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Date : Aug 31, 2026
Survey of Foreign Liabilities and Assets of Mutual Funds – 2025-26

Today, the Reserve Bank released the results of the 2025-26 round of the survey of Foreign Liabilities and Assets of the Mutual Funds (MFs)1.

The survey covered 53 Indian MFs (list in Annex) and their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2025-26 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 the corresponding AMCs of MFs were taken from the annual census on foreign liabilities and assets (FLA) for the reference period 2025-26.

Highlights:

I. Mutual Funds (MFs)

  • Foreign liabilities of MFs increased by 3.3 per cent (y-o-y) to US$ 31.5 billion (at market value) as on end-March 2026, primarily due to the rise in market value of units issued to non-residents (Table 1).

  • Overseas assets of MFs also increased by 23.9 per cent and stood at US$ 10.2 billion as on end-March 2026, mainly reflecting increase in holdings of foreign equity securities.

  • Consequently, the net foreign liabilities of MFs declined to US$ 21.3 billion as at end-March 2026 from US$ 22.3 billion a year ago.

  • United Arab Emirates, the United States of America, the United Kingdom and Singapore were the top destinations and together accounted around 50 per cent share in MF units held by non-residents, both in terms of face value as well as at market value (Tables 2 and 3).

  • Investment in overseas equity securities by MFs increased by 37.5 per cent as on end-March 2026 over the previous year and were mainly held in the United States of America, Luxembourg, and Ireland (Table 4).

II. Asset Management Companies (AMCs)

  • The foreign liabilities of AMCs increased by 18.1 per cent (y-o-y) to US$ 8.7 billion as of end-March 2026, primarily due to increase in inward direct investments and portfolio investment (Table 5).

  • Japan and Canada together accounted for about 80 per cent of total FDI in AMCs as of March 2026 (Table 6).

(Brij Raj)            Chief General Manager

Press Release: 2026-2027/998

Table 1: Mutual Funds – Foreign Liabilities and Assets
Item End-March 2025 (R) End-March 2026 (P)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5
Foreign Liabilities 2,61,059 30,504 2,98,200 31,504
      (a) Market Value of Units 2,60,548 30,444 2,97,530 31,433
      (b) Other Foreign Liabilities 511 60 670 71
Foreign Assets 70,254 8,209 96,294 10,173
     (a) Equity Securities 68,072 7,954 93,602 9,889
     (b) Debt Securities - - - -
     (c) Other Foreign Assets 2,182 255 2,692 284
Net Liabilities 1,90,805 22,295 2,01,906 21,331
 
Foreign Liabilities in Units issued at Face Value 63,127 7,376 73,471 7,762
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. “-“ indicates Nil/negligible.
5. R: Revised; P: Provisional.
* Also applicable for the remaining tables.

Table 2: Foreign Liabilities in Units issued by MFs at Face Value - Major Countries
(Amount in ₹ crore)
Country End-March 2025 (R) End-March 2026 (P) Share in 2026 (%) Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 13,387 15,444 21.0 2,057 15.4
United States of America 7,098 8,236 11.2 1,138 16.0
United Kingdom 6,846 8,019 11.0 1,173 17.1
Singapore 4,137 5,080 6.9 943 22.8
Qatar 1,762 2,202 3.0 440 25.0
Oman 1,652 1,971 2.7 319 19.3
Australia 1,255 1,721 2.3 466 37.1
Kuwait 1,293 1,492 2.0 199 15.4
Saudi Arabia 1,204 1,435 2.0 231 19.2
Kenya 1,085 1,256 1.7 171 15.8
Others* 23,408 26,615 36.2 3,207 13.7
          of which: India 11,989 12,096 16.5 107 0.9
Total 63,127 73,471 100.0 10,344 16.4
*Others also includes non-resident Indians (NRIs) who use their Indian permanent address.

Table 3: Foreign Liabilities in Units issued by MFs at Market Value – Major Countries
(Amount in ₹ crore)
Country End-March 2025 (R) End-March 2026 (P) Share in 2026 (%) Annual Variation
Amount Per cent
1 2 3 4 5 6
United Arab Emirates 52,549 61,299 20.6 8,750 16.7
United States of America 31,911 35,502 11.9 3,591 11.3
United Kingdom 24,649 28,886 9.7 4,237 17.2
Singapore 19,512 21,468 7.2 1,956 10.0
Qatar 7,355 8,904 3.0 1,549 21.1
Oman 6,581 7,875 2.7 1,294 19.7
Australia 5,482 7,334 2.5 1,852 33.8
Kuwait 5,356 6,016 2.0 660 12.3
Saudi Arabia 4,689 5,455 1.8 766 16.3
Canada 3,716 4,608 1.6 892 24.0
Hong Kong 4,630 4,413 1.5 -217 -4.7
Others* 94,118 1,05,770 35.5 11,652 12.4
          of which: India 51,707 53,086 17.8 1,379 2.7
Total 2,60,548 2,97,530 100.0 36,982 14.2
*Others also includes non-resident Indians (NRIs), who use their Indian permanent address.

