NEW DELHI: During the historic visit of the Russian President Vladimir Putin to India for the 23rd India-Russia bilateral summit, New Delhi and Moscow have etched another milestone in bilateral relations, specifically in the domain of economic and financial partnership. Sber bank of Russia, the largest bank of the country in association with JSC First Asset Management has unveiled a new mutual fund scheme for its retail investors. The financial facility titled as ‘First India’ has pegged its mutual fund facility to the Nifty50 Index of India. Thus, the offerings for the investors are linked to the performance of the Nifty50 Index.
With this, the Russian bank has explored opportunities in the Indian financial sector and has given its investors a direct exposure and experience of the Indian stock market mechanism. The announcement was made just hours prior to the arrival of the Russian President Vladimir Putin to New Delhi. With this partnership in the equity market, India and Russia are further expanding and elevating the bilateral partnership, in all sectors possible, thus marching to realize the vision of ‘special, privileged and comprehensive’ partnership.
The new mutual fund was unveiled at the National Stock Exchange of India(NSE), Mumbai, by the CEO of Sberbank and the chairman of the Executive Board, Herman Gref on December 4, Thursday who hailed India as the key economic hub of the globe that has massive investment potential. “We are opening another window of investment opportunities for our Russian clients, this time to South Asia. Our new product provides a convenient way to gain exposure to one of the world’s key economic markets, the Indian stock market”, reiterated Herman Gref.
Our MD & CEO, Shri @ashishchauhan and Mr. Herman Gref, CEO and Chairman of the Executive Board, Sberbank, introduced a new mutual fund, First–India, offering investments linked to the performance of the Nifty 50 Index, a flagship index on NSE, which comprises of stocks from… pic.twitter.com/MamfvtIMM3
— NSE India (@NSEIndia) December 4, 2025
“Until now, no straight forward options existed for Russian investors seeking personal investments in the Indian assets. However, we have created a new and efficient financial bridge between the two countries”, Herman Gref further added regarding the mutual fund scheme that gives Russian retail investors a direct and credible access to the Indian equity market.
CEO and MD of the National Stock Exchange(NSE) Ashishkumar Chauhan said the new partnership between India and Russia in the equity sector is a testament to the solid confidence expressed by the global financial bulwarks on the Indian financial market. The initiative further consolidates India-Russia financial and economic partnership. “We are pleased to support Sberbank in launching Nifty50-linked investment solutions that strengthen capital flows and open India’s equity growth to Russian investors through a trusted benchmark. This initiative reflects strong confidence in India’s markets and deepens the India–Russia financial cooperation”, Ashishkumar Chauhan added.
Nifty50 Index comprises top 50 large cap companies listed in the National Stock Exchange(NSE) through market capitalization. “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”, Chauhan asserted.
‘India First’ mutual funds: A tool to solidify the value of rupee
The agenda behind revolutionising the ‘India First’ mutual fund initiative is to offer clients stock market exposure in one of the world’s most dynamic economies enabling them to diversify their portfolios geographically, says the statement from the National Stock Exchange(NSE). Beyond this objective, the mutual fund pegged to Nifty50 has the capability to strengthen the value of rupee, thereby acting as a catalyst to boost the economic prosperity of the country.
The larger implication of the linking of the Russian mutual fund to the Indian Nifty50 is, all the trade conducted with Russia in rupees will have the potential to be converted into equities and bonds valued in rupees. India and Russia bilateral trade stands at USD 60 billion. Russia enjoys a trade surplus. The surplus achieved by the Russian traders and businessmen can now be easily translated into Indian equities and bonds through the ‘India First’ mutual funds.
The Russian retail investors can turn surplus income generated into direct equity inflows into India. The launch of ‘India First’ mutual fund is thus a best illustration of recycling trade surplus and yielding win-win situations, decodes economic experts. Thus, ‘India First’ mutual fund is a perfect testament to the diplomacy of bridging the trade deficit and unleashing economic or financial prosperity.
