India-Russia Forum Explores Capital Market Integration and Strategic Alliance
On March 19, 2026, the National Stock Exchange of India (NSE) in Mumbai hosted the international forum "From the Volga to the Ganges. Dialogue of Civilizations and Integration of Capital Markets." This significant event brought together leading regulators, investors, and experts from India and Russia to discuss enhancing financial cooperation and market integration.
Key Objectives and Opening Remarks
Eduard Grekov, Chairman of the Forum and President of the investment company BIREX, opened the proceedings by outlining the ambitious goal of the event. He stated, "The main goal is the creation of a strategic alliance between Russia and India. Our forum, aimed at the integration of capital markets, is the first step towards this alliance." This sets the tone for discussions focused on deepening economic ties between the two nations.
SEBI Highlights Attractive Market Valuations
Kamlesh Chandra Varshney, Whole Time Member of the Securities and Exchange Board of India (SEBI), confirmed the growing interest in the Indian market. He emphasized, "Indian equity market valuations are attractive." Varshney noted a significant increase in the number of Russian Foreign Portfolio Investors (FPIs) over the past two years, with SEBI actively working to accelerate their registration processes. He added, "Some Russian companies may set up subsidiaries in India, raise capital, and leverage the country's technological capabilities," highlighting potential avenues for collaboration.
Macroeconomic Context and Currency Issues
Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, provided the macroeconomic perspective. He stressed, "We need to resolve issues with currency convertibility and expand participation in each other's financial markets." Glazyev emphasized Russia's ongoing efforts to reorient trade towards Asia, relying on national currencies and digital financial instruments to facilitate smoother transactions and integration.
Practical Steps for Integration Discussed
Panel discussions at the forum covered practical measures to achieve market integration. Key topics included:
- Utilizing the potential of GIFT City for bond issuance and company registration.
- Applying digital financial assets for tokenizing real assets and simplifying trade finance.
N Senthil Kumar from the Reserve Bank of India participated in these discussions, underscoring the regulatory support for such initiatives.
Conclusion and Future Outlook
Summing up the forum, Mr. Varshney stated, "India and Russia can take their financial partnership to a new level by creating pathways for investment, technology exchange, and economic growth." The event concluded with a keynote address by Ashishkumar Chauhan, Managing Director & CEO of the NSE, followed by the signing of memorandums and a gala dinner featuring a cultural program. This forum marks a pivotal step towards strengthening bilateral financial relations and exploring new opportunities in capital market integration.
