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Survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) Companies and their Asset Management Companies (AMCs) in India

General Instructions

The Reserve Bank’s survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) companies and their Asset Management Companies (AMCs) in India is conducted annually. It collects the information from MF companies and AMCs on their external financial liabilities and assets as at end-March of the latest financial year (FY). The information collected from this survey are used in the compilation of India’s Balance of Payments (BoP), International Investment Position (IIP) and other related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.

Confidentiality Clause: The Reserve Bank releases the survey results only at the aggregate level and the institution-wise data furnished in the schedule are kept confidential.

Note: The respondent company should fill-up the survey schedule in excel format (*.xls format), which is available on RBI website. Respondents are requested to read the instruction sheet (available in survey schedule) carefully before filling the survey schedule.

Important Points: The respondent company should follow the below-mentioned points while filling and submitting the survey schedule:

(i) The company must use the latest survey schedule, which is in .xls format, without incorporating any macros.

(ii) The company is required to save the survey schedule in Excel 97-2003 workbook, i.e., in .xls format by following the below-mentioned steps:

Go to Office Button / File → Save As → Save As type
Select “Excel 97-2003 Workbook” and save the survey schedule in .xls format.

(iii) The company is requested not to incorporate any macro in the survey schedule while submitting the same.

(iv) Survey schedule submitted in any other format (other than .xls format) will be rejected by the system.

(v) Ensure that all information furnished in the survey schedule are complete and no information is missed out.

(vi) After filling sections I and II, the company has to fill the declaration sheet, which helps in validating that the information entered by the company are reconfirmed before submission to RBI. This helps to avoid data entry errors, missed data and other errors.

1. In which month does RBI launch the MF survey ? +

Ans.: The RBI launches the MF survey during the month of June every year with previous financial year ended end-March as the reference date.

2. What is the frequency of this survey ? +

Ans.: The survey is conducted annually.

3. Which entities are required to participate in the survey?

Ans.:MF companies in India are required to participate in this survey.

4. How does the MF company submit the MF survey schedule to the RBI ? +

Ans.:Once the survey is launched, MF companies will receive an email from RBI along with the soft copy of the survey schedule (Schedule-4) in excel format as attachment. The company should use this survey schedule to fill in the details. The filled-in survey schedule (Schedule-4) in excel format (.xls format) should be sent by email to mf@rbi.org.in. No other attachments should be forwarded along with the MF survey schedule.

5. What if the MF company does not receive the soft copy of the survey schedule by email ?

Ans.: In case MF company does not receive the soft-form of Schedule-4, they may download the same from RBI website under the head 'Regulatory Reporting' → ‘List of Returns’ → ‘FLA Schedule IV - Survey Schedule’ [or under the head 'Forms' (available under ‘More Links’ at the bottom of the home page) and sub-head Survey] or send a request to the e-mail: mfquery@rbi.org.in

6. What is the timeline for the submission in MF Survey by Mutual Fund companies ? +

Ans.: The mutual fund companies can submit their responses through Schedule-4 (excel format) on or before July 15 of every year.

7. What is the timeline for the submission in MF Survey by Asset Management Companies (AMCs) ? +

Ans.: Asset Management companies (AMCs) are required to submit annual return on Foreign Liabilities and Assets (FLA) through RBI’s online web-based portal ‘FLAIR’ (weblink: https://flair.rbi.org.in) by July 15 of every year.

8. How does an AMC report data / submit the FLA return to the RBI?

Ans.: The submission of Annual Return on FLA is mandatory under the Foreign Exchange Management Act (FEMA), 1999 [vide the RBI Circular: A.P. (DIR Series) Circular No. 45 dated March 15, 2011] for all Indian companies which have received foreign direct investment and/or have made direct investment abroad. Entities can submit the annual return on FLA through the online web-based portal having address https://flair.rbi.org.in.

All the steps for online web-based reporting of annual return on FLA, are provided in user manuals. Entity should read the following documents for further guidance:

(a) User manual on “FLA User Registration Form”.

(b) User manual on reporting of “Annual Return on FLA” for all sections for step-by-step procedure for filing the FLA return.

9. What is the reference period of MF survey ? +

Ans.: The reference period of an MF survey round is the immediately preceding financial year (April-March).

10. If the MF company/AMCs does not have foreign liability and assets during the reference period, do they need to participate in the survey?

Ans.: If the MF company/AMCs does not have foreign liability or assets during the reference period, then that company is required to submit NIL survey schedule of MF survey as well as FLA form on FLAIR portal.