Hi, Rhingyll,
Well, yes, but I think the better way to word it probably is: "Have you put together a SWORD-ARMED unit of (Indian) cavalry yet?"!
The obvious and excellent answer is the old Wargames Foundry Guides figures, which include a British Officer, a Trumpeter, and 2 troopers: one with his sword resting on his shoulder, the other with his sword raised above his head in the midst of charging.
For several years it was difficult if not impossible to buy these over the phone or online from Foundry, but I believe that has changed in the last couple of years, since their management changed hands.
Here's a couple of pics of Foundry Guides cavalry in action…
From the front:
…and from behind:
The only downside, if any, of these mid-1990s figures is that they are a little on the small side compared with more modern 28mm miniatures.
When I was building up my "Maiwand Day" forces I couldn't find any larger sword-armed Indian cavalry, so the solution I came up with was using the Perry Sudan Bengal Lancer figures, who come with open hands, and small light cavalry sabers from the "Dayton Painting Consortium".
This gave me 2 somewhat different units of sword-armed Indian cavalry to use as the Bombay Light Cavalry and 3rd Scinde Horse.
Here's a couple of pics of the conversions:
Here's a link to an old post with all the conversion details on my blog:
link
…and here's how they looked after being painted by the very talented Igor Olshansky, AKA: Igwarg here on TMP:
Here's a pic of the converted unit in action: