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Date : Aug 08, 2022
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2021-22

Today, the Reserve Bank released the results of the 2021-22 round of the survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies1.

The survey covered 44 Indian MF companies (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2021-22 and/or in the preceding year. The information on face value and market value of units held by non-residents, unit premium reserve, other foreign liabilities and assets of MF companies as at end of the financial year were collected under the survey. The stock of external assets and liabilities of their AMCs were taken from the annual census on foreign liabilities and assets (FLA) of direct investment companies for the reference period 2021-22.

Highlights:

I. Mutual Fund Companies:

  • Foreign liabilities of MF companies increased by US $ 3.4 billion during 2021-22 due to the rise in units issued to non-residents; it stood at US $ 17.7 billion (at market value) in March 2022 (Table 1).

  • Foreign assets of MF companies increased by US $ 3.6 billion during the year on the back of rise in their holdings of equity securities, to reach US $ 6.5 billion in March 2022.

  • As a result, net foreign liabilities of MF companies at US $ 11.3 billion in March 2022, remained close to their level a year ago.

  • Of the total MF units held abroad, non-residents in the United Arab Emirates (UAE), the United Kingdom (UK), the United States of America (USA) and Singapore together had a share of nearly 44 per cent, both at face value as well as at market value (Table 2 and 3).

  • USA and Luxembourg continued to be the major overseas investment destination for MF companies (Table 4).

II. Asset Management Companies:

  • Foreign liabilities and assets of AMCs at US $ 5.7 billion and US $ 0.1 billion, respectively, in March 2022, remained close to their previous year’s level (Table 5).

  • Non-residents in Japan and the UK together held nearly three-fourths of FDI among the AMCs (Table 6).

  • Guernsey and Singapore accounted for over 95 per cent of the relatively small overseas investments by AMCs (Table 7).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/669


Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2021 (R) End-March 2022 (P) % Growth (₹ terms)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6
Foreign Liabilities 105,657 14,374 134,495 17,742 27.3
(a) Market Value of Units 105,478 14,350 134,008 17,678 27.0
(b) Other Foreign Liabilities 179 24 487 64 172.1
 
Foreign Assets 20,982 2,855 49,011 6,465 133.6
(a) Equity Securities 20,865 2,839 48,437 6,389 132.1
(b) Debt Securities - - - - -
(c) Other Foreign Assets 117 16 574 76 390.6
 
Net Liabilities 84,675 11,519 85,484 11,277 1.0
Face Value of Units 34,139 4,644 40,058 5,284 17.3
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. - Nil/negligible.
5. R: Revised; P: Provisional.
6. These are also applicable for the remaining tables.

Table 2: Foreign Liabilities in Units of MF Companies at Face Value - Major Countries
(Amount in ₹ crore)
Country End-March 2021 (R) End-March 2022 (P) % Share in 2022 Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 6,303 7,192 18.0 889 14.1
United Kingdom 3,459 4,148 10.4 689 19.9
United States of America 2,933 3,488 8.7 555 18.9
Singapore 2,266 2,620 6.5 354 15.6
Oman 928 1,114 2.8 186 20.0
Qatar 797 1,099 2.7 302 37.9
Saudi Arabia 641 912 2.3 271 42.3
Kuwait 624 818 2.0 194 31.1
Hong Kong 665 697 1.7 32 4.8
Australia 423 539 1.4 116 27.4
Others* 15,100 17,431 43.5 2,331 15.4
         of which: India 9,359 10,501 26.2 1,142 12.2
Total 34,139 40,058 100.0 5,919 17.3
*Others also includes non-resident Indians (NRIs), who use their Indian permanent address.

Table 3: Foreign Liabilities in Units of MF Companies at Market Value – Major Countries
(Amount in ₹ crore)
Country End-March 2021 (R) End-March 2022 (P) % Share in 2022 Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 19,082 24,123 18.0 5,041 26.4
United States of America 10,728 13,287 9.9 2,559 23.9
United Kingdom 9,421 11,947 8.9 2,526 26.8
Singapore 7,419 9,126 6.8 1,707 23.0
Oman 2,841 3,633 2.7 792 27.9
Qatar 2,531 3,556 2.7 1,025 40.5
Saudi Arabia 1,939 2,673 2.0 734 37.9
Kuwait 1,949 2,641 2.0 692 35.5
Mauritius 3,477 2,203 1.6 -1,274 -36.6
Hong Kong 1,796 2,191 1.6 395 22.0
Others* 44,295 58,628 43.8 14,333 32.4
         of which: India 26,267 34,503 25.7 8,236 31.4
Total 105,478 134,008 100.0 28,530 27.0
*Others also includes non-resident Indians (NRIs), who use their Indian permanent address.

