Sberbank, Russia’s largest bank, has launched a new mutual fund allowing Russian retail investors to participate directly in India’s stock market.

The fund, named First-India, has been introduced in partnership with JSC First Asset Management and is benchmarked to India’s flagship equity index, the Nifty50.

The announcement was made during Sberbank CEO and Chairman Herman Gref’s business visit to India at an event held at the National Stock Exchange of India (NSE), the bourse said in a statement.

The First-India fund offers Russian investors a simple route to gain exposure to the performance of the Nifty50 Index, which tracks 50 of India’s largest and most liquid companies across 15 sectors.

The Nifty50, launched in 1996, is one of the most widely tracked equity indices globally and wi

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