Mihir, the drafts done so far are contradictory to this rule-
If you go through the present list of players picked in the draft, you will notice that its just Sachingr8 and Me, who have picked 1 Player from each country-
Here
And I don't see this changing, unless and until you lay down a rule like - "Pick the batsmen and bowlers of different nationalities in any Round of the draft". Coz I wouldn't like to see another team which doesn't even have a player of every nationality in them, when I played by the book and selected the players like the rules asked us to. Its not fair to me.
One more thing. The English-Australian, Kiwi-Indian, Sri Lankan-Pakistani, South African-West Indies rounds are over.
Many people have selected players of the same nationality in a particular round (eg: English-English or Aussie-Aussie in Round 1). And now that the round is over, they can't have say an Indian player, if they picked 2 Kiwis in Round 2. So they can't have, as the rule says, a "minimum of 1 player from each country" in their squad.
How are you going to tackle this? I recommend dropping one player of the same nationality from a particular squad and replacing him with another player of a different nationality.