Sberbank, Russia’s largest bank, and JSC First Asset Management have introduced a new mutual fund, First — India, which offers investments linked to the performance of the Nifty50 Index (NSEI) — the flagship index of the National Stock Exchange of India Ltd (NSE).
The index comprises stocks of India’s top 50 companies by market capitalisation, providing Russian retail investors with direct exposure to the Indian stock market. The launch was announced at an event at the National Stock Exchange of India by Sberbank’s CEO and Chairman of the Executive Board, Herman Gref, during his business visit to India.
The Nifty50 is one of the most widely followed equity indices among market participants worldwide. It comprises 50 large-cap, highly liquid stocks listed on the NSE, representing 15 diverse sectors of the Indian economy. In India, more than 45 passive funds track the Nifty50, while an additional 22 passive funds outside the country follow the index. The Nifty50 was launched in 1996 and will mark its 30th anniversary on April 22, 2026.
Ashishkumar Chauhan, MD and CEO of NSE, said this initiative reflects strong confidence in India’s markets and deepens India – Russia financial cooperation. “NSE is committed to partnering with Sberbank to enhance market connectivity, uphold regulatory and investor-protection standards, and build liquidity and transparency for these products as we create new opportunities for investors in both countries,” he said.
Herman Gref, CEO and Chairman of the Executive Board, Sberbank, said: “Our new product provides a convenient way to gain exposure to one of the world’s key economic markets — the Indian stock market. Until now, no straightforward options existed for Russian investors seeking personal investments in Indian assets. However, we have created a new and efficient financial bridge between the two countries.”
