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Date : Aug 04, 2016
RBI’s Survey of Foreign Liabilities and Assets of MFs – 2015-16

The Reserve Bank today released, on its website, the data related to results of the 2015-16 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 (list in Annex) which held/acquired foreign assets and/or liabilities during current and/or preceding year. For the reference period 2015-16, financial year-end position was collected through Schedule 4 from MFs in respect of units issued to non-residents, unpaid dividend, redemption of units issued to non-residents and MFs’ overseas investments. 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 ₹ 23.1 billion during 2015-16 to ₹ 581.7 billion (US$ 8.8 billion) at market value in March 2016. Units issued to non-residents, which had a dominant share within liabilities, increased from ₹558.1 billion in March 2015 to ₹ 581.2 billion March 2016, though the increase in terms of face value was much lower, from ₹ 235.4 billion to ₹ 259.4 billion, over the same period. Other foreign liabilities arising out of unpaid income / dividends to non-residents, sale proceeds pending repatriation etc., marginally declined but remained around ₹ 0.5 billion in March 2016 (Table 1 & 2).

  • Foreign Assets: Contrary to the movements in foreign liabilities of MFs, their foreign assets declined by ₹ 2.1 billion during 2015-16 to ₹ 38.5 billion in March 2016, where equity securities had an overwhelming share of ₹ 38.3 billion. As a consequence, net foreign liabilities of MFs increased by ₹ 25.3 billion during 2015-16 to ₹ 543.2 billion (US$ 8.2 billion) in March 2016. (Table 3).

  • Country-wise Foreign Liabilities: United Arab Emirates, Singapore, UK, Mauritius and USA together accounted for 47.7 per cent and 46.7 per cent share at face value and market value, respectively, in the total units held by non-residents in March 2016 (Table 4 & 5).

  • Country-wise Foreign Assets: Luxembourg (with share of 49 per cent in March 2016) continued to be the major overseas investment destination (equity securities held abroad) of MFs, followed by USA (39.5 per cent share) (Table 6).

II. Asset Management Companies

  • Foreign Liabilities and Assets: Foreign liabilities of AMCs increased by ₹ 5.5 billion during 2015-16 to ₹ 43.8 billion in March 2016. Foreign assets of AMCs increased from ₹ 2.2 billion to ₹ 3.9 billion during the year and, as a consequence, their net foreign liabilities increased by ₹ 3.9 billion during 2015-16 to around ₹ 40.0 billion in March 2016 (Table 7).

  • Country-wise Foreign Liabilities and Assets: UK accounted for the maximum share in foreign liabilities (27 per cent), followed by Mauritius (22.2 per cent) and Japan (14.4 per cent). Guernsey and Singapore together accounted for around 73 per cent of total foreign assets of AMCs in March 2016 (Table 8 & 9).

  • Reinvested Earnings: Foreign Direct Investors’ reinvested earnings in the AMCs, estimated from their share in the difference between company’s net profit and distributed dividends, increased from ₹ 3.5 billion in 2014-15 to ₹ 5.4 billion in 2015-16.

The press release announcing the results of the previous survey round for the year 2014-15 was placed in public domain on August 11, 2015.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/316


Annex

Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2015 End-March 2016 % Growth
(₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Foreign Liabilities 5,58,550 8,924 5,81,674 8,769 4.1
Foreign Assets 40,643 649 38,489 580 -5.3
Net Liabilities 5,17,907 8,275 5,43,185 8,189 4.9
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 2015 End-March 2016 % Growth
(₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Face Value of Units 235,402 3,761 259,439 3,911 10.2
Market Value of Units 558,061 8,916 581,210 8,762 4.1
Other Foreign Liabilities 489 8 464 7 -5.1

Table 3: Mutual Fund Companies – Foreign Assets
Item End-March 2015 End-March 2016 % Growth
(₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Equity Securities 40,358 644 38,315 577 -5.1
Debt Securities 0 0 0 0 0
Other Foreign Assets 285 5 174 3 -38.9

