The Reserve Bank of India’s annual Survey on Foreign Liabilities and Assets (FLA) of Mutual Funds collects information on the external financial liabilities and assets of mutual funds in India as of the end of March of the latest financial year. The data are used for compiling India’s Balance of Payments, International Investment Position, and other external sector statistics. The survey is conducted every June and participation is mandatory for mutual funds in India, including entities with no foreign liabilities or assets, which must submit NIL returns. Responses may be filed through the existing Excel-based system or the web-based Centralised Information Management System (CIMS) portal. The submission deadline is July 7 each year. The instructions prescribe detailed filing requirements, confidentiality provisions, reporting formats, and validation mechanisms. The document also lists fatal and non-fatal error codes to ensure data accuracy, including errors relating to entity details, country reporting, foreign liabilities, foreign assets, and significant deviations from previously reported figures.
Survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) in India
(Updated as on June 01, 2026)
General Instructions
The Reserve Bank’s survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) in India is conducted annually. It collects the information from MF on their external financial liabilities and assets as at end-March of the latest financial year (FY). The information collected from this survey are used in the compilation of India’s Balance of Payments (BoP), International Investment Position (IIP) and other related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.
Confidentiality Clause: The Reserve Bank releases the survey results only at the aggregate level and the institution-wise data furnished in the schedule are kept confidential.
For Excel based survey schedule (existing system):
Note: The respondent entity should fill-up the survey schedule in excel format (*.xls format), which is available on RBI website. Respondents are requested to read the instruction sheet (available in survey schedule) carefully before filling the survey schedule.
Important Points: The respondent entity should follow the below-mentioned points while filling and submitting the survey schedule:
(i) The entity must use the latest survey schedule, which is in .xls format, without incorporating any macros.
(ii) The entity is required to save the survey schedule in Excel 97-2003 workbook, i.e., in .xls format by following the below-mentioned steps:
a. Go to Office Button / File → Save As → Save As type
b. Select “Excel 97-2003 Workbook” and save the survey schedule in .xls format.
(iii) The entity is requested not to incorporate any macro in the survey schedule while submitting the same.
(iv) Survey schedule submitted in any other format (other than .xls format) will be rejected by the system.
(v) Ensure that all information furnished in the survey schedule are complete and no information is missed out.
(vi) After filling sections I and II, the entity has to fill the declaration sheet, which helps in validating that the information entered by the entity are reconfirmed before submission to RBI. This helps to avoid data entry errors, missed data and other errors.
For Web based survey – Centralised Information Management System (CIMS portal):
Note: The survey launching mail will also be sent to the entities from another sources, i.e., from email ID: no-reply-cims@rbi.org.in (through CIMS portal). The reporting entities are requested to submit their response by login to the CIMS portal through link received from e-mail ID: no-reply-cims@rbi.org.in. Accordingly, reporting mutual funds are requested to open the self-registration link (URL: https://10.28.3.44/LOGIN/#/login?responders= [Click: New Registration]) and create login credential and submit the response through online web-based form in the CIMS portal.
1. In which month does RBI launch the MF survey?
Ans.: The RBI launches the MF survey during the month of June every year with previous financial year ended end-March as the reference date.
2. What is the frequency of this survey?
Ans.: The survey is conducted annually.
3. Which entities are required to participate in the survey?
Ans.: MF in India are required to participate in this survey.
4. How does the MF submit the MF survey schedule to the RBI?
Ans.: For Excel based survey schedule:
Once the survey is launched, MF will receive an email from RBI along with the soft copy of the survey schedule in excel format as attachment. The entity should use this survey schedule to fill in the details. The filled-in survey schedule in excel format (.xls format) should be sent by email to mf@rbi.org.in. No other attachments should be forwarded along with the MF survey schedule.
For Web based survey (CIMS):
Note: The survey launching mail will also be sent to the entities from another sources, i.e., from email ID: no-reply-cims@rbi.org.in (through CIMS portal). The reporting entities are requested to submit their response by login to the CIMS portal through link received from e-mail ID: no-reply-cims@rbi.org.in. Accordingly, reporting mutual funds are requested to open the self-registration link (URL: https://10.28.3.44/LOGIN/#/login?responders= [Click: New Registration]) and create login credential and submit the response through online web-based form in the CIMS portal.
(Note: On stabilization of new reporting system under CIMS, the existing excel-based reporting system will be decommissioned from the next round of the survey).
