Survey of Foreign Liabilities and Assets of Mutual Funds 2025-26

August 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

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

ᮧेस ᮧकाशनी PRESS RELEASE

भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA

वेबसाइट : www.rbi.org.in/hindi
Website : www.rbi.org.in
ई-मेल/email : helpdoc@rbi.org.in

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Table 1: Mutual Funds – Foreign Liabilities and Assets

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)

*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