International Forum “From the Volga to the Ganges. Dialogue of Civilizations and Integration of Capital Markets”

Mumbai (Maharashtra) [India], March 20: National Stock Exchange of India (NSE), Mumbai

SEBI Chair: “Indian equity market valuations are attractive.” Glazyev: “Currency convertibility

issues need to be resolved.”

Mumbai — On March 19, 2026, the forum “From the Volga to the Ganges. Dialogue of Civilizations and Capital Markets” was held at the NSE, bringing together leading regulators, investors, and experts from both countries. The key theme was the integration of capital markets against the backdrop of the growing presence of Russian funds as Foreign Portfolio Investors (FPIs) in India.

Opening the forum, Eduard Grekov, Chairman of the Forum and President of the investment company BIREX outlined the ambitious goal of the event: “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.”

Kamlesh Chandra Varshney, Whole Time Member of the Securities and Exchange Board of India

(SEBI), confirmed the growing interest in the Indian market: “Indian equity market valuations are attractive.” He noted that the number of Russian FPIs has grown significantly over the past two years, and SEBI is working to accelerate their registration. “Some Russian companies may set up subsidiaries in India, raise capital, and leverage the country’s technological capabilities,” Mr. Varshney added.

Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, outlined the macroeconomic context: “We need to resolve issues with currency convertibility and expand participation in each other’s financial markets.” He emphasized Russia’s efforts to reorient trade towards Asia, relying on national currencies and digital instruments.

Panel discussions covered practical steps for integration: utilizing the potential of GIFT City for bond issuance and company registration, as well as applying digital financial assets for tokenizing real assets and simplifying trade finance. N Senthil Kumar, from the Reserve Bank of India, participated in the discussion.

Summing up, 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 forum concluded with a keynote address by the Managing Director & CEO of the National Stock Exchange of India (NSE), Mr. Ashishkumar Chauhan, the signing of memorandums, and a gala dinner with a cultural program.

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