Decoding FPIs: The Global Capital

Behind Indian Markets

Edelweiss Mutual Fund – SEBI Registration No. MF/057/08/02

 Executive Summary
FIIs, now classified as Foreign Portfolio Investors (FPIs) represent large international entities that invest
billions of dollars into Indian assets

Category I FPIs form the core investor base US remains the largest source of FPI assets
~94% of FPI assets are held by Category I investors, like govt & govt related Holdings from US-based investors stand at ~₹31 Lakh Cr
investors, pension & university funds, regulated entities etc

FPIs own more of stocks than ever before Key drivers of relative FPI allocation
While aggregate FPI ownership has moderated, FPIs are now invested ➢ Fundamentals & valuations
across a wider universe of stocks than before, with AUC of ~74 Lakh Cr ➢ Interest rates
➢ Macro events
➢ Global risk appetite

CY22–25: Recent FPI Market Activity Recent tax reform

FPIs sold ~₹3.7 Lakh Cr in secondary equities, while buying ~₹2.8 Lakh Cr Capital gains tax, tax on interest income & withholding tax on FPI
in debt and investing ~₹2.6 Lakh Cr in IPO investments in Government securities has been exempted, improving
post-tax returns for foreign investors

FPIs still continue to hold substantial assets in India & hence they are a key transmission channel
of global risk to Indian assets

Source – Internal | Above tax amendment is applicable wef 1st April 2026 | AUC – Assets under custody | AUC data is as on 30th April 2026 2
About FPIs

3
 Understanding Foreign Portfolio Investors (FPI)

SEBI’s FPI categorization is a proxy for investor type, regulatory comfort and often stability of capital

SEBI classifies FPIs into 2 Categories

Category II FPIs
Category I FPIs
(Investors not eligible under Cat I)

Govt & Govt related investors eg Central banks, Sov wealth funds Reg funds not eligible as Cat-I

Pension & university funds Corporate bodies

Regulated entities eg Banks, AMC, Insurance comp, PM, IA,IM Individual & family offices

Entities from the FATF member countries Charitable organizations

IM from the FATF member countries Unregulated fund - Limited

Partnership / Trust

Source SEBI | FII - Foreign Institutional Investors, AMC – Asset Management Companies, Sov – Sovereign, PM –Portfolio Manger , IA – Investment Advisor, FATF - Financial Action Task Force, Reg- Regulated
IM – Investment Managers | For detail explanation refer SEBI circular No. SEBI/LAD-NRO/GN/2019/36 | Cat-I Category I
4
 Category wise breakup
Growth lead by Category I FPIs like central banks, pension & university fund, regulated entities etc

April 2021 April 2026

3 Lakh Cr 4 Lakh Cr
6%
7%

93% 94%
41 Lakh Cr 70 Lakh Cr

Category I Category II Category I Category II

Source NSDL | The above figures are in INR 5

 A look at FPIs investor base
FPI AUC remains dominated by Mutual funds, with diversified participation across client types

AUC classified based on client-type (US$ bn)

Mutual Fund Regulated/unregulated funds Sovereign Wealth Fund Pension Fund
900 Investment Manager/Advisor Investment Trust Others
800

700
93
600
73
500 50
59
400

300

200 412

100

0
Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24

Apr-26
Dec-25
Source: EPFR, Kotak Institutional Equities | AUC – Asset under custody 6
 FPIs allocation to India dedicated and GEM funds

India-dedicated flows have seen sharper cycles, while GEM allocations have remained relatively stable

India dedicated and GEM fund flows in Mn $

25,000

20,000

15,000

10,000

5,000

(5,000)

(10,000)

(15,000)

2026
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025
India-dedicated funds GEM funds

Source: EPFR, Kotak Institutional Equities | GEM - Global Emerging Market | 2026 data is as on 30th April 2026 | GEM flows are not fully allocated to India; India receives only the portion corresponding to its weight and positioning within GEM portfolios |
Please note that there is a difference between EPFR-reported fund flows and FPI flows reported by NSDL. EPFR fund flow data primarily tracks mutual funds, ETFs, closed-end funds and variable annuity funds/insurance-linked funds 7
 Permitted investment avenues for FPIs
Equity access is broad with micro-level ownership limits; debt access is macro-controlled through
RBI-defined caps & routes

