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 |
|
