The Reserve Bank of India today released, on its website, the datarelated to the results of Survey of India’s Foreign Liabilities and Assets for the Mutual Fund Companies 2012-13.
The data compiled are based on annual survey on India’s foreign liabilities and assets (FLA) of the mutual fund companies (MFs) and Asset Management Companies (AMCs) covering 45 companies (list in Annex) which held/acquired foreign assets and/or liabilities during current and/or previous years. For the reference period March 2012-13, information was collected under Schedule 4 from MFs regarding units issued to non-residents, unpaid dividend, redemption of units issued to non-residents and MFs’ overseas investment. Data on stock of external assets and liabilities of AMCs were collected through FLA return.
Highlights:
I. Mutual Fund Companies
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Foreign Liabilities: Foreign liabilities of MFs with two broad components (i) units issued to non-residents and (ii) other foreign liabilities arising out of unpaid income/ dividend to non-residents, sale proceeds pending repatriation, etc., declined by ` 53.7 billion (US$ 1.5 billion) to ` 383.4 billion (US$ 7.0 billion) in March 2013. Units issued to non-residents, the major component of foreign liabilities at face value, declined from ` 256.6 billion in March 2012 to ` 217.4 billion in March 2013 (Table 1 & 2).
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Foreign Assets: Foreign assets of MFs also declined from ` 39.3 billion in March 2012 to ` 31.9 billion (US$ 0.6 billion) as at end-March 2013; as a consequence, net liabilities of MFs declined by ` 46.4 billion (US$ 1.3 billion) to ` 351.4 billion (US$ 6.5 billion) in March 2013. Equity securities remained the major component of MFs foreign assets which declined from ` 38.0 billion in March 2012 to ` 30.8 billion in March 2013. None of the MF companies invested in debt securities abroad (Table 3).
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Country-wise Foreign Liabilities: United Arab Emirates (UAE), USA, UK, Singapore, Mauritius, Canada and Hong Kong were the major countries which together accounted for nearly 35 per cent of total foreign liabilities of the mutual fund companies in March 2013 (Table 4 & 5).
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Country-wise Foreign Assets: Luxembourg (with share of 58.4 per cent in March 2013) was the major country with respect to foreign assets of MFs, followed by USA (15.6 per cent) and Hong Kong (5.9 per cent) (Table 6).
II. Asset Management Companies
Foreign Liabilities and Assets: Foreign liabilities of AMCs associated with the MFs increased by ` 4.5 billion to ` 32.9 billion in March 2013. Foreign assets of AMCs increased marginally from ` 1.6 billion in March 2012 to ` 1.7 billion in March 2013. As a consequence, net liabilities increased from ` 26.9 billion in March 2012 to ` 31.2 billion in March 2013 (Table 7).
Country-wise Foreign Liabilities and Assets: Mauritius accounted for the maximum share of foreign liabilities (29.0 per cent), followed by UK (19.5 per cent) and Japan (15.8 per cent). Singapore and Guernsey accounted for more than two-thirds share in of foreign assets of AMCs in March 2013 (Table 8 & 9).
Reinvested Earnings: Reinvested earnings of the AMCs, which are estimated as the difference (positive or negative) between company’s net profit/loss and its distributed dividends, increased from ` 2.9 billion in 2011-12 to ` 3.2 billion in 2012-13.
Sangeeta Das
Director
Press Release : 2013-2014/1602
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Table 1: Mutual Fund Companies Foreign Liabilities and Assets |
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|
Mutual Fund Company |
End-March 2012 |
End-March 2013 |
Annual Growth in (%) |
||
|
` million |
US$ million* |
` million |
US$ million* |
||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
| Foreign Liabilities |
4,37,081 |
8,544 |
3,83,357 |
7,048 |
-12.3 |
| Foreign Assets |
39,272 |
768 |
31,935 |
587 |
-18.7 |
| Net Liabilities |
3,97,809 |
7,776 |
3,51,422 |
6,461 |
-11.7 |
|
* Using end-march Rupee/ Dollar RBI reference rate (www.rbi.org.in). This footnote is also applicable for remaining tables. |
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|
Type of Assets |
End-March 2012 |
End-March 2013 |
Annual Growth in(%) |
||
|
` million |
US$ million* |
` million |
US$ million* |
||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
| Equity Securities |
38,019 |
743 |
30,813 |
566 |
-19 |
| Debt Securities |
0 |
0 |
0 |
0 |
0 |
| Other Foreign Assets |
1,253 |
25 |
1,122 |
21 |
-10.5 |
