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Date : Aug 13, 2024
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2023-24

Today, the Reserve Bank released the results of the 2023-24 round of the survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies1.

The survey covered 45 Indian MF companies (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2023-24 and/or in the preceding years. 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 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.

Highlights:

I. Mutual Fund (MF) Companies:

  • Foreign liabilities of MF companies increased by 36.0 per cent during 2023-24 to US$ 25.4 billion at market value in March 2024; these were largely held in the form of units issued to non-residents (Table 1).

  • Overseas assets of MF companies increased to US$ 8.8 billion in end-March 2024, primarily on account of rise in equity securities.

  • As a result, the net foreign liabilities of MF companies increased to US$ 16.6 billion in March 2024 from US$ 12.0 billion a year ago.

  • The United Arab Emirates (UAE), the United States of America (USA), the United Kingdom (UK) and Singapore were the top destinations for MF units held by non-residents, both in terms of face value as well as at market value (Tables 2 and 3).

  • The USA and Luxembourg accounted for nearly 85 per cent of the overseas equity investment of the MF companies. (Table 4).

II. Asset Management Companies (AMCs):

  • Foreign liabilities of AMCs increased by US$ 3.4 billion to US$ 6.4 billion in March 2024 due to higher inward direct as well as portfolio investments during the year.

  • Their overseas assets stood low at US$ 0.1 billion (Tables 5 and 7).

  • Residents of Japan, Canada and the UK together accounted for 83.0 per cent of FDI among Indian AMCs (Table 6).

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/893

Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2023 (R) End-March 2024 (P)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5
Foreign Liabilities 153,777 18,704 212,157 25,446
     (a) Market Value of Units 153,179 18,631 211,747 25,397
     (b) Other Foreign Liabilities 598 73 410 49
Foreign Assets 54,760 6,661 73,519 8,818
     (a) Equity Securities 53,078 6,456 71,086 8,526
     (b) Debt Securities - - - -
     (c) Other Foreign Assets 1,682 205 2,433 292
Net Liabilities 99,017 12,043 138,638 16,628
 
Foreign Liabilities in Units at Face Value 44,803 5,449 49,777 5,970
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 2023 (R) End-March 2024 (P) % Share in 2024 Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 8,472 10,081 20.2 1,609 19.0
United States of America 4,558 5,559 11.2 1,001 22.0
United Kingdom 4,851 5,417 10.9 566 11.7
Singapore 3,133 3,550 7.1 417 13.3
Oman 1,178 1,318 2.6 140 11.9
Qatar 1,171 1,273 2.6 102 8.7
Kuwait 890 955 1.9 65 7.3
Saudi Arabia 973 954 1.9 -19 -2.0
Hong Kong 730 877 1.8 147 20.1
Australia 655 837 1.7 182 27.8
Others* 18,192 18,956 38.1 764 4.2
          of which: India 10,886 10,737 21.6 -149 -1.4
Total 44,803 49,777 100 4,974 11.1
*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 2023 (R) End-March 2024 (P) % Share in 2024 Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 27,326 41,042 19.4 13,716 50.2
United States of America 17,142 25,725 12.1 8,583 50.1
United Kingdom 13,984 19,910 9.4 5,926 42.4
Singapore 10,566 16,561 7.8 5,995 56.7
Oman 3,922 5,741 2.7 1,819 46.4
Qatar 3,871 5,476 2.6 1,605 41.5
Saudi Arabia 2,924 4,142 2.0 1,218 41.7
Kuwait 2,923 3,940 1.9 1,017 34.8
Hong Kong 2,375 3,892 1.8 1,517 63.9
Australia 2,475 3,787 1.8 1,312 53.0
Mauritius 1,675 2,619 1.2 944 56.4
Others* 63,996 78,912 37.3 14,916 23.3
          of which: India 40,595 45,849 21.7 5,254 12.9
Total 153,179 211,747 100.0 58,568 38.2
*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 2023 (R) End-March 2024 (P) % Share in 2024 Variation
Amount Per cent
1 2 3 4 5 6
United States of America 30,779 46,309 65.1 15,530 50.5
Luxembourg 13,534 13,657 19.2 123 0.9
Ireland 5,707 8,108 11.4 2,401 42.1
Hong Kong 439 785 1.1 346 78.8
Taiwan 659 618 0.9 -41 -6.2
United Kingdom 404 480 0.7 76 18.8
Japan 442 309 0.4 -133 -30.1
Cayman Islands 258 161 0.2 -97 -37.6
Canada 336 124 0.2 -212 -63.1
Singapore 130 123 0.2 -7 -5.4
Others 390 412 0.6 22 5.6
Total 53,078 71,086 100 18,008 33.9

