| Today, the Reserve Bank released the results of the 2023-24 round of the survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies1. The survey covered 45 Indian MF companies (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2023-24 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. Highlights: I. Mutual Fund (MF) Companies:
-
Foreign liabilities of MF companies increased by 36.0 per cent during 2023-24 to US$ 25.4 billion at market value in March 2024; these were largely held in the form of units issued to non-residents (Table 1).
-
Overseas assets of MF companies increased to US$ 8.8 billion in end-March 2024, primarily on account of rise in equity securities.
-
As a result, the net foreign liabilities of MF companies increased to US$ 16.6 billion in March 2024 from US$ 12.0 billion a year ago.
-
The United Arab Emirates (UAE), the United States of America (USA), the United Kingdom (UK) and Singapore were the top destinations for MF units held by non-residents, both in terms of face value as well as at market value (Tables 2 and 3).
-
The USA and Luxembourg accounted for nearly 85 per cent of the overseas equity investment of the MF companies. (Table 4).
II. Asset Management Companies (AMCs):
-
Foreign liabilities of AMCs increased by US$ 3.4 billion to US$ 6.4 billion in March 2024 due to higher inward direct as well as portfolio investments during the year.
-
Their overseas assets stood low at US$ 0.1 billion (Tables 5 and 7).
-
Residents of Japan, Canada and the UK together accounted for 83.0 per cent of FDI among Indian AMCs (Table 6).
(Puneet Pancholy)
Chief General Manager Press Release: 2024-2025/893
| Table 1: Mutual Fund Companies – Foreign Liabilities and Assets |
| Item |
End-March 2023 (R) |
End-March 2024 (P) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
| Foreign Liabilities |
153,777 |
18,704 |
212,157 |
25,446 |
| (a) Market Value of Units |
153,179 |
18,631 |
211,747 |
25,397 |
| (b) Other Foreign Liabilities |
598 |
73 |
410 |
49 |
| Foreign Assets |
54,760 |
6,661 |
73,519 |
8,818 |
| (a) Equity Securities |
53,078 |
6,456 |
71,086 |
8,526 |
| (b) Debt Securities |
- |
- |
- |
- |
| (c) Other Foreign Assets |
1,682 |
205 |
2,433 |
292 |
| Net Liabilities |
99,017 |
12,043 |
138,638 |
16,628 |
| |
| Foreign Liabilities in Units at Face Value |
44,803 |
5,449 |
49,777 |
5,970 |
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 2023 (R) |
End-March 2024 (P) |
% Share in 2024 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
8,472 |
10,081 |
20.2 |
1,609 |
19.0 |
| United States of America |
4,558 |
5,559 |
11.2 |
1,001 |
22.0 |
| United Kingdom |
4,851 |
5,417 |
10.9 |
566 |
11.7 |
| Singapore |
3,133 |
3,550 |
7.1 |
417 |
13.3 |
| Oman |
1,178 |
1,318 |
2.6 |
140 |
11.9 |
| Qatar |
1,171 |
1,273 |
2.6 |
102 |
8.7 |
| Kuwait |
890 |
955 |
1.9 |
65 |
7.3 |
| Saudi Arabia |
973 |
954 |
1.9 |
-19 |
-2.0 |
| Hong Kong |
730 |
877 |
1.8 |
147 |
20.1 |
| Australia |
655 |
837 |
1.7 |
182 |
27.8 |
| Others* |
18,192 |
18,956 |
38.1 |
764 |
4.2 |
| of which: India |
10,886 |
10,737 |
21.6 |
-149 |
-1.4 |
| Total |
44,803 |
49,777 |
100 |
4,974 |
11.1 |
| *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 2023 (R) |
End-March 2024 (P) |
% Share in 2024 |
Annual Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United Arab Emirates |
27,326 |
41,042 |
19.4 |
13,716 |
50.2 |
| United States of America |
17,142 |
25,725 |
