Today, the Reserve Bank released the results of the 2022-23 round of the survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies1. The survey covered 43 Indian MF companies (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2022-23 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 2022-23. Highlights: I. Mutual Fund Companies (MF):
-
Foreign liabilities of MF companies increased by 1.6 per cent in US dollar terms at market value during 2022-23 to US$ 18.7 billion in March 2023 (Table 1).
-
Overseas assets of MF companies declined by 13.5 per cent to US$ 5.6 billion in March 2023, due to lower holdings of equity securities.
-
As a result, the net foreign liabilities of MF companies increased to US$ 13.1 billion in March 2023 from US$ 11.9 billion a year ago.
-
The United Arab Emirates (UAE), the United States of America (USA), the United Kingdom (UK) and Singapore together accounted for 45 per cent of the total MF units held by non-residents, both in terms of face value as well as at market value (Tables 2 and 3).
-
More than 81 per cent of the overseas equity investment of the MF companies were concentrated in the USA and Luxembourg (Table 4).
II. Asset Management Companies (AMCs):
-
Due to lower direct investment liabilities, foreign liabilities of AMCs declined to US$ 3.4 billion in March 2023 from US$ 5.7 billion a year ago; their overseas assets remained below US$ 0.1 billion, which were largely held in Guernsey, Singapore and Mauritius (Tables 5 and 7).
-
Residents of Japan and the UK together held over two-third of FDI among Indian AMCs in March 2023 (Table 6).
(Yogesh Dayal)
Chief General Manager Press Release: 2023-2024/697
| Table 1: Mutual Fund Companies – Foreign Liabilities and Assets |
| Item |
End-March 2022 (R) |
End-March 2023 (P) |
% Growth
(₹ terms) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Foreign Liabilities |
1,39,685 |
18,426 |
1,53,891 |
18,718 |
10.2 |
| (a) Market Value of Units |
1,39,198 |
18,362 |
1,53,292 |
18,645 |
10.1 |
| (b) Other Foreign Liabilities |
487 |
64 |
599 |
73 |
23.0 |
| Foreign Assets |
49,410 |
6,518 |
46,381 |
5,641 |
-6.1 |
| (a) Equity Securities |
48,835 |
6,442 |
44,758 |
5,444 |
-8.3 |
| (b) Debt Securities |
- |
- |
- |
- |
- |
| (c) Other Foreign Assets |
575 |
76 |
1,623 |
197 |
182.3 |
| Net Liabilities |
90,275 |
11,908 |
1,07,510 |
13,077 |
19.1 |
| |
| Foreign Liabilities in Units at Face Value |
41,129 |
5,426 |
44,849 |
5,455 |
9.0 |
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 2022 (R) |
End-March 2023 (P) |
% Share in 2023 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
7,175 |
8,481 |
18.9 |
1,306 |
18.2 |
| United Kingdom |
4,142 |
4,854 |
10.8 |
712 |
17.2 |
| United States of America |
3,702 |
4,571 |
10.2 |
869 |
23.5 |
| Singapore |
2,614 |
3,135 |
7.0 |
521 |
19.9 |
| Oman |
1,110 |
1,181 |
2.6 |
71 |
6.4 |
| Qatar |
1,097 |
1,173 |
2.6 |
76 |
6.9 |
| Saudi Arabia |
911 |
974 |
2.2 |
63 |
6.9 |
| Kuwait |
817 |
892 |
2.0 |
75 |
9.2 |
| Hong Kong |
697 |
728 |
1.6 |
31 |
4.4 |
| Australia |
538 |
656 |
1.5 |
118 |
21.9 |
| Others* |
18,326 |
18,204 |
40.6 |
-122 |
-0.7 |
| of which: India |
11,623 |
10,893 |
24.3 |
-730 |
-6.3 |
| Total |
41,129 |
44,849 |
100.0 |
3,720 |
9.0 |
| *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 2022 (R) |
End-March 2023 (P) |
% Share in 2023 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
24,037 |
27,348 |
17.8 |
3,311 |
13.8 |
| United States of America |
14,414 |
17,172 |
11.2 |
2,758 |
19.1 |
| United Kingdom |
11,923 |
13,991 |
9.1 |
2,068 |
17.3 |
| Singapore |
9,094 |
10,572 |
6.9 |
1,478 |
16.3 |
| Oman |
3,613 |
3,936 |
2.6 |
323 |
8.9 |
| Qatar |
3,545 |
3,868 |
2.5 |
323 |
9.1 |
| Saudi Arabia |
2,666 |
2,926 |
1.9 |
260 |
9.8 |
| Kuwait |
2,632 |
2,926 |
1.9 |
294 |
11.2 |
| Hong Kong |
2,186 |
2,462 |
1.6 |
276 |
12.6 |
| Australia |
1,915 |
2,377 |
1.6 |
462 |
24.1 |
| Mauritius |
2,203 |
1,716 |
1.1 |
-487 |
-22.1 |
| Others* |
60,970 |
63,998 |
41.8 |
3,028 |
5.0 |
| of which: India |
39,965 |
40,611 |
26.5 |
646 |
1.6 |
| Total |
