Summary of this article
Sberbank launches First–India fund benchmarked to the Nifty50 Index.
Russian investors get a direct route to invest in India’s top 50 companies.
Bank plans $100 million India expansion and has sought 10 new branch licences.
Sberbank, Russia’s largest lender, along with JSC First Asset Management, has launched a new mutual fund that allows Russian retail investors to participate directly in India’s equity markets. The fund—First–India, is benchmarked to the Nifty50 Index and gives investors exposure to India’s 50 biggest and most liquid companies.
The announcement was made at the National Stock Exchange of India (NSE) during Sberbank CEO Herman Gref’s visit to India.
The Nifty50, India’s flagship index, represents 15 major sectors and is one of the most widely tracked equity benchmarks globally. In India alone, more than 45 passive funds mirror the index’s movement, while another 22 passive funds abroad are linked to it. Launched in 1996, the index will mark its 30-year milestone in April 2026.
“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,” said Ashishkumar Chauhan, MD & CEO of NSE. He added that the initiative reflects deepening financial cooperation between the two countries and reinforces confidence in India’s markets.
Sberbank’s Herman Gref said the new fund creates a much-needed channel for Russian investors seeking exposure to India. “Until now, no straightforward options existed for Russian investors interested in Indian assets. Our new product provides a convenient and efficient financial bridge between the two countries,” he said.
The NSE, which pioneered electronic trading in India in 1994, has been the country’s largest stock exchange by total and average daily equity turnover since 1995, according to SEBI data.
With India’s equity markets continuing to attract global attention, the First–India fund offers Russian investors an accessible route to participate in the country's growth story—via one of its most reliable market benchmarks.
Sberbank has also announced its plan to gradually expand its business in India. Russia’a largest lender has plans to invest about USD 100 million over the next three years in the country.
"We have a full banking licence here...we will expand our business in a step-by-step manner over the next three years. We will ramp up B2B business and enter into the B2C segment," said, Herman Gref, CEO and Chairman of the Executive Board, Sberbank.
The bank, which established its operations in 2010, has sought 10 branch licences from the RBI to be opened across 10 cities.
"We have requested the central bank here to grant 10 branch licences for opening offices," he said.
Currently, it has two branches and an IT unit in Bengaluru to serve as an in-house data processing centre.
