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Today, the Reserve Bank released the results of the 2024-25 round of the survey of Foreign Liabilities and Assets of the Mutual Funds (MFs)1.
The survey covered 45 Indian MFs (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2024-25 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 MFs 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 2024-25.
Highlights:
I. Mutual Funds (MFs):
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Foreign liabilities of MFs increased by 19.9 per cent during 2024-25 to US$ 30.5 billion (at market value) in March 2025, due to the rise in units issued to non-residents (Table 1).
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Overseas assets of MFs declined by 5.6 per cent and stood at US$ 8.3 billion in March 2025, due to lower holdings of foreign equity securities.
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As a result, the net foreign liabilities of MFs increased to US$ 22.2 billion in March 2025 from US$ 16.6 billion a year ago.
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Non-residents of United Arab Emirates (UAE), the United States of America (USA), the United Kingdom (UK) and Singapore held the largest share in MF units, both in terms of face value as well as at market value (Tables 2 and 3).
-
Over 95 per cent of the overseas equity investment of the MFs were concentrated in the USA, Luxembourg, and Ireland (Table 4).
II. Asset Management Companies (AMCs):
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Foreign liabilities of AMCs increased by 16.8 per cent and stood at US$ 7.5 billion in March 2025, on the back of higher inward direct investments (Table 5).
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Residents in Japan, Canada and the UK together accounted for over 83 per cent of FDI among Indian AMCs (Table 6).
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The overseas assets of AMCs increased marginally from their previous year’s level and were largely held in Guernsey, Singapore and Mauritius (Table 7).
(Puneet Pancholy)
Chief General Manager
Press Release: 2025-2026/926
| Table 1: Mutual Funds – Foreign Liabilities and Assets |
| Item |
End-March 2024 (R) |
End-March 2025 (P) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
| Foreign Liabilities |
2,12,120 |
25,442 |
2,61,057 |
30,504 |
| (a) Market Value of Units |
2,11,747 |
25,397 |
2,60,546 |
30,444 |
| (b) Other Foreign Liabilities |
373 |
45 |
511 |
60 |
| Foreign Assets |
73,518 |
8,818 |
71,265 |
8,328 |
| (a) Equity Securities |
71,095 |
8,527 |
69,086 |
8,073 |
| (b) Debt Securities |
- |
- |
- |
- |
| (c) Other Foreign Assets |
2,423 |
291 |
2,179 |
255 |
| Net Liabilities |
1,38,602 |
16,624 |
1,89,792 |
22,176 |
| |
| Foreign Liabilities in Units at Face Value |
49,777 |
5,970 |
63,112 |
7,374 |
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 MFs at Face Value - Major Countries |
| (Amount in ₹ crore) |
| Country |
End-March 2024 (R) |
End-March 2025 (P) |
% Share in 2025 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
10,081 |
13,386 |
21.2 |
3,305 |
32.8 |
| United States of America |
5,558 |
7,093 |
11.2 |
1,535 |
27.6 |
| United Kingdom |
5,417 |
6,845 |
10.8 |
1,428 |
26.4 |
| Singapore |
3,550 |
4,138 |
6.6 |
588 |
16.6 |
| Qatar |
1,267 |
1,756 |
2.8 |
489 |
38.6 |
| Oman |
1,305 |
1,649 |
2.6 |
344 |
26.4 |
| Kuwait |
955 |
1298 |
2.1 |
343 |
35.9 |
| Australia |
837 |
1255 |
2.0 |
418 |
49.9 |
| Saudi Arabia |
954 |
1202 |
1.9 |
248 |
26.0 |
| Kenya |
754 |
1098 |
1.7 |
344 |
45.6 |
| Others* |
19,099 |
23,392 |
37.1 |
4,293 |
22.5 |
| of which: India |
10,736 |
11,976 |
19.0 |
1,240 |
11.5 |
| Total |
49,777 |
63,112 |
100.0 |
13,335 |
26.8 |
| *Others also includes non-resident Indians (NRIs), who use their Indian permanent address. |
| Table 3: Foreign Liabilities in Units of MFs at Market Value – Major Countries |
| (Amount in ₹ crore) |
| Country |
End-March 2024 (R) |
End-March 2025 (P) |
% Share in 2025 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
41,041 |
52,549 |
20.2 |
11,508 |
28.0 |
| United States of America |
25,721 |
31,903 |
12.2 |
6,182 |
24.0 |
| United Kingdom |
19,910 |
24,649 |
9.5 |
4,739 |
23.8 |
| Singapore |
16,561 |
19,523 |
7.5 |
2,962 |
17.9 |
| Qatar |
5,728 |
7,342 |
2.8 |
1,614 |
28.2 |
| Oman |
5,447 |
6,583 |
2.5 |
1,136 |
20.9 |
| Australia |
3,892 |
5,483 |
2.1 |
1,591 |
40.9 |
| Kuwait |
