Non-resident Indians continue to be a meaningful part of the Indian mutual fund ecosystem, with the UAE, US, UK and Singapore remaining the largest sources of such investment year after year. The Reserve Bank of India (RBI) has released the findings of its 2025-26 Survey of Foreign Liabilities and Assets of Mutual Funds, and the numbers show a mutual fund industry with a very different foreign money story compared to a year ago. UAE, US, UK and Singapore continue to dominate non-resident holdings within the Indian mutual fund industry. The pattern of who is holding Indian MF units abroad has stayed largely consistent.