Table 4: Foreign Liabilities in Units of Mutual Fund Companies at Face Value – Major Countries
Amount in ₹ million
Country End-March 2015 End-March 2016 % Share in 2016 Annual Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
United Arab Emirates 31,776 44,317 17.1 12,541 39.5
Singapore 18,308 24,039 9.3 5,731 31.3
United Kingdom 17,094 21,654 8.3 4,560 26.7
Mauritius 13,800 20,105 7.7 6,305 45.7
United States of America 10,851 13,834 5.3 2,983 27.5
Hong Kong 5,012 5,801 2.2 789 15.7
Kenya 1,586 3,105 1.2 1,519 95.8
Canada 3,000 3,045 1.2 45 1.5
Saudi Arabia 1,968 2,867 1.1 899 45.7
Oman, Sultanate of 1,771 2,337 0.9 566 32.0
Others 130,236 118,335 45.6 -11,901 -9.1
Total 235,402 259,439 100.0 24,037 10.2

Table 5: Foreign Liabilities of Mutual Fund Companies – Major Countries
(Units at Market Value)
Amount in ₹ million
Country End-March 2015 End-March 2016 % Share in 2016 Annual Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
United Arab Emirates 65,309 86,319 14.9 21,010 32.2
Singapore 39,707 57,984 10.0 18,277 46.0
Mauritius 70,844 53,574 9.2 -17,270 -24.4
United Kingdom 34,539 42,732 7.4 8,193 23.7
United States of America 23,194 29,935 5.2 6,741 29.1
Hong Kong 9,611 11,039 1.9 1,428 14.9
Canada 9,724 10,067 1.7 343 3.5
Saudi Arabia 3,959 5,959 1.0 2,000 50.5
Kenya 3,549 5,744 1.0 2,195 61.8
Oman, Sultanate of 3,621 5,065 0.9 1,444 39.9
Others 294,004 272,792 46.9 -21,212 -7.2
Total 558,061 581,210 100.0 23,149 4.1

Table 6: Equity Securities held Abroad by Mutual Fund Companies– Major Countries
Amount in ₹ million
Country End-March 2015 End-March 2016 % Share in 2016 Variation
Absolute Per cent
(1) (2) (3) (4) (5) (6)
Luxembourg 23,571 18,792 49.0 -4,779 -25.4
United States Of America 11,208 15,145 39.5 3,937 26.0
Cayman Islands 1,260 871 2.3 -389 -44.7
Switzerland 671 608 1.6 -63 -10.4
Korea, Republic of 567 553 1.4 -14 -2.5
Brazil 475 506 1.3 31 6.1
Taiwan 529 404 1.1 -125 -30.9
Japan 309 287 0.7 -22 -7.7
Ireland 363 273 0.7 -90 -33.0
Hong Kong 332 152 0.4 -180 -118.4
Others 1,073 724 1.9 -349 -48.2
Total 40,358 38,315 100 -2,043 -5.3

Table 7: Foreign Liabilities and Assets of Asset Management Companies
Item End-March 2015 End-March 2016 % Growth
(₹ terms)
₹ million US$ million ₹ million US$ million
(1) (2) (3) (4) (5) (6)
Foreign Liabilities 38,321 612.2 43,813 660.5 14.3
Foreign Assets 2,230 35.6 3,850 58.0 72.6
Net Liabilities 36,091 576.6 39,963 602.5 10.7

Table 8: Foreign Liabilities of Asset Management Companies – Major Countries
Amount in ₹ million
  End-March Variation
Country 2015 2016 % Share in 2016 Absolute Per cent
(1) (2) (3) (4) (5) (6)
United Kingdom 10,052 11,831 27.0 1,779 17.7
Mauritius 9,186 9,735 22.2 549 6.0
Japan 4,606 6,309 14.4 1,703 37.0
Canada 3,041 4,068 9.3 1,027 33.8
Singapore 2,905 3,373 7.7 468 16.1
France 1,990 2,334 5.3 344 17.3
Hong Kong 2,124 2,194 5.0 70 3.3
Korea, Republic of 2,032 2,032 4.6 0 0.0
Caymen Islands 583 627 1.4 44 7.5
Netherlands 576 620 1.4 44 7.6
Others 1,226 690 1.6 -536 -43.7
Grand Total 38,321 43,813 100.0 5,492 14.3

Table 9: Foreign Assets of Asset Management Companies – Major Countries
Amount in ₹ million
  End-March Variation
Country 2015 2016 % Share in 2016 Absolute Per cent
(1) (2) (3) (4) (5) (6)
Guernsey 790 2,426 63.0 1,636 207.1
Singapore 372 384 10.0 12 3.2
Mauritius 199 245 6.4 46 23.1
United Arab Emirates 59 52 1.4 -7 -11.9
Sri Lanka 4 4 0.1 0 0.0
Others 806 739 19.2 -67 -8.3
Grand Total 2,230 3,850 100 1,619 72.6

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