IFSCA has directed Fund Management Entities to appoint an independent custodian to provide the custodial services for the following schemes:-
- Retail schemes
- Open ended Restricted schemes; and
- All other schemes managing AUM above USD 70 Million.
The custodian to be appointed is required to be based in IFSC, unless the local laws of the jurisdiction where the securities of the investee company have been issued mandate the appointment of a custodian in that jurisdiction. An additional time period of six (6) months from the date of the issuance of this Circular om 24 May 2025 is granted for the appointment of an independent custodian based in IFSC.