Investment Avenues

Equity Debt Hybrids

(Primary & Secondary Market) (VRR, FAR, General Route)

Listed or to be Corporate debt REITs & InvITs

listed stocks securities
Domestic MF
Warrants Central Govt Securities* Units

Domestic MF Units State Govt securities

Repos &
reverse repos#
Municipal bonds

Domestic MF Units

Source SEBI, RBI, FEMA, Deutsche Bank| *Central Govt securities (includes Treasury Bills) | # Subject to the amount borrowed or lent under repo not exceeding 10 per cent of the investments by an FPI under VRR | FPI can also invest in other instruments
like derivatives, Units of collective investment scheme, Indian depositary receipts | For more details please refer FEMA,RBI & SEBI Regulations | SEBI and RBI have opened multiple avenues for FPIs, subject to specific limits 8
 FPI flows have remained volatile over the years

FPIs often reallocate between equity & debt based on evolving market opportunities, and these
shifts can reverse rapidly

FPI flow in Lakh Cr

2.0 1.7 1.7
1.5 1.5
1.5
1.0
1.0 0.6
0.5 0.5 0.6
0.5 0.2 0.2 0.3
0.1 0.1
0.3 0.2
0.1
0.1 0.1
0.0
-0.5 -0.1
-0.4 -0.3
-0.5
-1.0 -0.8
-1.5 -1.2

-2.0 -1.6

-2.5 -2.2
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026*
Equity Debt Hybrid

Total 0.7 -0.2 2.0 -0.8 1.4 1.0 0.5 -1.3 2.4 1.6 -1.0 -2.1

Source NSDL | *Data is as on 31st May 2026 9

FPIs equity capital allocation pattern: Last 4 Years

CY22–CY25: FPIs sold ₹1.1 lakh Cr in equities

(₹2.6 Lakh Cr IPO inflows vs ₹3.7 Lakh Cr secondary outflows)

FPI Flows (in Lakh Cr)

2.0 1.7
1.5 1.2 1.3
1.0 0.7
0.4
0.5 0.2
0.0
0.0
-0.5
-1.0
-1.5 -1.2 -1.2
-1.5 -1.6
-2.0
-2.5 -2.3
-3.0
Primary Market (Equity) Secondary Market (Equity) Net Equity Flows
2022 2023 2024 2025

Source - HPMG | Data as on 26th December 2025 10

 How FPIs Invests in India?

FPI market access is intermediated through DDPs and custodians, which anchor registration,
KYC, settlement and ongoing compliance under SEBI’s framework

Investment Architecture

Domestic
DDP Custodian

FPIs must register with a DDP

Holds securities in demat
Large custodian bank (eg JPMorgan etc.)

DDP acts on behalf of SEBI to grant Settle trades & corporate actions
registration & perform KYC

Source PL Capital
11
 The FPI Map - Where do they come from

FPI Holding INR Lakh Cr

35

30

25

20

15

10

Equity Debt Hybrid

Source NSDL | Data as on 30th April 2026 | FPI domicile shows the investing vehicle’s jurisdiction and may not fully capture the underlying source of investor capital. 12
 How FPIs differ from FDIs
Feature Foreign Direct Investment (FDI) Foreign Portfolio Investment (FPI)

Nature of investment Physical assets, businesses Financial securities, stocks, bonds, ETFs

Investor intent Long-term ownership and control Short to medium-term financial returns

Stake Limit 10% or more of post-issue capital Less than 10% of post-issue capital

Role Active Passive (No role in day-to-day operations)

Entry/Exit Difficult (Illiquid, regulatory approvals) Easy (Entry/exit via stock exchange)

Horizon Long-term (Years to Decades) Short to Medium-term

Regulated by RBI and DPIIT under FEMA SEBI (FPI Regulations 2019) and RBI

Entry routes Automatic or Government approval SEBI registration required

Examples Factory setup, company acquisition Buying Nifty 50 stocks, Indian bonds

Source PL Capital | upstox | DPIIT- Department for Promotion of Industry and Internal Trade 13
 FPI taxation in India
Revised taxation will be applicable wef 1st April 2026

