New Delhi, Dec 4: 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.
Launch Announced At NSE Event
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.
Gateway For Russian Retail Investment Into India
"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 Says Launch Strengthens Financial Cooperation
NSE MD and CEO Ashishkumar Chauhan said the initiative reflects strong confidence in India's markets and deepens the India-Russia financial cooperation.
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About Nifty50 Tracking Funds
Nifty50 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.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
