The kinetic arrest (KA) of martensitic transformation (MT) observed in Ni45Co5Mn36.8In13.2 melt-spun ribbons has been studied. These alloy ribbons show an ordered columnar-like grain microstructure with the longer grain axis growing perpendicular to ribbon plane and transform martensitically from a single austenitic (AST) parent phase with the L21-type crystal structure to a monoclinic incommensurate 6M modulated martensite (MST). Results show that the volume fraction of austenite frozen into the martensitic matrix is proportional to the applied magnetic field. A fully arrest of the structural transition is found for a magnetic field of 7T. The metastable character of the non-equilibrium field-cooled glassy state was characterized by introducing thermal and magnetic field fluctuations or measuring the relaxation of magnetization. The relaxation of magnetization from a field-cooled kinetically arrested state at 5 and 7T follows the Kohlrausch–Williams–Watts (KWW) stretched exponential function with a β exponent around 0.95 indicating the weak metastable nature of the system under the strong magnetic fields. The relationship between the occurrence of exchange bias and the frozen fraction of AST into the MST matrix was studied.
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