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Date : Oct 20, 2020
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2019-20

Today, the Reserve Bank released the results of the 2019-20 round of the Survey of Foreign Liabilities and Assets of the Mutual Fund (MF) Companies1.

The survey covered 44 Indian MF companies and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2019-20 and/or in the preceding year (list given in the Annex). The stock of external assets and liabilities of their AMCs is taken from the annual census on foreign liabilities and assets (FLA) and the information on face value and market value of units held by non-resident, unit premium reserve and other foreign liabilities were collected under Schedule 4.

Highlights:

I. Mutual Fund Companies:

  • Foreign liabilities of MF companies declined by 15.7 per cent during 2019-20 and stood at US $9.6 billion in March 2020, mainly consisting of units issued to non-residents; their overseas assets were much lower at US $0.8 billion (Table 1).

  • The UAE, the UK and the USA accounted for 38 per cent of the total MF units held by non-residents (Table 2).

  • Overseas equity investments of MF companies were largely concentrated in the Luxembourg and the USA (Table 4).

II. Asset Management Companies (AMCs):

  • Foreign liabilities of AMCs stood at US $ 4.4 billion in March 2020 as compared to their foreign assets of US $ 0.1 billion (Table 5).

  • Non-residents in the UK and Japan together held nearly 89 per cent FDI in the AMCs (Table 6).

  • The relatively small overseas direct investment by AMCs were largely held in Guernsey, Singapore and Mauritius (Table 7).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/514


Table 1: Mutual Fund Companies – Foreign Liabilities and Assets
Item End-March 2019 (R) End-March 2020 (P) % Growth
(₹ terms)
₹ crore US$ million ₹ crore US$ million
(1) (2) (3) (4) (5) (6)
Foreign Assets 4,654 673 5,864 778 26.0
   (a) Equity Securities 4,638 671 5,808 770 25.2
   (b) Debt Securities - - - - -
   (c) Other Foreign Assets 16 2 56 8 250.0
           
Foreign Liabilities 86,105 12,448 72,563 9,625 -15.7
   Market Value of Units 85,914 12,420 72,366 9,599 -15.8
   Other Foreign Liabilities 191 28 197 26 3.1
           
Net Liabilities 81,451 11,775 66,699 8,847 -18.1
Face Value of Units 32,758 4,736 31,184 4,137 -4.8
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 2019 (R) End-March 2020 (P) % Share in 2020 Annual Variation
Absolute per cent
(1) (2) (3) (4) (5) (6)
United Arab Emirates 5,770 5,640 18.1 -130 -2.3
United Kingdom 3,458 3,300 10.6 -158 -4.6
United States of America 2,805 2,898 9.3 93 3.3
Singapore 2,084 2,094 6.7 10 0.5
Oman 715 820 2.6 105 14.7
Hong Kong 818 783 2.5 -35 -4.3
Qatar 526 614 2.0 88 16.7
Mauritius 530 600 1.9 70 13.2
Saudi Arabia 504 553 1.8 49 9.7
Kuwait 470 544 1.7 74 15.7
Others* 15,078 13,338 42.8 -1,740 -11.5
   Of which: India 8,139 6,858 22.0 -1,281 -15.7
Total 32,758 31,184 100.0 -1,574 -4.8
*Others (comprised 241 countries) 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 2019 (R) End-March 2020 (P) % Share in 2020 Annual Variation
Absolute per cent
(1) (2) (3) (4) (5) (6)
United Arab Emirates 14,979 12,247 16.9 -2,732 -18.2
United States of America 8,996 7,836 10.8 -1,160 -12.9
United Kingdom 7,751 6,616 9.1 -1,135 -14.6
Singapore 5,684 5,324 7.4 -360 -6.3
Mauritius 3,831 2,915 4.0 -916 -23.9
Oman 1,898 1,794 2.5 -104 -5.5
Hong Kong 1,839 1,501 2.1 -338 -18.4
Qatar 1,431 1,369 1.9 -62 -4.3
Kuwait 1,316 1,237 1.7 -79 -6.0
Saudi Arabia 1,331 1,159 1.6 -172 -12.9
Others* 36,858 30,368 42.0 -6,490 -17.6
   of which: India 19,413 16,154 22.3 -3,259 -16.8
Total 85,914 72,366 100.0 -13,548 -15.8
*Others (comprised 241 countries) 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 2019 (R) End-March 2020 (P) % Share in 2020 Variation
Absolute per cent
(1) (2) (3) (4) (5) (6)
Luxembourg 1,840 2,534 43.6 694 37.7
United States of America 2,149 2,490 42.9 341 15.9
Canada 4 180 3.1 176 4400.0
Japan 104 125 2.2 21 20.2
Cayman Islands 113 83 1.4 -30 -26.5
United Kingdom 22 69 1.2 47 213.6
Switzerland 54 63 1.1 9 16.7
Singapore 3 35 0.6 32 1066.7
Taiwan 55 30 0.5 -25 -45.5
France 8 30 0.5 22 275.0
Others 286 169 2.9 -117 -40.9
Total 4,638 5,808 100.0 1,170 25.2

Table 5: Foreign Liabilities and Assets of AMCs
Item End-March 2019 (R) End-March 2020 (P) % Growth
(₹ terms)
₹ crore US$ million ₹ crore US$ million
Foreign Liabilities 21,528 3,112 33,318 4,420 54.8
   (a) Direct Investment 19,065 2,756 28,143 3,733 47.6
   (b) Portfolio investment 2,459 355 5,146 683 109.3
   (c) Other Investment 4 1 29 4 625.0
           
Foreign Assets 509 74 487 65 -4.3
   (a) Direct Investment 476 69 452 60 -5.0
   (b) Portfolio investment - - - - -
   (c) Other Investment 33 5 35 5 6.1
           
Net Liabilities 21,019 3,038 32,831 4,355 56.2
Source: Annual Census on Foreign Liabilities and Assets, RBI
Note: - Nil/negligible.

Table 6: Foreign Direct Investment in AMCs – Major Countries
Amount in ₹ crore
Country End-March Variation
2019 (R) 2020 (P) % Share in 2020 Absolute per cent
United Kingdom 10,984 13,437 47.7 2,453 22.3
Japan 5,577 11,514 40.9 5,937 106.5
Mauritius 884 1,270 4.5 386 43.7
France 508 735 2.6 227 44.7
Canada 619 660 2.3 41 6.6
Hong Kong 232 192 0.7 -40 -17.2
Singapore 107 135 0.5 28 26.2
United States of America 67 105 0.4 38 56.7
Netherlands 87 95 0.3 8 9.2
Total 19,065 28,143 100.0 9,078 47.6
Source: Annual Census on Foreign Liabilities and Assets, RBI

Table 7: Overseas Direct Investment by AMCs – Major Countries
Amount in ₹ crore
Country End-March Variation
2019 (R) 2020 (P) % Share in 2020 Absolute per cent
Guernsey 368 326 72.1 -42 -11.4
Singapore 64 71 15.7 7 10.9
Mauritius 39 48 10.6 9 23.1
United Arab Emirates 5 7 1.5 2 40.0
Total 476 452 100.0 -24 -5.0
Source: Annual Census on Foreign Liabilities and Assets, RBI

1 The results of the previous survey round for the year 2018-19 were released vide press release dated September 17, 2019.


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