Taxation Revised Taxation

Nature of Income
STCG LTCG STCG LTCG
Interest 20% Exempt for G- Secs
Dividends 20% No Change

Sale of shares, units of equity-oriented 12.5% exceeding

20% No Change
mutual fund & REITs / InvITs INR 0.125 million

Sale of listed bonds & debentures 30% 12.5% Exempt for G- Secs

Sale of units of market linked debenture /

specified mutual funds / unlisted bond or 30% No Change
an unlisted debenture

Withholding tax Withholding tax

Interest 20% Exempt for G- Secs
Dividends 20% No Change

Source Income Tax Act 2025 | The above is excluding surcharge and cess | New amendment applicable wef 1st April 2026 | G-Sec – Government Security 14
 Returns earned by FPIs
FPI equity investments have generated ~6.8% USD XIRR since 2012

CY FPI AUC (USD B) FPI Equity Flows (USD B) Nifty 100 Index (USD)
2012 211.83 - 106.72
2013 20.10 100.65
2014 16.11 131.13
2015 3.19 122.16
2016 3.17 123.31
2017 7.77 172.04
2018 -4.39 159.42
2019 14.37 172.24
2020 23.01 192.88
2021 3.76 236.51
2022 -16.50 220.78
2023 20.47 263.38
2024 0.05 286.24
2025 -18.65 296.78
2026* -24.03 259.37

Source NSDL | *Data as on 31st May 2026 | AUC is of equity investment only | AUC refers to Assets under custody | How is XIRR calculated – We have assumed FPIs invested an
initial amount equivalent to their equity AUC as of 31 December 2012 in the Nifty 100 USD Index. Thereafter, annual net FPI equity flows (inflows/outflows) are assumed to be
invested or redeemed on 31 December of each respective year. All calculations are performed in USD terms using the Nifty 100 USD Index 15
What do they own

16
 FPIs reduce equity ownership, but expand their stock presence

While overall FPI ownership has declined, FPIs are now present across a larger number of stocks than
ever before

Source: NSDL, BSE website, Capitaline, I-Sec research 17

 FPI ownership trend – They still matter disproportionately in large,
index-heavy names

Top 10% largest companies account for ~84% of India’s total market cap, but form
~92% of FPI holdings

Source NSE - India Ownership Report March 2026 18

 FPIs are slowly shifting down the market-cap spectrum toward mid
caps, trimming large-cap exposure

FPI allocation to mid-caps has steadily increased from 12% in Dec-22 to 18% in Dec-25

5% 6% 7% 6%
12% 15% 16% 18%

83% 79% 77% 76%

Dec-22 Dec-23 Dec-24 Dec-25

Top 100 101-250 251-500

Source: CLSA 19
 FPIs are gradually rebalancing among sectors

Within Nifty 500, FPIs have reduced weight in financials, energy & IT, while increasing exposure to consumer
discretionary, communication services & industrials

Mar-21 Mar-26

39.5

32.6

12.7
11.3
9.9 9.9
7.1 8.0 7.0 7.9 7.4 6.9 5.9 6.5
5.2 4.6 4.7 4.6 5.4
2.9

Financials Cons. Disc Industrials Energy Materials IT Healthcare Comm Cons. Others
Services Staples

Source NSE - India Ownership Report March 2026 | Comm – Communication | Cons – Consumer | Disc –Discretionary 20
When do they enter and exit

21
 Journey of FPIs in India
Net Inflow Net Outflow

F.Y 1992–2000s FY 2009–11 FY 2014–15 FY 2020–21 FY 2023–24

Liberalisation V-Shape Strong COVID Highest FPI

Boom Recovery Rebound Surge inflow

Gradual inflows ~₹2.0L Cr ₹2.77L Cr ₹2.67L Cr ₹3.39L Cr

(combined)
Reform optimism Record rebound Improved corporate
Post-liberalisation; Markets rebounded;
Sentiment reversed; post-pandemic profitability, stable
net purchases post GFC
very strong FPI selloff domestic macros, &
peaked pre-2008
inflows returned stable political
crash
environment