Table 5: Foreign Liabilities and Assets of AMCs
Item End-March 2023 (R) End-March 2024 (P)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5
Foreign Liabilities 25,026 3,045 53,765 6,449
   (a) Direct Investment 20,697 2,518 35,498 4,258
   (b) Portfolio investment 4,322 526 18,253 2,189
   (c) Other Investment 7 1 14 2
Foreign Assets 761 92 937 112
   (a) Direct Investment 734 89 896 107
   (b) Portfolio investment - - - -
   (c) Other Investment 27 3 41 5
Net Liabilities 24,265 2,953 52,828 6,337
Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI.

Table 6: Foreign Direct Investment in AMCs
(Amount in ₹ crore)
Country End-March Variation
2023 (R) 2024 (P) % Share in 2024 Amount Per cent
1 2 3 4 5 6
Japan 9,728 21,719 61.2 11,991 123.3
Canada 3,270 3,956 11.1 686 21.0
United Kingdom 3,003 3,787 10.7 784 26.1
France 1,751 2,469 7.0 718 41.0
Mauritius 1,771 2,069 5.8 298 16.8
Singapore 586 770 2.2 184 31.4
Hong Kong 271 366 1.0 95 35.1
Netherlands 161 223 0.6 62 38.5
United States of America 156 139 0.4 -17 -10.9
Total 20,697 35,498 100.0 14,801 71.5
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
2023 (R) 2024 (P) % Share in 2024 Amount Per cent
1 2 3 4 5 6
Guernsey 562 682 76.1 120 21.4
Singapore 127 157 17.5 30 23.6
Mauritius 36 48 5.4 12 33.3
United Arab Emirates 9 9 1.0 0 0.0
Total 734 896 100.0 162 22.1
Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI.

Annex

List of Mutual Fund Companies which have responded to the 2023-24 MF Survey

1 360 ONE Mutual Fund
(Formerly Known as IIFL Mutual Fund)		 24 Mahindra Manulife Mutual Fund
2 Aditya Birla Sun Life Mutual Fund 25 Mirae Asset Mutual Fund
3 Axis Mutual Fund 26 Motilal Oswal Mutual Fund
4 Bajaj Finserv Mutual Fund 27 Navi Mutual Fund
5 Bandhan Mutual Fund
(Formely known as IDFC Mutual Fund)		 28 Nippon India Mutual Fund
6 Bank of India Mutual Fund 29 NJ Mutual Fund
7 Baroda BNP Paribas Mutual Fund 30 Old Bridge Mutual Fund
8 Canara Robeco Mutual Fund 31 PGIM India Mutual Fund
9 DSP Mutual Fund 32 PPFAS Mutual Fund
10 Edelweiss Mutual Fund 33 quant Mutual Fund
11 Franklin Templeton Mutual Fund 34 Quantum Mutual Fund
12 Groww Mutual Fund 35 Samco Mutual Fund
13 HDFC Mutual Fund 36 SBI Mutual Fund
14 Helios Mutual Fund 37 Shriram Mutual Fund
15 HSBC Mutual Fund 38 Sundaram Mutual Fund
16 ICICI Prudential Mutual Fund 39 Tata Mutual Fund
17 IIFCL Mutual Fund 40 Tauras Mutual Fund
18 IL&FS Mutual Fund 41 Trust Mutual Fund
19 Invesco Mutual Fund 42 Union Mutual Fund
20 ITI Mutual Fund 43 UTI Mutual Fund
21 JM Financial Mutual Fund 44 WhiteOak Capital Mutual Fund
22 Kotak Mutual Fund 45 Zerodha Mutual Fund
23 LIC Mutual Fund    

1 The results of the previous survey round for the year 2022-23 were released vide press release dated August 04, 2023.

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