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Date : Aug 11, 2015
Survey of Foreign Liabilities and Assets of Mutual Fund Companies: 2014-15 – Data Release

The Reserve Bank of India today released, on its website, the data related to results of the 2014-15 round of the Survey of Foreign Liabilities and Assets of the Mutual Fund Companies.

These data are compiled from the annual survey of India’s foreign liabilities and assets (FLA) of the mutual fund companies (MFs) and Asset Management Companies (AMCs) covering 44 companies (Annex) which held/acquired foreign assets and/or liabilities during current and/or previous years. For the reference period April-March 2014-15, information was collected under Schedule 4 from MFs regarding units issued to non-residents, unpaid dividend, redemption of units issued to non-residents and MFs’ overseas investment. Data on stock of external assets and liabilities of AMCs were collected through the FLA return.

Highlights:

I. Mutual Fund Companies

  • Foreign Liabilities: Foreign liabilities of MFs increased by ₹ 155.4 billion during 2014-15 to ₹ 565.9 billion (US$ 9.0 billion) in March 2015. Units issued to non-residents, which had major share within these liabilities, increased from ₹ 409.2 billion in March 2014 to ₹ 565.4 billion in March 2015 at market value, though the increase was much lower from ₹212.5 billion to ₹ 240.1 billion, at face value, over the same period. Other foreign liabilities arising out of unpaid income/ dividend to non-residents, sale proceeds pending repatriation, etc., declined from ₹1.3 billion in March 2014 to ₹ 0.5 billion in March 2015 (Table 1 & 2).

  • Foreign Assets: Contrary to the movements in foreign liabilities of MFs, their foreign assets declined from ₹ 43.5 billion in March 2014 to ₹ 40.7 billion in March 2015, and as a consequence, net liabilities of MFs increased by ₹158.2 billion during 2014-15 to ₹ 525.2 billion (US$ 8.4 billion) in March 2015. Equity securities, which remained the dominant component of foreign assets of MFs, declined marginally from ₹ 42.0 billion to ₹ 40.4 billion over this period (Table 3).

  • Country-wise Foreign Liabilities: Mauritius, UAE UK, USA and Singapore together accounted for 45.6 per cent share at market value and 41.9 per cent share at face value, in the total units issued to non-residents in March 2015 (Table 4 & 5).

  • Country-wise Foreign Assets: Luxembourg (with share of 59.6 per cent in March 2015) continued to be the major overseas investment destination (equity securities held abroad) of MFs, followed by USA (26.6 per cent share) (Table 6).

II. Asset Management Companies

  • Foreign Liabilities and Assets: Foreign liabilities of AMCs associated with the MFs increased by ₹ 4.9 billion during 2014-15 to ₹ 38.1 billion in March 2015. Foreign assets of AMCs increased marginally from ₹ 1.8 billion during the year to ₹ 2.2 billion in March 2015. As a consequence, net liabilities increased from ₹ 31.4 billion to ₹ 35.9 billion over the period (Table 7).

  • Country-wise Foreign Liabilities and Assets: UK accounted for the maximum share in foreign liabilities of MFs (26.4 per cent), followed by Mauritius (24.1 per cent) and Japan (12.1 per cent). Guernsey and Singapore together accounted for nearly 54 per cent of total foreign assets of AMCs in March 2014 (Table 8 & 9).

  • Reinvested Earnings: Reinvested earnings of the AMCs, which is estimated as the difference (positive or negative) between company’s net profit/loss and its distributed dividends, moderated from ₹ 5.1 billion in 2013-14 to ₹ 3.4 billion in 2014-15.

The data for the previous survey round covering the year 2013-14 was released on the RBI website on December 31, 2014.

Sangeeta Das
Director

Press Release : 2015-2016/370


Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2014 End-March 2015 % Growth (₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Foreign Liabilities 4,10,497 6,830 5,65,908 9,042 37.9
Foreign Assets 43,465 723 40,697 651 -6.4
Net Liabilities 367,032 6,107 525,211 8,391 43.1
Notes: 1. The amount in US $ terms is arrived at by using the RBI reference rate (end-March).
2. Liabilities / Assets are valued at market prices unless stated otherwise.
3. Sum of constituent items may not add up to total due to rounding off.
4. The above are also applicable for the remaining tables.