12.1 |
8,583 |
50.1 |
| United Kingdom |
13,984 |
19,910 |
9.4 |
5,926 |
42.4 |
| Singapore |
10,566 |
16,561 |
7.8 |
5,995 |
56.7 |
| Oman |
3,922 |
5,741 |
2.7 |
1,819 |
46.4 |
| Qatar |
3,871 |
5,476 |
2.6 |
1,605 |
41.5 |
| Saudi Arabia |
2,924 |
4,142 |
2.0 |
1,218 |
41.7 |
| Kuwait |
2,923 |
3,940 |
1.9 |
1,017 |
34.8 |
| Hong Kong |
2,375 |
3,892 |
1.8 |
1,517 |
63.9 |
| Australia |
2,475 |
3,787 |
1.8 |
1,312 |
53.0 |
| Mauritius |
1,675 |
2,619 |
1.2 |
944 |
56.4 |
| Others* |
63,996 |
78,912 |
37.3 |
14,916 |
23.3 |
| of which: India |
40,595 |
45,849 |
21.7 |
5,254 |
12.9 |
| Total |
153,179 |
211,747 |
100.0 |
58,568 |
38.2 |
| *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 2023 (R) |
End-March 2024 (P) |
% Share in 2024 |
Variation |
| Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| United States of America |
30,779 |
46,309 |
65.1 |
15,530 |
50.5 |
| Luxembourg |
13,534 |
13,657 |
19.2 |
123 |
0.9 |
| Ireland |
5,707 |
8,108 |
11.4 |
2,401 |
42.1 |
| Hong Kong |
439 |
785 |
1.1 |
346 |
78.8 |
| Taiwan |
659 |
618 |
0.9 |
-41 |
-6.2 |
| United Kingdom |
404 |
480 |
0.7 |
76 |
18.8 |
| Japan |
442 |
309 |
0.4 |
-133 |
-30.1 |
| Cayman Islands |
258 |
161 |
0.2 |
-97 |
-37.6 |
| Canada |
336 |
124 |
0.2 |
-212 |
-63.1 |
| Singapore |
130 |
123 |
0.2 |
-7 |
-5.4 |
| Others |
390 |
412 |
0.6 |
22 |
5.6 |
| Total |
53,078 |
71,086 |
100 |
18,008 |
33.9 |
| Table 5: Foreign Liabilities and Assets of AMCs |
| Item |
End-March 2023 (R) |
End-March 2024 (P) |
| ₹ crore |
US$ million |
₹ crore |
US$ million |
| 1 |
2 |
3 |
4 |
5 |
| Foreign Liabilities |
25,026 |
3,045 |
53,765 |
6,449 |
| (a) Direct Investment |
20,697 |
2,518 |
35,498 |
4,258 |
| (b) Portfolio investment |
4,322 |
526 |
18,253 |
2,189 |
| (c) Other Investment |
7 |
1 |
14 |
2 |
| Foreign Assets |
761 |
92 |
937 |
112 |
| (a) Direct Investment |
734 |
89 |
896 |
107 |
| (b) Portfolio investment |
- |
- |
- |
- |
| (c) Other Investment |
27 |
3 |
41 |
5 |
| Net Liabilities |
24,265 |
2,953 |
52,828 |
6,337 |
| 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 |
| 2023 (R) |
2024 (P) |
% Share in 2024 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Japan |
9,728 |
21,719 |
61.2 |
11,991 |
123.3 |
| Canada |
3,270 |
3,956 |
11.1 |
686 |
21.0 |
| United Kingdom |
3,003 |
3,787 |
10.7 |
784 |
26.1 |
| France |
1,751 |
2,469 |
7.0 |
718 |
41.0 |
| Mauritius |
1,771 |
2,069 |
5.8 |
298 |
16.8 |
| Singapore |
586 |
770 |
2.2 |
184 |
31.4 |
| Hong Kong |
271 |
366 |
1.0 |
95 |
35.1 |
| Netherlands |
161 |
223 |
0.6 |
62 |
38.5 |
| United States of America |
156 |
139 |
0.4 |
-17 |
-10.9 |
| Total |
20,697 |
35,498 |
100.0 |
14,801 |
71.5 |
| 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 |
| 2023 (R) |
2024 (P) |
% Share in 2024 |
Amount |
Per cent |
| 1 |
2 |
3 |
4 |
5 |
6 |
| Guernsey |
562 |
682 |
76.1 |
120 |
21.4 |
| Singapore |
127 |
157 |
17.5 |
30 |
23.6 |
| Mauritius |
36 |
48 |
5.4 |
12 |
33.3 |
| United Arab Emirates |
9 |
9 |
1.0 |
0 |
0.0 |
| Total |
734 |
896 |
100.0 |
162 |
22.1 |
| 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 2023-24 MF Survey
| 1 |
360 ONE Mutual Fund
(Formerly Known as IIFL 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
(Formely known as IDFC 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 Mutual Fund |
45 |
Zerodha Mutual Fund |
| 23 |
LIC Mutual Fund |
|
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