4,142 |
5,377 |
2.1 |
1,235 |
29.8 |
| Saudi Arabia |
3,940 |
4,682 |
1.8 |
742 |
18.8 |
| Hong Kong |
3,541 |
4,010 |
1.5 |
469 |
13.2 |
| Canada |
2,619 |
3,717 |
1.4 |
1,098 |
41.9 |
| Others* |
79,205 |
94,728 |
36.4 |
15,523 |
19.6 |
| of which: India |
45,848 |
51,672 |
19.8 |
5,824 |
12.7 |
| Total |
2,11,747 |
2,60,546 |
100.0 |
48,799 |
23.0 |
| *Others also includes non-resident Indians (NRIs), who use their Indian permanent address. |
| Table 4: Equity Securities held Abroad by Mutual Funds at Market Value – Major Countries |
| (Amount in ₹ crore) |
| Country |
End-March 2024 (R) |
End-March 2025 (P) |
% Share in 2025 |
Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United States of America |
46,292 |
44,500 |
64.4 |
-1,792 |
-3.9 |
| Luxembourg |
13,657 |
13,626 |
19.7 |
-31 |
-0.2 |
| Ireland |
8,108 |
7,610 |
11.0 |
-498 |
-6.1 |
| Hong Kong |
795 |
1354 |
2.0 |
559 |
70.3 |
| United Kingdom |
480 |
458 |
0.7 |
-22 |
-4.6 |
| Taiwan |
618 |
445 |
0.6 |
-173 |
-28.0 |
| Japan |
309 |
248 |
0.4 |
-61 |
-19.7 |
| Canada |
124 |
206 |
0.3 |
82 |
66.1 |
| Singapore |
124 |
119 |
0.2 |
-5 |
-4.0 |
| Cayman Islands |
162 |
115 |
0.2 |
-47 |
-29.0 |
| Others |
426 |
405 |
0.5 |
-21 |
-4.9 |
| Total |
71,095 |
69,086 |
100.0 |
-2,009 |
-2.8 |
| Table 5: Foreign Liabilities and Assets of AMCs |
| Item |
End-March 2024 (R) |
End-March 2025 (P) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
| Foreign Liabilities |
53,757 |
6,447 |
64,564 |
7,530 |
| (a) Direct Investment |
35,596 |
4,269 |
44,465 |
5,186 |
| (b) Portfolio investment |
18,159 |
2,178 |
20,090 |
2,343 |
| (c) Other Investment |
2 |
- |
9 |
1 |
| Foreign Assets |
932 |
112 |
1,092 |
127 |
| (a) Direct Investment |
891 |
107 |
993 |
116 |
| (b) Portfolio investment |
- |
- |
4 |
- |
| (c) Other Investment |
41 |
5 |
95 |
11 |
| Net Liabilities |
52,825 |
6,335 |
63,472 |
7,403 |
| 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 |
| 2024 (R) |
2025 (P) |
% Share in 2025 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Japan |
21,719 |
26,663 |
60.0 |
4,944 |
22.8 |
| Canada |
3,956 |
5,503 |
12.4 |
1,547 |
39.1 |
| United Kingdom |
3,787 |
4,801 |
10.8 |
1,014 |
26.8 |
| France |
2,469 |
3,015 |
6.8 |
546 |
22.1 |
| Mauritius |
2,071 |
2,533 |
5.7 |
462 |
22.3 |
| Singapore |
770 |
942 |
2.1 |
172 |
22.3 |
| Hong Kong |
394 |
473 |
1.0 |
79 |
20.1 |
| Netherlands |
223 |
294 |
0.7 |
71 |
31.8 |
| United States of America |
207 |
241 |
0.5 |
34 |
16.4 |
| Total |
35,596 |
44,465 |
100.0 |
8,869 |
24.9 |
| 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 |
| 2024 (R) |
2025 (P) |
% Share in 2025 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Guernsey |
682 |
730 |
73.5 |
48 |
7.0 |
| Singapore |
157 |
183 |
18.4 |
26 |
16.6 |
| Mauritius |
43 |
70 |
7.1 |
27 |
62.8 |
| United Arab Emirates |
9 |
10 |
1.0 |
1 |
11.1 |
| Total |
891 |
993 |
100.0 |
102 |
11.4 |
| Source: Annual census on foreign liabilities and assets of Indian direct investment companies, RBI. |
Annex
List of Mutual Funds which have responded to the 2024-25 MF Survey
| 1 |
360 ONE Mutual Fund |
24 |
Mahindra Manulife Mutual Fund |
| 2 |
Aditya Birla Sun Life Mutual Fund |
25 |
Mirae Asset Mutual Fund |
| 3 |
Axis Mutual Fund |
26 |
Motilal Oswal Mutual Fund |
| 4 |
Bajaj Finserv Mutual Fund |
27 |
Navi Mutual Fund |
| 5 |
Bandhan Mutual Fund |
28 |
Nippon India Mutual Fund |
| 6 |
Bank of India Mutual Fund |
29 |
NJ Mutual Fund |
| 7 |
Baroda BNP Paribas Mutual Fund |
30 |
Old Bridge Mutual Fund |
| 8 |
Canara Robeco Mutual Fund |
31 |
PGIM India Mutual Fund |
| 9 |
DSP Mutual Fund |
32 |
PPFAS Mutual Fund |
| 10 |
Edelweiss Mutual Fund |
33 |
quant Mutual Fund |
| 11 |
Franklin Templeton Mutual Fund |
34 |
Quantum Mutual Fund |
| 12 |
Groww Mutual Fund |
35 |
Samco Mutual Fund |
| 13 |
HDFC Mutual Fund |
36 |
SBI Mutual Fund |
| 14 |
Helios Mutual Fund |
37 |
Shriram Mutual Fund |
| 15 |
HSBC Mutual Fund |
38 |
Sundaram Mutual Fund |
| 16 |
ICICI Prudential Mutual Fund |
39 |
Tata Mutual Fund |
| 17 |
IIFCL Mutual Fund |
40 |
Tauras Mutual Fund |
| 18 |
IL&FS Mutual Fund |
41 |
Trust Mutual Fund |
| 19 |
Invesco Mutual Fund |
42 |
Union Mutual Fund |
| 20 |
ITI Mutual Fund |
43 |
UTI Mutual Fund |
| 21 |
JM Financial Mutual Fund |
44 |
WhiteOak Capital Mutual Fund |
| 22 |
Kotak Mahindra Mutual Fund |
45 |
Zerodha Mutual Fund |
| 23 |
LIC Mutual Fund |
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