USA Overtakes Singapore as Largest Holder of Indian Stocks Among FPIs

Despite rising trade tensions between India and the US, American foreign portfolio investors (FPIs) have reclaimed the top position in owning Indian equities. As of the June 2025 quarter, US-based FPIs held 31.04% of the total FPI holdings in India, overtaking Singapore’s 28.11%, according to data from Primeinfobase.com.

In the previous quarter (March 2025), Singapore had slightly more FPI ownership than the US.

Other Major FPI Contributors

After the US and Singapore, Norway held the third-largest share at 15.40%, followed by Mauritius with 11.25%. These four countries are the only ones with double-digit stakes in total FPI ownership. The rest, including the Cayman Islands, Luxembourg, UAE, Qatar, UK, and Japan, have lower shares ranging from 0.6% to 4.08%.

Disclosure Gaps in FPI Data

According to regulations, only FPI stakes greater than 1% in a single listed company are required to be disclosed. This means a large portion of FPI holdings in India, especially small stakes in many companies, is not fully captured in publicly available data.

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Mauritius Leads in Number of Companies

Interestingly, while the US leads in total value of listed equity held, Mauritius holds the highest number of companies where its FPIs own at least 1% stake. The US ranks second in this aspect, followed by the Cayman Islands, Singapore, and other nations.

Conclusion

The US reclaiming the top spot highlights its continued investor confidence in India’s markets, even amid political disagreements. However, with most FPI investments flying under the regulatory radar due to disclosure norms, there’s growing pressure for India to adopt stricter reporting standards to ensure complete transparency in foreign investment data.

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