Comprehensive Compliance Guide to RBI’s FLA Survey for Mutual Fund AMCs (MF) in India

The Reserve Bank of India conducts an annual Survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) in India to capture the external financial exposure of mutual funds operating in the country. This exercise is critical for compiling India’s Balance of Payments (BoP), International Investment Position (IIP) and other external sector datasets in a format that is internationally comparable.

This guide explains, in simple and practical terms, the obligations of mutual funds and their asset management entities, the reporting modes (Excel-based and CIMS web-based), timelines, error codes, and how to ensure an error-free submission.

Important: Participation in this FLA MF survey is mandatory for all mutual funds in India, even where there are no foreign assets or liabilities. Such entities must file a NIL return.

1. Objective and Scope of the FLA MF Survey

1.1 Purpose of the Survey

The FLA MF survey is designed to collect data on:

  • External financial liabilities of mutual funds in India
  • External financial assets held by mutual funds in India

The reference date for reporting is end-March of the latest financial year. For example, for the survey round launched in June 2026, the reference period will be the financial year ended 31 March 2026.

The data is used by RBI to compile:

  • India’s Balance of Payments (BoP)
  • India’s International Investment Position (IIP)
  • Other external sector indicators reflecting cross-border financial transactions and outstanding positions

1.2 Confidentiality of Submitted Data

RBI has clearly indicated that all institution-wise submissions are treated as confidential:

Confidentiality Clause: RBI disseminates the survey findings only in aggregated form. Information reported by individual mutual funds or asset management companies in the survey schedule is not disclosed at entity level.

This assurance enables assessee entities to report accurate and complete information without concern of public disclosure at the institution level.

2. Who Must File and When?

2.1 Reporting Entities

The FLA MF survey is applicable to:

  • All mutual funds in India, along with their respective asset management entities, which are required to respond for each survey round.

Filing is mandatory irrespective of whether the mutual fund has foreign assets or foreign liabilities during the reference year.

2.2 Filing NIL Returns

If a mutual fund does not have any foreign assets or foreign liabilities during the relevant financial year:

  • It must still submit a NIL survey schedule for the MF survey, and
  • It must also continue to file the FLA form on the FLAIR portal, as applicable.

Non-reporting on the ground of “no foreign exposure” is not permitted.

2.3 Survey Launch Month and Frequency

  • RBI launches the MF FLA survey every year in June.
  • The survey is annual in nature, covering the financial year ending 31 March immediately preceding that June.

2.4 Reference Period

The reference period for each survey cycle is:

  • The immediately preceding financial year (April–March)
  • Data must be reported as at end-March of that year, even if the entity’s own accounting year is different.

Note: Even if an assessee mutual fund closes its books on a date other than 31 March, it must still estimate and report values as at end-March, based on internal assessments and records.

2.5 Due Date for Submission

  • The completed MF survey schedule (whether via Excel or CIMS portal) must be submitted on or before July 07 of the relevant year.

This due date applies to both:

  1. Excel-based submission at mf@rbi.org.in, and
  2. Web-based filing through the CIMS portal.

2.6 Reporting When Accounts Are Not Audited

If audited financial statements are not finalised by the due date (July 07):

  • The mutual fund must submit the MF survey schedule based on unaudited / provisional accounts.
  • There is no relaxation from reporting merely because the audit is pending.

3. Modes of Submission: Excel vs CIMS Portal

RBI currently permits two channels for filing the MF FLA survey:

  1. Excel-based survey schedule (existing system), and
  2. Web-based filing through Centralised Information Management System (CIMS portal).

However, once the new CIMS system is fully stabilised, the Excel-based facility is proposed to be phased out for future rounds.

3.1 Excel-Based Survey Schedule – Key Instructions

3.1.1 Accessing the Excel Schedule

The assessee mutual fund may receive the survey schedule by email from RBI when the survey is launched. If the email is not received, the Excel schedule can be downloaded from RBI’s website:

  • Under ‘Regulatory Reporting’ → ‘List of Returns’ → ‘FLA MF – Survey Schedule’, or
  • Under ‘Forms’ → ‘Survey’ (available at the bottom of the RBI home page).

If there are any difficulties in downloading the schedule, a request can be emailed to mfquery@rbi.org.in.

3.1.2 File Format Requirements

While using the Excel-based schedule, the entity must strictly follow these rules:

  • Use only the latest version of the survey schedule in .xls format (Excel 97–2003).
  • Do not insert or enable any macros in the file.
  • Other formats such as .xlsx, .csv, or .xlsm will be rejected by the system.

To save the schedule correctly:

  1. Open the Excel survey schedule.
  2. Go to File / Office Button → Save As → Save as type.
  3. Choose “Excel 97-2003 Workbook”.