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NSE29 Jul 2026circularPrepared by Complied AI

Applicability of Additional Surveillance Measure under ICA

The National Stock Exchange of India has updated the list of securities subject to the Additional Surveillance Measure (ASM) framework based on the Inter Creditor Agreement (ICA). Effective July 31, 2026, specific securities listed in Annexure I of the circular are now included under the ASM framework, while those in Annexure II have met the exclusion criteria. This measure operates alongside existing surveillance protocols. The Exchange clarifies that the inclusion of securities in the ASM list is a result of routine market surveillance and does not constitute an adverse action against the affected companies. Market participants are advised to monitor these updates for compliance with ongoing surveillance requirements.

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What changed

The National Stock Exchange of India has updated the list of securities subject to the Additional Surveillance Measure (ASM) framework based on the Inter Creditor Agreement (ICA). Effective July 31, 2026, specific securities listed in Annexure I of the circular are now included under the ASM framework, while those in Annexure II have met the exclusion criteria. This measure operates alongside existing surveillance protocols. The Exchange clarifies that the inclusion of securities in the ASM list is a result of routine market surveillance and does not constitute an adverse action against the affected companies. Market participants are advised to monitor these updates for compliance with ongoing surveillance requirements.

Who is affected
  • All NSE members
Required action
  • Members must note the inclusion and exclusion of securities under the ASM framework as per the provided annexures.
Key dates
  • Effective date for ASM applicability — 30 Jul 2026

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Source details

Source
National Stock Exchange of India
Type
circular
Published by source
29 Jul 2026
Document number
NSE/SURV/75488
Issuing division
Surveillance
Effective date
30 Jul 2026
Coverage area
securities

Document text

Prepared for reading; wording retained from the source.

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National Stock Exchange of India Limited

Circular

Department: SURVEILLANCE
Download Ref No: NSE/SURV/75488Date: July 30, 2026
Circular Ref. No: 574/2026

To All NSE Members

Sub: Applicability of Additional Surveillance Measure under ICA

This is with reference to Exchange Circular no. NSE/SURV/37979 dated June 08, 2018, NSE/SURV/42218 dated September 24, 2019 and NSE/SURV/52368 dated May 20, 2022 in respect of Additional Surveillance Measure for Companies as per Inter Creditor Agreement (ICA).

Members are hereby requested to note that the securities as per attached Annexure I have satisfied the criteria under ASM for Companies as per ICA with effect from July 31, 2026.

Further, securities as per attached Annexure II have satisfied the exclusion criteria applicable for ASM for Companies as per ICA.

Market participants may note that ASM ICA framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.

Further, it may also be noted that the shortlisting of securities under ASM ICA is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company / entity.

In case of any further queries, you may write to us at surveillance@nse.co.in.

For National Stock Exchange of India Limited

Amit Shinde Chief Manager Surveillance

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