FY 2008–09 FY 2013–14 FY 2018–20 FY 2021–22 F.Y 2025-26

Taper Global Headwinds Rate Hike Global Risk +

GFC Shock Fundamentals
Tantrum + COVID Pullback + War

~₹45,800 Cr ~28,000 Cr− ~₹66,500 Cr ~₹1.22L Cr ~₹1.52L Cr

(Debt Outflow)
Sharp outflows Rate hikes in US, Global monetary High Valuation, muted
Fed signalled
during global rising crude price tightening & Russia earnings, trade
tapering of QE
financial crisis etc + COVID shock Ukarine war tension & West Asia
caused outflows triggered outflows war led to outflows

Source CDSL | QE - Quantitative Easing | Net inflow & Outflow include – Equity, Debt and Hybrid flows 22
 FPI allocations are shaped by relative macro and market
attractiveness

Growth & Fundamentals Global Liquidity Currency

03 (INR / USD)
High GDP growth, stable inflation FPIs are highly sensitive to global A stable or appreciating rupee enhances
attractive valuations & robust corporate interest rates. Sharp US Fed rate hikes USD returns. Significant INR
earnings attract FPIs and vice versa. have historically triggered large FPI depreciation erodes returns and triggers
outflows from India. FPI selling.
In FY 2023–24: Fundamental optimism & stable In 2025: Rupee depreciation was a one of the
In 2022 Fed tightening caused large outflows
macro drove FPI inflows driver of sustained FPI outflows from India

Risk
04 Appetite (Risk-On / Risk-Off) Regulatory & Index Inclusion
RBI has provided relaxation on restriction in investment by FPI in
During geopolitical tensions & trade uncertainty, global investors corp debt securities, SEBI reduced compliance for FPI investing only
shift capital from emerging markets to safer haven assets. in Indian govt bonds. India’s inclusion in global benchmarks* has
brought passive flows.

In Apr 2025 US tariff escalation & Feb 2026 West Asia conflicts led to FPI
JP Morgan GBI-EM inclusion (Sep 2023) triggered a 4x surge in FPI debt inflows
outflows

Source Internal * MSCI EM Index, JPM GBI-EM bond index, FTSE EMGBI bond index etc EM – Emerging Markets 23
 When do they move? – Relative valuations
In 2025 opportunities emerged in undervalued markets (e.g., China/Hong Kong’s rebound), or in sectors
with more certain growth drivers (e.g., AI-driven tech), India’s high valuations became a significant barrier

MSCI India vs MSCI EM 12 Month Forward PE

120% FPI Outflow -1.21 Lakh Cr

100%
FPI Outflow -1.64 Lakh Cr
FPI Outflow -0.33 Lakh Cr
80%

60%

40%
FPI Inflow 2.41 Lakh Cr
20%
FPI Inflow 0.83 Lakh Cr
0%

-20%
Jun-08
Dec-08

Dec-20
Aug-10

Jun-14
Dec-14

Aug-16

Aug-22
Mar-06

Feb-11

Mar-12

Feb-17

Mar-18

Feb-23

Mar-24
Oct-06

Jan-10

Oct-12

Jan-16

Oct-18

Jan-22

Oct-24
May-07
Nov-07

Jul-09

Apr-13
Nov-13

Jul-15

Apr-19
Nov-19
May-20

Jul-21

Apr-25
Nov-25
May-26
Sep-11

Sep-17

Sep-23
PE Premium/Discount Average

Source Bloomberg | NSDL | Data as on 31st May 2026 24

 When do they move? - India–US yield gap
A widening India–US yield gap supports FII debt inflows, while a narrowing gap often leads to reduced participation

FPIs are relative yield allocators

40000 6

30000
5

20000
4

10000
3
0
%
2
-10000

1
-20000

-30000 0
Mar-23
Mar-22

May-22

Nov-22

May-23

Nov-23

May-24

Nov-24
Jul-22

Jul-23

Mar-24
Apr-24

Jul-24

Mar-25

May-25

Nov-25
Jul-25

Mar-26

May-26
Dec-21

Apr-22

Jun-22

Dec-22

Apr-23

Jun-23

Dec-23

Jun-24

Dec-24

Apr-25

Jun-25

Dec-25

Apr-26
Aug-22
Jan-22
Feb-22

Sep-22
Oct-22

Jan-23
Feb-23

Aug-23
Sep-23
Oct-23

Aug-24
Jan-24
Feb-24

Sep-24
Oct-24

Aug-25
Jan-25
Feb-25

Sep-25
Oct-25

Jan-26
Feb-26
Debt Flows India US Yield Differential (RHS)
(INR Cr)