Table 2: Mutual Fund Companies – Non-Resident Holding of Foreign Liabilities
Item End-March 2014 End-March 2015 % Growth (₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Face Value of Units 2,12,545 3,537 2,40,089 3,836 13.0
Market Value of Units 4,09,212 6,809 5,65,417 9,034 38.2
Other Foreign Liabilities 1,285 21 491 8 -61.8

Table 3: Mutual Fund Companies – Foreign Assets
Item End-March 2014 End-March 2015 % Growth (₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Equity Securities 41,955 698 40,412 646 -3.7
Debt Securities 0 0 0 0 0
Other Foreign Assets 1,510 25 285 5 -81.1

Table 4: Foreign Liabilities in Units of Mutual Fund Companies at Face Value– Major Countries
Amount in ₹ million
Country End-March 2014 End-March 2015 % Share in 2015 Annual Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
United Arab Emirates 30,790 32,415 13.5 1,625 5.3
Singapore 14,606 19,012 7.9 4,406 30.2
United Kingdom 16,320 18,284 7.6 1,964 12.0
United States of America 17,209 17,187 7.2 -22 -0.1
Mauritius 2,082 13,800 5.7 11,718 562.8
Hong Kong 4,205 5,460 2.3 1,255 29.8
Canada 2,879 3,012 1.3 133 4.6
Oman, Sultanate of 2,346 2,826 1.2 480 20.5
Saudi Arabia 1,972 2,033 0.8 61 3.1
Kenya 1,299 1,640 0.7 341 26.3
Others 118,837 124,420 51.8 5,583 4.7
Total 212,545 240,089 100.0 27,544 13.0

Table 5: Foreign Liabilities of Mutual Fund Companies at Market Value– Major Countries
Amount in ₹ million
Country End-March 2014 End-March 2015 % Share in 2015 Annual Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
Mauritius 25,044 70,845 12.5 45,801 182.9
United Arab Emirates 51,768 66,283 11.7 14,515 28.0
United States of America 37,398 43,894 7.8 6,496 17.4
Singapore 23,520 40,804 7.2 17,284 73.5
United Kingdom 27,556 36,382 6.4 8,826 32.0
Hong Kong 6,492 10,327 1.8 3,835 59.1
Canada 8,343 9,779 1.7 1,436 17.2
Oman, Sultanate of 4,454 6,273 1.1 1,819 40.8
Saudi Arabia 3,468 4,040 0.7 572 16.5
Kenya 2,089 3,631 0.6 1,542 73.8
Others 219,080 273,159 48.3 54,079 24.7
Total 409,212 565,417 100.0 156,205 38.2

Table 6: Equity Securities held Abroad by Mutual Fund Companies– Major Countries
Amount in ₹ million
Country End-March 2014 End-March 2015 % Share
in 2015
Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
Luxembourg 30,885 24,076 59.6 -6,809 -22.0
United States Of America 6,510 10,757 26.6 4,247 65.2
Cayman Islands 0 1,260 3.1 1,260 -
Switzerland 205 671 1.7 466 227.3
Korea, Republic of 651 567 1.4 -84 -12.9
Taiwan 511 529 1.3 18 3.5
Brazil 69 475 1.2 406 588.4
United Kingdom 257 368 0.9 111 43.2
Ireland 481 363 0.9 -118 -24.5
Hong Kong 1,650 332 0.8 -1,318 -79.9
Others 736 1,014 2.5 278 37.8
Total 41,955 40,412 100.0 -1,543 -3.7

Table 7: Foreign Liabilities and Assets of Asset Management Companies
Item End-March 2014 End-March 2015 % Growth (₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Foreign Liabilities 33,250 553 38,106 609 14.6
Foreign Assets 1,815 30 2,171 35 19.6
Net Liabilities 31,435 523 35,935 574 14.3

Table 8: Foreign Liabilities of Asset Management Companies– Major Countries
Amount in ₹ million
  End-March Variation
Country 2014 2015 % Share in 2015 Absolute Per cent
(1) (2) (3) (4) (5) (6)
United Kingdom 8,198 10,052 26.4 1,854 22.6
Mauritius 8,816 9,188 24.1 372 4.2
Japan 3,456 4,606 12.1 1,150 33.3
Canada 2,422 3,041 8.0 619 25.6
Singapore 2,371 2,892 7.6 521 22.0
Hong Kong 1,892 2,124 5.6 232 12.3
France 1,640 1,990 5.2 350 21.3
United States of America 1,463 1,290 3.4 -173 -11.8
Korea, Republic of 1,241 1,245 3.2 4 0.3
Cayman Islands 588 583 1.5 -5 -0.9
Others 1,163 1,095 2.9 -68 -5.8
Total 33,250 38,106 100.0 4,856 14.6

Table 9: Foreign Assets of Asset Management Companies– Major Countries
Amount in ₹ million
  End-March Variation
Country 2014 2015 % Share in 2015 Absolute Per cent
(1) (2) (3) (4) (5) (6)
Guernsey 757 790 36.4 33 4.4
Singapore 400 372 17.1 -28 -7.0
Mauritius 190 236 10.9 46 24.2
United Arab Emirates 60 58 2.7 -2 -3.3
United Kingdom 6 4 0.2 -2 -33.3
Sri Lanka 1 1 - 0 0.0
Others 401 710 32.7 309 77.1
Total 1,815 2,171 100.0 356 19.6

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