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Date : Aug 04, 2023
Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2022-23

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

1 The results of the previous survey round for the year 2021-22 were released vide press release dated August 08, 2022.


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