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Date : Dec 31, 2014
Survey of India’s Foreign Liabilities and Assets for the Mutual Fund Companies: 2013-14 – Data Release

The Reserve Bank of India today released, on its website, the data related to the results of Survey of India’s Foreign Liabilities and Assets for the Mutual Fund Companies – 2013-14.

These data are compiled from the annual survey on India’s foreign liabilities and assets (FLA) of the mutual fund companies (MFs) and Asset Management Companies (AMCs) covering 47 companies (Annex) which held/acquired foreign assets and/or liabilities during current and/or previous years. For the reference period March 2013-14, information was collected under Schedule 4 from MFs regarding units issued to non-residents, unpaid dividend, redemption of units issued to non-residents and overseas investment by MFs. Data on stock of external assets and liabilities of AMCs were collected through FLA return.

Highlights:

I. Mutual Fund Companies

• Foreign Liabilities: Foreign liabilities of MFs with two broad components (i) units issued to non-residents and (ii) other foreign liabilities arising out of unpaid income/dividend to non-residents, sale proceeds pending repatriation, etc., increased by ` 28.8 billion to ` 411.5 billion (US$ 6.8 billion) in March 2014. Units issued to non-residents, the major component of foreign liabilities, at face value, declined from ` 217.4 billion in March 2013 to ` 213.1 billion in March 2014 but increased from ` 382.1 billion to ` 410.2 billion at market value over the same period (Table 1 & 2).

• Foreign Assets: Foreign assets of MFs increased from ` 33.4 billion in March 2013 to ` 43.3 billion as at end-March 2014, and as a consequence, net liabilities of MFs increased by ` 18.9 billion to ` 368.2 billion (US$ 6.1 billion) in March 2014. Equity securities remained the major component of MFs’ foreign assets which increased from ` 32.1 billion in March 2013 to ` 41.8 billion in March 2014. No MF company invested in debt securities abroad (Table 3).

• Country-wise Foreign Liabilities: UAE, USA, UK, Mauritius, Singapore, Canada and Hong Kong were the major countries which together accounted for nearly 44 per cent of units issued to non-residents at market value in March 2014 (Table 4 & 5).

• Country-wise Foreign Assets: Luxembourg (with a share of 70.2 per cent in March 2014) was the major country with respect to foreign assets of MFs, followed by USA (16.9 per cent) and Hong Kong (3.8 per cent) (Table 6).

II. Asset Management Companies

• Foreign Liabilities and Assets: Foreign liabilities of AMCs associated with the MFs increased by ` 4.2 billion to ` 35.0 billion in March 2014. Foreign assets of AMCs increased marginally from ` 1.7 billion in March 2013 to ` 1.8 billion in March 2014. As a consequence, net liabilities increased from ` 29.2 billion in March 2013 to ` 33.2 billion in March 2014 (Table 7).

• Country-wise Foreign Liabilities and Assets: Mauritius accounted for the maximum share of foreign liabilities (30.9 per cent), followed by UK (23.4 per cent) and Japan (9.9 per cent). Guernsey and Singapore together accounted for nearly 63 per cent of total foreign assets of AMCs in March 2014 (Table 8 & 9).

• Reinvested Earnings: Reinvested earnings of the AMCs, which are estimated as the difference (positive or negative) between company’s net profit/loss and its distributed dividends, increased from ` 3.2 billion in 2012-13 to ` 5.1 billion in 2013-14.

The data for the previous survey round covering the year 2012-13 was released on the RBI website on February 10, 2014.

Sangeeta Das
Director

Press Release : 2014-2015/1366


Table 1: Mutual Fund Companies – Foreign Liabilities and Assets

Mutual Fund Company

End-March 2013

End-March 2014

Annual Growth in ` (%)

` million

US$ million*

` million

US$ million*

(1)

(2)

(3)

(4)

(5)

(6)

Foreign Liabilities

3,82,702

7,036

4,11,497

6,847

7.5

Foreign Assets

33,429

615

43,339

721

29.6

Net Liabilities

3,49,273

6,421

3,68,158

6,126

5.4

* Using end-march Rupee/ Dollar exchange rate (www.rbi.org.in). This footnote is also applicable for remaining tables.


