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Date : Sep 15, 2021
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2020-21

Today, the Reserve Bank released the results of the 2020-21 round of the Survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies[1].

The survey covered 44 Indian MF companies and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2020-21 and/or in the preceding year (list given in the Annex). The stock of external assets and liabilities of their AMCs is taken from the annual census on foreign liabilities and assets of direct investment companies and the information on face value and market value of units held by non-resident, unit premium reserve and other foreign liabilities were collected under Schedule 4.

Highlights:

I. Mutual Fund Companies:

  • Foreign liabilities of MF companies stood at US $14.5 billion in March 2021, which were mainly in form of units issued to non-residents. Foreign assets of MF companies increased due to rise in equity security and other foreign assets during the year and stood at US $ 2.9 billion at end-March 2021 (Table 1).

  • UAE, UK, USA and Singapore together accounted for nearly 45 per cent of the total MF units held by non-residents, both at face value as well as at market value (Table 2 and 3).

  • Overseas equity investments of MF companies were largely concentrated in the USA and Luxembourg (Table 4).

II. Asset Management Companies:

  • Foreign liabilities of AMCs stood at US $ 5.7 billion in March 2021 whereas their foreign assets were much lower at US $ 0.1 billion (Table 5).

  • Non-residents in Japan and UK together held nearly 89 per cent of FDI of the AMCs (Table 6).

  • The relatively small overseas investments by AMCs were largely held in Guernsey, Singapore and Mauritius (Table 7).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/866


Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2020 (R) End-March 2021 (P) % Growth
(₹ terms)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6
Foreign Assets 5,864 778 20,982 2,854 257.8
(a) Equity Securities 5,808 770 20,865 2,839 259.3
(b) Debt Securities - -
(c) Other Foreign Assets 56 8 117 16 108.9
           
Foreign Liabilities 72,564 9,626 106,249 14,455 46.4
(a) Market Value of Units 72,366 9,599 106,069 14,430 46.6
(b) Other Foreign Liabilities 198 26 180 24 -9.0
           
Net Liabilities 66,700 8,848 85,267 11,600 27.8
Face Value of Units 31,184 4,137 34,348 4,673 10.1
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. - 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 2020 (R) End-March 2021 (P) % Share in 2021 Annual Variation
Absolute Per cent
1 2 3 4 5 6
United Arab Emirates 5,640 6,376 18.6 736 13.0
United Kingdom 3,300 3,538 10.3 238 7.2
United States of America 2,898 3,093 9.0 195 6.7
Singapore 2,094 2,184 6.4 91 4.3
Oman 821 931 2.7 110 13.5
Qatar 614 797 2.3 183 29.8
Hong Kong 783 670 2.0 -113 -14.4
Saudi Arabia 553 645 1.9 92 16.6
Kuwait 544 629 1.8 85 15.6
Mauritius 600 486 1.4 -114 -19.0
Others* 13,338 14,999 43.6 1,661 12.5
   Of which: India 6,858 7,819 23.0 961 14.0
Total 31,184 34,348 100.0 3,164 10.1
*Others (comprised 241 countries) 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 2020 (R) End-March 2021 (P) % Share in 2021 Annual Variation
Absolute Per cent
1 2 3 4 5 6
United Arab Emirates 12,247 19,232 18.1 6,985 57.0
United States of America 7,836 11,575 10.9 3,739 47.7
United Kingdom 6,616 9,565 9.0 2,949 44.6
Singapore 5,324 7,365 6.9 2,041 38.3
Mauritius 2,915 3,477 3.3 562 19.3
Oman 1,794 2,848 2.7 1,052 58.6
Qatar 1,369 2,534 2.4 1,165 85.1
Kuwait 1,237 1,961 1.9 724 58.5
Saudi Arabia 1,159 1,949 1.8 790 68.2
Hong Kong 1,501 1,807 1.7 307 20.4
Others* 30,368 43,756 41.3 13,391 44.1
of which: India 16,155 21,592 20.4 5,438 33.7
Total 72,366 106,069 100.0 33,703 46.6
*Others (comprised 241 countries) 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 2020 (R) End-March 2021 (P) % Share in 2021 Variation
Absolute Per cent
1 2 3 4 5 6
United States of America 2,427 9,029 43.3 6,602 272.0
Luxembourg 2,536 8,867 42.5 6,331 249.6
Ireland 89 1,469 7.0 1,380 1550.6
Japan 125 340 1.6 215 172.0
Canada 180 308 1.5 128 71.1
Cayman Islands 83 287 1.4 204 245.8
United Kingdom 69 112 0.5 43 62.3
Taiwan 30 82 0.4 52 173.3
Hong Kong 22 66 0.3 44 200.0
Singapore 35 58 0.3 23 65.7
Others 212 247 1.2 35 17.5
Total 5,808 20,865 100.0 15,057 259.2

Table 5: Foreign Liabilities and Assets of AMCs
Item End-March 2020 (R) End-March 2021 (P) % Growth
(₹ terms)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6
Foreign Liabilities 33,300 4,417 42,257 5,750 26.9
(a) Direct Investment 28,130 3,731 34,279 4,664 21.9
(b) Portfolio investment 5,141 682 7,974 1,085 55.1
(c) Other Investment 29 4 4 1 -86.2
           
Foreign Assets 468 62 644 87 37.6
(a) Direct Investment 433 57 606 82 40.0
(b) Portfolio investment - - - - -
(c) Other Investment 35 5 38 5 8.6
           
Net Liabilities 32,832 4,355 41,613 5,663 26.7
Source: Annual Census on Foreign Liabilities and Assets of Direct Investment Companies, RBI
Note: - Nil/negligible.

Table 6: Foreign Direct Investment in AMCs – Major Countries
(Amount in ₹ crore)
Country End-March Variation
2020 (R) 2021 (P) % Share in 2021 Absolute Per cent
1 2 3 4 5 6
Japan 11,514 15,606 45.5 4,092 35.5
United Kingdom 13,436 14,748 43.0 1,312 9.8
Mauritius 1,270 1,389 4.0 119 9.4
Singapore 135 337 1.0 202 149.6
France 735 951 2.8 216 29.4
Netherlands 95 111 0.3 16 16.8
Canada 660 844 2.5 184 27.9
Hong Kong 179 192 0.6 13 7.3
United States of America 106 101 0.3 -5 -4.7
Total 28,130 34,279 100.0 6,149 21.9
Source: Annual Census on Foreign Liabilities and Assets of Direct Investment Companies, RBI

Table 7: Overseas Direct Investment by AMCs – Major Countries
(Amount in ₹ crore)
Country End-March Variation
2020 (R) 2021 (P) % Share in 2021 Absolute Per cent
1 2 3 4 5 6
Guernsey 326 494 81.5 168 51.5
Singapore 52 66 10.9 14 26.9
Mauritius 48 39 6.4 -9 -18.8
United Arab Emirates 7 7 1.2 0 -
Total 433 606 100.0 173 40.0
Source: Annual Census on Foreign Liabilities and Assets of Direct Investment Companies, RBI
Note: - Nil/negligible.

1 The results of the previous survey round for the year 2019-20 were released vide press release dated October 20, 2020.


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