Russia's SBER offers retail investors access to Indian stock market benchmarked to Nifty50 index

New Delhi, Dec 4 (PTI) Russia's largest bank Sberbank and JSC First Asset Management have introduced a new mutual fund -- First-India -- offering investments linked to the performance of the Nifty50 index, providing Russian retail investors direct exposure to India's stock market.

The announcement comes amid Russia President Vladimir Putin's nearly 27-hour visit to New Delhi that begins on Thursday.

The launch of the fund was announced at an event at the National Stock Exchange of India (NSE) by Sberbank CEO and Chairman of the Executive Board Herman Gref during his business visit to India, the bourse said in a statement on Thursday.

"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," Gref said.

"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," he added.

NSE MD and CEO Ashishkumar Chauhan said the initiative reflects strong confidence in India's markets and deepens the India-Russia financial cooperation.

Nifty 50 Index is a flagship index on the NSE, comprising stocks from the country's top 50 companies by market capitalisation. It is one of the most widely followed equity indices among market participants globally.

In India, there are over 45 passive funds that track the Nifty50, while an additional 22 passive funds outside India track the Nifty50 index. PTI SP SP TRB TRB