Source NSDL | India US Yield differential is the difference between 10 Yr G Sec Yield Inida and 10 Yr G Sec Yield US | Data as on 31st May 2026 25
 When do they move? - Change in INR

A sustained depreciation of the INR erodes FPIs returns, contributing to outflows & vice versa

CY Change in INR vs USD Nifty 100 TRI Return FPI Returns (USD) Equity FPI Flow(in Lakh Cr)
2008 -18.66% -53.07% -61.83% -0.53
2009 3.79% 84.88% 91.89% 0.83
2010 4.17% 19.28% 24.26% 1.33
2011 -15.88% -24.93% -36.85% -0.03
2012 -2.76% 32.51% 28.85%
2013 -11.50% 7.89% -4.52%
2014 -2.27% 34.88% 31.82%
2015 -4.51% -1.26% -5.72%
2016 -2.40% 5.01% 2.49%
2017 6.30% 32.88% 41.25% 0.51
2018 -8.40% 2.57% -6.05% -0.33
2019 -2.18% 11.83% 9.40%
2020 -2.76% 16.08% 12.88%
2021 -1.26% 26.45% 24.86%
2022 -10.25% 4.94% -5.81% -1.21
2023 -0.40% 21.24% 20.76%
2024 -2.93% 12.95% 9.64%
2025 -4.78% 10.24% 4.97% -1.64
2026 -5.73% -7.51% -12.81% -2.24

Data as on 31st May 2026 | Source ACE | RBI 26

 When do they move? – Macro Events
Macro dynamics form the foundation of FPI strategy, with stock selection serving as a secondary layer

FPI Flow in INR 000 Cr

Improved earnings
Liquidity + recovery of economy
125 Stable Macro
Policy reform optimism Slower Fed Hikes
75 Corporate tax cut

25

-25

-75

-125
NBFC/IL&FS crisis High Valuation + muted West Asia
High crude oil prices Covid War + Fed hikes → EM derating earnings + global risk Crisis
-175

Jan-22

Jan-23

Jan-24
Mar-21
Aug-16

Aug-17

Aug-18

Oct-21

Oct-22

Oct-23

Aug-24

Aug-25
Nov-25
Nov-15

May-16

Nov-16

May-17

Nov-17

Dec-18
Mar-19

Dec-19
Mar-20

Dec-20

Nov-24

May-25

May-26
May-18

Apr-22

Apr-23

Apr-24
Feb-16

Feb-17

Feb-18

Jun-19

Jun-20

Jun-21

Feb-25

Feb-26
Sep-19

Sep-20

Jul-22

Jul-23
Source NSDL | Data as on 31st May 2026 27
Myth vs Reality

28
Do FPIs control the Indian market ?
FPI Outflow

CY FPI Equity Flow (In Cr) Nifty 100 TRI Nifty Midcap 150 TRI Nifty 500 TRI
2008 -52,987 -53.07% -64.94% -56.54%
2009 83,431 84.88% 113.87% 90.96%
2010 1,33,260 19.28% 20.07% 15.27%
FPI driven market 2011 -2,714 -24.93% -31.01% -26.40%
2012 1,28,361 32.51% 46.69% 33.48%
When FPI sold 2013 1,13,134 7.89% -1.28% 4.82%
market delivered
2014 97,059 34.88% 62.67% 39.30%
negative returns
2015 17,801 -1.26% 9.70% 0.22%
2016 20,563 5.01% 6.53% 5.12%
2017 51,252 32.88% 55.73% 37.65%
2018 -33,014 2.57% -12.62% -2.14%
2019 1,01,122 11.83% 0.62% 8.97%
2020 1,70,262 16.08% 25.56% 17.89%
2021 25,752 26.45% 48.16% 31.60%
Market is changing
2022 -1,21,439 4.94% 3.91% 4.25%
Outflows remain but 2023 1,71,107 21.24% 44.61% 26.91%
return turn positive 2024 -191 12.95% 24.46% 16.24%
2025 -1,64,041 10.24% 5.98% 7.76%
2026* -2,24,063 -7.51% 1.53% -4.83%
Source – NSDL, ACE | Absolute returns | *Data as on 31st May 2026 29
Do FPIs control the Indian market ?

