Kanpur: Russia’s largest lender, Sberbank, in partnership with JSC First Asset Management, has launched a new mutual fund titled ‘First–India’, offering Russian retail investors direct exposure to the Indian stock market. The fund is benchmarked to India’s flagship index, the Nifty50, which represents the top 50 blue-chip companies listed on the National Stock Exchange (NSE).
The fund was formally unveiled during an event at NSE as part of Sberbank CEO and Executive Board Chairman Herman Gref’s visit to India.
The Nifty50, one of the world’s most widely tracked equity indices, includes companies spanning 15 major sectors of the Indian economy. In India, more than 45 passive funds track the Nifty50, while only 22 such passive products exist globally outside India. Launched in 1996, the index will complete 30 years on April 22, 2026.
Ashish Kumar Chauhan, MD & CEO of NSE, welcomed the partnership, stating:
“We are pleased to support Sberbank in launching Nifty50-linked investment solutions that will strengthen capital flows and give Russian investors reliable access to India’s equity growth. This initiative reflects strong global confidence in Indian markets and will deepen financial cooperation between India and Russia. We remain committed to boosting market connectivity, protecting investors, and enhancing transparency and liquidity for such products.”
Sberbank chief Herman Gref highlighted the significance of expanding into South Asia:
“We are introducing new investment avenues for our customers in Russia. This product makes investing in major global markets—like India—simple and accessible. Until now, Russian investors had limited direct options for investing in Indian assets. With this initiative, we have created an efficient financial bridge between both countries.”
The ‘First–India’ fund marks a major step in strengthening India–Russia financial ties while positioning the Indian equity market as an attractive destination for global retail investors.