Table 2: Mutual Fund Companies – Non-Resident Holding of Foreign Liabilities

Non-resident holding

End-March 2013

End-March 2014

Annual Growth in ` (%)

` million

US$ million*

` million

US$ million*

(1)

(2)

(3)

(4)

(5)

(6)

Face value of units

2,17,368

3,997

2,13,098

3,546

-2.0

Market Value of units

3,82,134

7,026

4,10,234

6,826

7.4

Other foreign liabilities

568

10

1,263

21

122.4


Table 3: Mutual Fund Companies – Foreign Assets

Type of Assets

End-March 2013

End-March 2014

Annual Growth in ` (%)

` million

US$ million*

` million

US$ million*

(1)

(2)

(3)

(4)

(5)

(6)

Equity Securities

32,138

591

41,766

695

30.0

Debt Securities

0

0

0

0

0

Other Foreign Assets

1,291

24

1,573

26

21.8


Table 4: Foreign Liabilities of Mutual Fund Companies at Face Value: Country-wise Share

Per cent

Country

End-March

2013

2014

(1)

(2)

(3)

United Arab emirates

13.4

14.5

United States of America

8.0

8.1

United kingdom

6.3

7.7

Singapore

3.4

6.9

Hong Kong

1.5

2.0

Canada

1.4

1.4

Oman, Sultanate of

1.0

1.1

Mauritius

1.7

1.0

Saudi Arabia

0.7

0.9

Kuwait

0.4

0.6

Others**

62.2

55.8

Total

100.0

100.0

** Includes instances where the investing countries were not specified.


Table 5: Foreign Liabilities of Mutual Fund Companies at Market Value: Country-wise Share

Per cent

Country

End-March

2013

2014

(1)

(2)

(3)

United Arab Emirates

11.9

12.6

United States of America

8.8

9.1

United kingdom

5.8

6.7

Mauritius

4.4

6.1

Singapore

2.9

5.7

Canada

2.0

2.0

Hong Kong

1.3

1.6

Oman, Sultanate of

0.9

1.1

Saudi Arabia

0.7

0.8

Kuwait

0.4

0.6

Others**

60.9

53.7

Total

100.0

100.0

** Includes instances where the investing countries were not specified.


Table 6: Mutual Fund Companies – Country-wise Equity Securities held Abroad

Amount in ` million at market value

Country

End-March

Variation

2013

2014

% Share in Total (2014)

Absolute

Per cent

(1)

(2)

(3)

(4)

(5)

(6)

Luxembourg

19,412

29,307

70.2

9,895

51.0

United States of America

4,806

7,084

16.9

2278

47.4

Hong Kong

1,761

1,593

3.8

-168

-9.5

Switzerland

1,187

945

2.3

-242

-20.4

Korea, Republic of

584

651

1.6

67

11.5

Ireland

523

615

1.5

92

17.6

Taiwan

725

511

1.2

-214

-29.5

United Kingdom

61

253

0.6

192

314.8

Singapore

153

119

0.3

-34

-22.2

Thailand

122

86

0.2

-36

-29.5

Others

2,804

602

1.4

-2,202

-78.5

Total

32,138

41,766

100

9,628

30.0


Table 7: Asset Management Companies – Foreign Liabilities and Assets

Asset Management Company

End-March 2013

End-March 2014

Annual Growth in ` (%)

` million

US$ million*

` million

US$ million*

(1)

(2)

(3)

(4)

(5)

(6)

Foreign Liabilities

30,882

568

35,039

583

13.5

Foreign Assets

1,727

32

1,848

31

7.0

Net Liabilities

29,155

536

33,191

552

13.8


Table 8: Asset Management Companies – Country-wise Distribution of Foreign Liabilities

Amount in ` million at market value

Country

End-March

Variation

2013

2014

% Share in Total (2014)

Absolute

Per cent

(1)

(2)

(3)

(4)

(5)

(6)

Mauritius

9331

10810

30.9

1479

15.9

United Kingdom

6488

8198

23.4

1710

26.4

Japan

3173

3456

9.9

283

8.9

Canada

1905

2422

6.9

517

27.1

Singapore

2114

2376

6.8

262

12.4

Hong Kong

2115

1892

5.4

-223

-10.5

United States of America

1618

1542

4.4

-76

-4.7

Korea, Republic of

1197

1246

3.6

49

4.1

France

1280

1216

3.5

-64

-5.0

Cayman Islands

540

588

1.7

48

8.9

Netherlands

544

584

1.7

40

7.4

Others

577

709

2.0

132

22.9

Total

30882

35039

100.0

4,157

13.5


Table 9: Asset Management Companies– Country-wise Distribution of Foreign Assets

Amount in ` million at market value

Country

End-March

Variation

2013

2014

% Share in Total (2014)

Absolute

Per cent

(1)

(2)

(3)

(4)

(5)

(6)

Guernsey

639

757

41.0

118

18.5

Singapore

517

400

21.6

-117

-22.6

Mauritius

189

190

10.3

1

0.5

United Arab Emirates

61

60

3.2

-1

-1.6

United States of America

24

35

1.9

11

45.8

United Kingdom

9

6

0.3

-3

-33.3

Sri Lanka

1

1

0.1

0

0.0

Malaysia

71

0

0.0

-71

-100.0

Others

216

399

21.6

183

84.7

Total

1727

1848

100.0

121

7.0


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