1,39,198 |
1,53,292 |
100.0 |
14,094 |
10.1 |
| *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 2022 (R) |
End-March 2023 (P) |
% Share in 2023 |
Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United States of America |
26,828 |
22,770 |
50.9 |
-4,058 |
-15.1 |
| Luxembourg |
15,282 |
13,534 |
30.2 |
-1,748 |
-11.4 |
| Ireland |
4,016 |
5,643 |
12.6 |
1,627 |
40.5 |
| Taiwan |
611 |
659 |
1.5 |
48 |
7.9 |
| Hong Kong |
291 |
446 |
1.0 |
155 |
53.3 |
| Japan |
382 |
435 |
1.0 |
53 |
13.9 |
| Canada |
397 |
317 |
0.7 |
-80 |
-20.2 |
| United Kingdom |
262 |
303 |
0.7 |
41 |
15.6 |
| Cayman Islands |
311 |
258 |
0.6 |
-53 |
-17 |
| Singapore |
138 |
129 |
0.3 |
-9 |
-6.5 |
| Others |
317 |
264 |
0.5 |
-53 |
-16.7 |
| Total |
48,835 |
44,758 |
100.0 |
-4,077 |
-8.3 |
| Table 5: Foreign Liabilities and Assets of AMCs |
| Item |
End-March 2022 (R) |
End-March 2023 (P) |
% Growth
(₹ terms) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Foreign Liabilities |
43,071 |
5,682 |
28,179 |
3,428 |
-34.6 |
| (a) Direct Investment |
36,590 |
4,827 |
24,350 |
2,962 |
-33.5 |
| (b) Portfolio investment |
6,479 |
855 |
3,824 |
465 |
-41.0 |
| (c) Other Investment |
2 |
- |
5 |
1 |
150.0 |
| Foreign Assets |
719 |
95 |
717 |
87 |
-0.3 |
| (a) Direct Investment |
696 |
92 |
700 |
85 |
0.6 |
| (b) Portfolio investment |
- |
- |
- |
- |
- |
| (c) Other Investment |
23 |
3 |
17 |
2 |
-26.1 |
| Net Liabilities |
42,352 |
5,587 |
27,462 |
3,341 |
-35.2 |
| 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 |
| 2022 (R) |
2023 (P) |
% Share in 2023 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Japan |
16,040 |
9,729 |
40.0 |
-6,311 |
-39.3 |
| United Kingdom |
11,305 |
6,719 |
27.6 |
-4,586 |
-40.6 |
| Canada |
5,601 |
3,270 |
13.4 |
-2,331 |
-41.6 |
| Mauritius |
1,519 |
1,769 |
7.3 |
250 |
16.5 |
| France |
1,313 |
1,751 |
7.2 |
438 |
33.4 |
| Singapore |
391 |
524 |
2.1 |
133 |
34.0 |
| Hong Kong |
230 |
271 |
1.1 |
41 |
17.8 |
| Netherlands |
130 |
161 |
0.7 |
31 |
23.8 |
| United States of America |
61 |
156 |
0.6 |
95 |
155.7 |
| Total |
36,590 |
24,350 |
100.0 |
-12,240 |
-33.5 |
| 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 |
| 2022 (R) |
2023 (P) |
% Share in 2023 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Guernsey |
571 |
562 |
80.3 |
-9 |
-1.6 |
| Singapore |
86 |
100 |
14.3 |
14 |
16.3 |
| Mauritius |
32 |
30 |
4.3 |
-2 |
-6.3 |
| United Arab Emirates |
7 |
8 |
1.1 |
1 |
14.3 |
| Total |
696 |
700 |
100.0 |
4 |
0.6 |
| 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 2022-23 MF Survey
| 1 |
360 ONE Mutual Fund
(Formerly Known as IIFL Mutual Fund) |
23 |
LIC Mutual Fund |
| 2 |
Aditya Birla Sun Life Mutual Fund |
24 |
Mahindra Manulife Mutual Fund |
| 3 |
Axis Mutual Fund |
25 |
Mirae Asset Mutual Fund |
| 4 |
Bajaj Finserv Mutual Fund |
26 |
Motilal Oswal Mutual Fund |
| 5 |
Bandhan Mutual Fund |
27 |
Navi Mutual Fund |
| 6 |
Bank of India Mutual Fund
(Formerly BOI AXA Mutual Fund) |
28 |
Nippon India Mutual Fund |
| 7 |
Baroda BNP Paribas Mutual Fund |
29 |
NJ Mutual Fund |
| 8 |
Canara Robeco Mutual Fund |
30 |
PGIM India Mutual Fund |
| 9 |
DSP Mutual Fund |
31 |
PPFAS Mutual Fund |
| 10 |
Edelweiss Mutual Fund |
32 |
Quant Mutual Fund |
| 11 |
Franklin Templeton Mutual Fund |
33 |
Quantum Mutual Fund |
| 12 |
Groww Mutual Fund
(formerly known as Indiabulls Mutual Fund) |
34 |
Samco Mutual Fund |
| 13 |
HDFC Mutual Fund |
35 |
SBI Mutual Fund |
| 14 |
HSBC Mutual Fund |
36 |
Shriram Mutual Fund |
| 15 |
ICICI Prudential Mutual Fund |
37 |
Sundaram Mutual Fund |
| 16 |
IDBI Mutual Fund* |
38 |
Tata Mutual Fund |
| 17 |
IIFCL Mutual Fund (IDF) |
39 |
Taurus Mutual Fund |
| 18 |
IL&FS Mutual Fund (IDF) |
40 |
Trust Mutual Fund |
| 19 |
Invesco Mutual Fund |
41 |
Union Mutual Fund |
| 20 |
ITI Mutual Fund |
42 |
UTI Mutual Fund |
| 21 |
JM Financial Mutual Fund |
43 |
WhiteOak Capital Mutual Fund |
| 22 |
Kotak Mahindra Mutual Fund |
|
|
| * The IDBI MF has been merged with the LIC MF on July 29. 2023 |
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