Table 4: Equity Securities held Abroad by Mutual Fund Companies at Market Value – Major Countries
(Amount in ₹ crore)
Country End-March 2021 (R) End-March 2022 (P) % Share in 2022 Variation
Amount Per cent
1 2 3 4 5 6
United States of America 9,029 26,429 54.6 17,400 192.7
Luxembourg 8,867 15,282 31.5 6,415 72.3
Ireland 1,469 4,016 8.3 2,547 173.4
Taiwan 82 611 1.3 529 645.1
Canada 308 397 0.8 89 28.9
Japan 340 382 0.8 42 12.4
Cayman Islands 287 311 0.6 24 8.4
Hong Kong 66 291 0.6 225 340.9
United Kingdom 112 262 0.5 150 133.9
Singapore 58 138 0.3 80 137.9
Others 247 318 0.7 71 28.7
Total 20,865 48,437 100.0 27,572 132.1

Table 5: Foreign Liabilities and Assets of AMCs
Item End-March 2021 (R) End-March 2022 (P) % Growth
(₹ terms)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6
Foreign Liabilities 43,184 5,876 43,074 5,682 -0.3
(a) Direct Investment 35,205 4,790 36,594 4,827 3.9
(b) Portfolio investment 7,975 1,085 6,478 855 -18.8
(c) Other Investment 4 1 2 - -50.0
 
Foreign Assets 620 84 750 99 21.0
(a) Direct Investment 589 80 690 91 17.1
(b) Portfolio investment - - 22 3 -
(c) Other Investment 31 4 38 5 22.6
 
Net Liabilities 42,564 5,792 42,324 5,583 -0.6
Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI
Note: - Nil/negligible.

Table 6: Foreign Direct Investment in AMCs
(Amount in ₹ crore)
Country End-March Variation
2021 (R) 2022 (P) % Share in 2022 Amount Per cent
1 2 3 4 5 6
Japan 15,606 16,040 43.8 434 2.8
United Kingdom 15,765 11,307 30.9 -4,458 -28.3
Canada 844 5,601 15.3 4,757 563.6
Mauritius 1,322 1,520 4.1 198 15.0
France 951 1,313 3.6 362 38.1
Singapore 313 391 1.1 78 24.9
Hong Kong 192 230 0.6 38 19.8
Netherlands 111 130 0.4 19 17.1
United States of America 101 62 0.2 -39 -38.6
Total 35,205 36,594 100.0 1,389 3.9
Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI

Table 7: Overseas Direct Investment by AMCs
(Amount in ₹ crore)
Country End-March Variation
2021 (R) 2022 (P) % Share in 2022 Amount Per cent
1 2 3 4 5 6
Guernsey 494 571 82.7 77 15.6
Singapore 66 86 12.5 20 30.3
Mauritius 22 26 3.8 4 18.2
United Arab Emirates 7 7 1.0 0 -
Total 589 690 100.0 101 17.1
Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI
Note: - Nil/negligible.

Annex

List of Mutual Fund Companies which have responded to the 2021-22 MF Survey

1 Aditya Birla Sun Life Mutual Fund 23 LIC Mutual Fund
2 Axis Mutual Fund 24 Mahindra Manulife Mutual Fund
3 Baroda BNP Paribas Mutual Fund 25 Mirae Asset Mutual Fund
4 BOI AXA Mutual Fund 26 Motilal Oswal Mutual Fund
5 Canara Robeco Mutual Fund 27 Navi Mutual Fund
6 DSP Mutual Fund 28 Nippon India Mutual Fund
7 Edelweiss Mutual Fund 29 NJ Mutual Fund
8 Franklin Templeton Mutual Fund 30 PGIM India Mutual Fund
9 HDFC Mutual Fund 31 PPFAS Mutual Fund
10 HSBC Mutual Fund 32 Principal Mutual Fund
11 ICICI Prudential Mutual Fund 33 Quant Mutual Fund
12 IDBI Mutual Fund 34 Quantum Mutual Fund
13 IDFC Mutual Fund 35 Samco Mutual Fund
14 IIFCL Mutual Fund 36 SBI Mutual Fund
15 IIFL Mutual Fund 37 Shriram Mutual Fund
16 IL&FS Mutual Fund 38 Sundaram Mutual Fund
17 Indiabulls Mutual Fund 39 TATA Mutual Fund
18 Invesco Mutual Fund 40 Taurus Mutual Fund
19 ITI Mutual Fund 41 Trust Mutual Fund
20 JM Financial Mutual Fund 42 Union Mutual Fund
21 Kotak Mahindra Mutual Fund 43 UTI Mutual Fund
22 L&T Mutual Fund 44 WhiteOak Capital Mutual Fund

1 The results of the previous survey round for the year 2020-21 were released vide press release dated September 15, 2021.


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