CY FPI Equity Flow (In Cr) % of Mcap bought/sold by FPIs

2008 -52,987 1.70%
2009 83,431 1.37%
2010 1,33,260 1.83% FPI driven market
2011 -2,714 0.05%
2012 1,28,361 1.86% FPIs had a larger
2013 1,13,134 1.61% influence on Indian
2014 97,059 0.99% equities during
earlier market
2015 17,801 0.18%
cycles with flows
2016 20,563 0.19%
forming a larger
2017 51,252 0.34% share of m-cap
2018 -33,014 0.23%
2019 1,01,122 0.65%
2020 1,70,262 0.90%
2021 25,752 0.10% Market is changing
2022 -1,21,439 0.43%
2023 1,71,107 0.47% Despite large FPI
2024 -191 0.00% flows, their relative
2025 -1,64,041 0.34% impact on market
2026* -2,24,063 0.48% cap has declined
Source – NSDL, Bloomberg | *Data as on 31st May 2026 30
 Breaking the Myth
Robust domestic flows are reinforcing long-term market stability and acting as a shock absorber

Trailing 12m cumulative flows

120

100

80

60

40
~130 Bn USD
20

-20

-40

FII flows (USD Bn) DII flows (USDBn)

Source: MOFSL | Data as on 31st May 2026 31

 FPIs continue to matter, but markets are better positioned
today

Impact on Equity Markets Impact on Debt Markets

• `1

Past experience Past experience

➢ FPI buying had driven indices to new highs (E.g. CY ➢ FPI debt inflows have supported bond prices and helped
2009 & 2012) moderate yields, while large outflows have led to yield
➢ While large-scale selling can pressure indices (E.g. in hardening and INR pressure (E.g. 2013 Taper Tantrum)
CY 2008 & CY 2018)

Recent experience Recent experience

➢ The index-driven bond inflows have deepened liquidity
➢ Highlights India’s market resilience: DIIs have grown
and helped moderate yields
substantially. ➢ Today, domestic institutions and RBI absorb a much
➢ In CY 2025, DIIs bought more than four times the FPI larger part of the shock. Hence despite FPI outflows,
equity outflow, helping buffer market swings. Indian bond markets have been relatively less affected
compared to earlier periods
➢ Recent tax exemption on G-Secs are expected to support
incremental FPI debt inflows

Source Internal | MOSL | Above tax amendment is applicable wef 1st April 2026 32
Disclaimer
This document is for information purposes and private circulation only and is not an offer to sell or a solicitation to buy any mutual fund units / securities or to have
business relations with Sponsor/ AMC/ Trustee Company and its associates or Edelweiss Mutual Fund. These views alone are not sufficient and should not be used for the
development or implementation of an investment strategy. All opinions, figures and estimates included in this document (unless as specified in the document) are as of
this date and are subject to change without notice. It should not be construed as investment advice to any party. Neither Sponsor/ AMC/ Trustee Company and its
associates nor Edelweiss Mutual Fund or any person connected with it, accepts any liability arising from the use of this information. Utmost care has been exercised while
preparing the document, and Sponsor/ AMC/ Trustee Company and its associates or Edelweiss Mutual Fund does not warrant the completeness or accuracy of the
information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient of this material should rely on their investigations and
take their own professional advice. Investment decisions of the AMC may not always be profitable. All logos used in the presentation are trademarks or registered
trademarks of their respective holders. Use of them does not imply any affiliation or endorsement by them. The Sector / Stocks /issuers mentioned in the presentation do
not constitute as any research report / recommendation and the fund may or may not have future position in these stocks / sector / issuers. For complete details on
investment objective / strategy / asset allocation / risk factors etc. of funds mentioned in this presentation, please refer the scheme information documents available on
ISC of AMC and also available on [Link] For risk-o-meters click here.

Edelweiss Mutual Fund – SEBI Registration No. MF/057/08/02

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
33
Thank you!

34
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