEODRUSS), is being removed from ASM ICA; however, it is simultaneously being moved to the ESM framework, so it remains under enhanced surveillance. Investors and traders in MCLEODRUSS should review the applicable ESM framework rules for any changes in trading conditions.

Impact Justification

No new securities are added to ASM ICA under any stage. Only one security (MCLEODRUSS) is excluded as it transitions to the ESM framework, limiting the market impact to that single stock.