5. What if the MF does not receive the soft copy of the survey schedule by email?
Ans.: In case MF does not receive the soft copy of survey schedule, they may download the same from RBI website under the head ‘Regulatory Reporting’ → ‘List of Returns’ → ‘FLA MF – Survey Schedule’ [or under the head ‘Forms’ (available at the bottom of the home page) and sub-head ‘Survey’] or send a request to the e-mail: mfquery@rbi.org.in
6. What is the timeline for the submission in MF Survey by Mutual Fund?
Ans.: The mutual fund can submit their responses through survey schedule (excel format) on designated email (mf@rbi.org.in) and web-based form on CIMS portal on or before July 07 for the respective year.
7. What is the reference period of MF survey?
Ans.: The reference period of an MF survey round is the immediately preceding financial year (April-March).
8. If the MF entity does not have foreign liability and assets during the reference period, do they need to participate in the survey?
Ans.: If the MF entity does not have foreign liability or assets during the reference period, then that entity is required to submit NIL survey schedule of MF survey as well as FLA form on FLAIR portal.
9. Can an entity get an acknowledgement for submission of the MF survey schedule?
Ans.: After sending the duly filled in and valid MF survey schedule (excel based) to mf@rbi.org.in, an MF entity will receive the system-generated acknowledgement. No separate mail will be sent in this regard. If some error is mentioned in the acknowledgement, then the respondent is required to resubmit the form by rectifying the mentioned error. After corrections, the entity should receive a successful processing acknowledgement.
After filing the web-based form on CIMS portal, MF entity will receive the system-generated acknowledgement.
10. What information should be reported in MF survey, if balance sheet of the entity is not audited before the due date of submission?
Ans.: If the entity’s accounts are not audited before the due date of submission, i.e., July 07, then the MF survey schedule should be submitted based on unaudited (provisional) account.
11. In case where account closing period of the MF entity is different from reference period (end-March), can it report the information as per account closing period?
Ans.: No. Even if a entity’s account closing period is different from reference period (end-March), the MF survey information should be reported for the survey reference period, based on the entity’s internal assessment.
12. Provide the list of the Fatal and Non-Fatal Errors with their descriptions.
Ans.: Please refer to the below table containing the error codes (Fatal error, non-Fatal error) with their descriptions. If a respondent gets an acknowledgment of the processed data with any Fatal error codes, then it should study the below-mentioned fatal error message/description and revise its data accordingly. The revised data may be resubmitted on mf@rbi.org.in. In case if the entity gets an acknowledgment of the processed data with any non-fatal error codes, then it needs to provide justification/clarification on the errors mentioned, by email to mfquery@rbi.org.in along with revised data, if applicable to mf@rbi.org.in.
For any issue related to web-based filing, please attach screenshot of the relevant error point, and send to email mfquery@rbi.org.in.
| Sl No. | Mutual Fund Error Codes and Description | ||
| Criteria | Error Codes | Description | |
| Fatal Errors | |||
| 1 | If Mutual Fund Entity name given at item 1.(i) of block-I of Section I is NULL | MF_F_003 | Name of the Mutual Fund Entity is not given. Please provide the name of the mutual fund entity in the Section I. |
| 2 | If Asset Management Entity name given at item 1.(iii) of block-I of Section I is NULL | MF_F_004 | Name of the Asset Management Entity (AMC) is not given. Please provide the name of the AMC in the Section I. |
| 3 | If CIN number of Mutual Fund Entity is blank or length of CIN is less than 21 characters | MF_F_006 | Invalid CIN number is given in Section I. Please ensure that correct 21-digit CIN of Asset Management entity as provided by the Ministry of Corporate Affairs is entered. |
| 4 | If Name of the contact person given at item 2 (i) of block-I of Section I is NULL | MF_F_007 | Name of the contact person is not provided. Please provide the name of the contact person in the Section I. |
| 5 | If Email ID for contact given at item 2 (v) of block-I of Section I is NULL | MF_F_008 | Contact person’s e-mail is not provided. Please provide the e-mail ID of the contact person in Section I. |
| Non-Fatal Errors | |||
| 6 | In case of change in entity name, if old entity name is not given | MF_NF_001 | Old entity name is not given. Please provide the old entity name in the Section I. |