Table 4: Equity Securities held Abroad by MFs at Market Value – Major Countries
(Amount in ₹ crore)
Country End-March 2025 (R) End-March 2026 (P) Share in 2026 (%) Variation
Amount Per cent
1 2 3 4 5 6
United States of America 43,531 59,403 63.5 15,872 36.5
Luxembourg 13,631 18,948 20.2 5,317 39.0
Ireland 7,600 10,003 10.7 2,403 31.6
Hong Kong 1301 1468 1.5 167 12.8
Canada 215 1110 1.2 895 416.3
China (Mainland) Peoples Rep. 540 822 0.9 282 52.2
United Kingdom 440 539 0.6 99 22.5
Japan 248 352 0.4 104 41.9
Singapore 115 213 0.2 98 85.2
Korea, Republic Of (South Korea) 60 163 0.2 103 171.7
Others 391 581 0.6 190 48.6
Total 68,072 93,602 100.0 25,530 37.5

Table 5: Foreign Liabilities and Assets of AMCs
Item End-March 2025 (R) End-March 2026 (P)
₹ crore US$ million ₹ crore US$ million
1 2 3 4 5
Foreign Liabilities 62,995 7,361 82,248 8,690
    (a) Direct Investment 42,874 5,010 56,201 5,938
    (b) Portfolio investment 20,119 2,351 26,023 2,749
    (c) Other Investment 2 - 24 3
Foreign Assets 962 112 938 99
    (a) Direct Investment 935 109 907 96
    (b) Portfolio investment - - - -
    (c) Other Investment 27 3 31 3
Net Liabilities 62,033 7,249 81,310 8,591
Source: Annual Census on Foreign Liabilities and Assets:2025-26, RBI.

Table 6: Foreign Direct Investment in AMCs
(Amount in ₹ crore)
Country End-March Variation
2025 (R) 2026 (P) Share in 2026 (%) Amount Per cent
1 2 3 4 5 6
Japan 26,663 36,920 65.7 10,257 38.5
Canada 5,503 7,592 13.5 2,089 38.0
Mauritius 2,533 3,325 5.9 792 31.3
United Kingdom 3,078 2,733 4.9 -345 -11.2
France 3,015 2,144 3.8 -871 -28.9
Netherlands 294 1,603 2.9 1,309 445.2
Singapore 1,072 1,357 2.4 285 26.6
Hong Kong 475 297 0.5 -178 -37.5
United States of America 241 230 0.4 -11 -4.6
Total 42,874 56,201 100.0 13,327 31.1
Source: Annual Census on Foreign Liabilities and Assets:2025-26, RBI.

Table 7: Overseas Direct Investment by AMCs
(Amount in ₹ crore)
Country End-March Variation
2025 (R) 2026 (P) Share in 2026 (%) Amount Per cent
1 2 3 4 5 6
Guernsey 730 680 75.0 -50 -6.8
Singapore 183 203 22.4 20 10.9
Mauritius 12 13 1.4 1 8.3
United Arab Emirates 10 11 1.2 1 10.0
Total 935 907 100.0 -28 -3.0
Source: Annual Census on Foreign Liabilities and Assets:2025-26, RBI.

Annex

List of Mutual Funds responded to the 2025-26 MF Survey round

Sr. No. Name of the Entity Sr. No. Name of the Entity
1 360 One Mutual Fund 28 Kotak Mahindra Mutual Fund
2 Abakkus Mutual Fund 29 LIC Mutual Fund
3 Aditya Birla Sun Life Mutual Fund 30 Mahindra Manulife Mutual Fund
4 Angel One Mutual Fund 31 Mirae Asset Mutual Fund
5 ASK Mutual Fund 32 Motilal Oswal Mutual Fund
6 Axis Mutual Fund 33 Navi Mutual Fund
7 Bajaj Finserv Mutual Fund 34 Nippon India Mutual Fund
8 Bandhan Mutual Fund 35 NJ Mutual Fund
9 Bank Of India Mutual Fund 36 Old Bridge Mutual Fund
10 Baroda BNP Paribas Mutual Fund 37 PGIM India Mutual Fund
11 Canara Robeco Mutual Fund 38 PPFAS Mutual Fund
12 Capitalmind Mutual Fund 39 Quant Mutual Fund
13 Choice Mutual Fund 40 Quantum Mutual Fund
14 DSP Mutual Fund 41 Samco Mutual Fund
15 Edelweiss Mutual Fund 42 SBI Mutual Fund
16 Franklin Templeton Mutual Fund 43 Shriram Mutual Fund
17 Groww Mutual Fund 44 Sundaram Mutual Fund
18 HDFC Mutual Fund 45 Tata Mutual Fund
19 Helios Mutual Fund 46 Taurus Mutual Fund
20 HSBC Mutual Fund 47 The Wealth Company Mutual Fund
21 ICICI Prudential Mutual Fund 48 Trust Mutual Fund
22 IIFCL Mutual Fund (IDF) 49 Unifi Mutual Fund
23 IL&FS Mutual Fund (IDF) 50 Union Mutual Fund
24 Invesco Mutual Fund 51 UTI Mutual Fund
25 ITI Mutual Fund 52 Whiteoak Capital Mutual Fund
26 Jio Blackrock Mutual Fund 53 Zerodha Mutual Fund
27 JM Financial Mutual Fund  

1 The results of the previous survey round for the year 2024-25 were released vide press release dated August 18, 2025.

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