Custodian trigger
Find out whether an independent custodian is required, based on the scheme type and AUM.
Source: Reg 132, IFSCA (Fund Management) Regulations, 2025.
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An independent custodian is always required for this scheme type.
How to use this calculator
- Choose a mode. Simple asks one question at a time. Detailed shows every input on one page, with the working.
- Enter your figures in the units shown next to each box (USD, USD million or %). The result updates as you type.
- Read the outcome, then the working and the regulation it rests on. Use Start again to clear the figures.
Worked example
A close-ended restricted scheme has grown to USD 85 million of AUM.
What to notice: For schemes other than retail and open-ended restricted ones, the trigger is AUM above USD 70 million.
Result
14 Oct 2026Answer the questions to see your result here.
Outcome
Independent custodian required
An independent custodian is always required for this scheme type.
In simple terms
An independent custodian is always required for this scheme type. This is an indicative check against the provision named above. If the result is close to a limit or your facts are unusual, have it reviewed.
The figures
| Scheme type | Retail scheme |
|---|---|
| Scheme AUM | Not relevant for this scheme type |
| Rule for this scheme type | Always required |
| Independent custodian required? | Yes |
How this is worked out
- Retail scheme or open-ended restricted scheme: an independent custodian is always required.
- Any other scheme: required once AUM is above USD 70 million. At or below that, keep monitoring AUM.
Regulatory source
Reg 132Relevant provisions
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Expert review
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Company Secretary & Compliance Officer, Global Horizons Capital Advisors (IFSC) Private Limited · FCS · 13+ years in compliance and governance
A tool points the way. CS Prashant Kumar checks your facts, structure and documents, then gives you a written view and a clear path to registration and compliance.
Each calculator gives an indicative result based on the figures entered and the provision named on it. It is not legal or professional advice. Check the full provision and your own facts, including any extension or relaxation granted.
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CS Prashant Kumar
Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)
Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.