| 7 | In case of change in entity name, if new entity name is not given | MF_NF_002 | New entity name is not given. Please provide the new entity name in the Section I. |
| 8 | In case of change in entity name, if Effective date of change is not given | MF_NF_003 | Effective date of change in name of the mutual fund entity is not given. Please provide the effective date of change in entity name in the Section I. |
| 9 | If the Face Value deviation is larger than 10% in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS (deviation=(current Year Face Value Total-previous Year Face Value Total)*100/(previous Year Face Value Total)) | MF_NF_004 | Block-1: The total face value of units held by non-resident for the previous year (end March 2024) as reported in the current survey year (2024-25 round) is inconsistent with the current year reporting (end March 2025) in previous survey year (2023-24 round). |
| 10 | If the Market Value deviation is larger than 10% in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS | MF_NF_005 | Block-1: The total market value of units held by non-resident for the previous year (end March 2024) reported in the current survey year (2024-25 round) is inconsistent with the current year reporting (end March 2024) in previous survey year (2023-24). |
| 11 | If both previous year and current year Face values > 1000 (Rs in Lakhs) and deviation is larger than 50% in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS | MF_NF_006 | Block-1: There is a high deviation in Face Value of Unit held by non-resident from previous year to current year. |
| 12 | If both previous year and current year Market values > 1000 (Rs in Lakhs) and deviation is larger than 50% in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS | MF_NF_007 | Block-1: There is a high deviation in Market Value of Unit held by non-resident from previous year to current year. |
| 13 | If sum of the data for XX (no specific country) and IN (INDIA) is larger than 50,000 ₹ lakh and the proportion of the same from the total is more than 50% for the current Survey year in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS for Face Value (Column 6) | MF_NF_008 | Block-1: ” NO Specific Country & India ” has been selected instead of Foreign Country Name for face value of units held by non-resident. |
| 14 | If the foreign liabilities deviation is larger than 10% in Block2 OTHER FOREIGN LIABILITIES | MF_NF_009 | Block-2: Other Foreign Liabilities for the previous year (end March 2024) reported in the current survey year (2024-25 round) is inconsistent with the current year reporting (end March 2024) in previous survey year (2023-24 round). |
| 15 | If both previous year and current year foreign liabilities > 1000 (Rs in Lakhs) and deviation is larger than 50% in Block2 OTHER FOREIGN LIABILITIES | MF_NF_010 | Block-2: There is a high deviation in OTHER FOREIGN LIABILITIES from previous year to current year. |
| 16 | If the foreign assets deviation is larger than 10% in Block3 OTHER FOREIGN ASSETS | MF_NF_011 | Block-3: Other Foreign Assets for the previous year (end March 2024) reported in the current survey year (2024-25 round) is inconsistent with the current year (end March 2024) reporting in previous survey year (2023-24 round). |
| 17 | If both previous year and current year foreign assets > 1000 (Rs in Lakhs) and deviation is larger than 50% in Block3 OTHER FOREIGN ASSETS | MF_NF_012 | Block-3: There is a high deviation in OTHER FOREIGN ASSETS from previous year to current year. |
| 18 | If the total of all the below Blocks (Block1 Column 6 and 8, Block2 Column 12, Block3 Column 19) are null or zero | MF_NF_013 | The entity has reported nil information i.e., there is no foreign liabilities and assets of the entity. |
| 19 | If the Country is not available for year (Unit for non-residents) in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS | MF_NF_014_B1 | Block-1: Country of residence of unit holder is not given in Block-1. |
| 20 | If the Country is not available for (Liability Type) in Block2 OTHER FOREIGN LIABILITIES | MF_NF_014_B2 | Block-2: Country of non-resident (OTHER FOREIGN LIABILITIES) is not given in Block-2. |
| 21 | If the Country is not available for (Asset Type) in Block3 OTHER FOREIGN ASSETS | MF_NF_014_B3 | Block-3: Country of non-resident (OTHER FOREIGN ASSETS) is not given in Block-3. |
| 22 | If sum of the data for XX (no specific country) and IN (INDIA) is larger than 50,000 ₹ lakh and the proportion of the same from the total is more than 50% for the current Survey year in Block1 UNITS ISSUED TO AND OUTSTANDING IN THE NAME OF NON-RESIDENTS for Market Value (Column 8) | MF_NF_015 | Block-1: ” NO specific country & India ” has been selected instead of Foreign Country Name for market value of units held by non-resident. |
(Republished with amendments)
