18-year-old Pal was found dead by specialist officers in Bridgewater Canal, near Manchester United's Old Trafford football ground, at 2pm yesterday.
Pal, an international student who had enrolled for product design course at Manchester Metropolitan University, disappeared on a night out at the Warehouse Project in Trafford, Greater Manchester.
He was last seen at the event at about 11pm and was reported missing by a flatmate the following morning. Police which had pursued tracing Pal offered condolences to the family and extended their support.
"Our thoughts and condolences are with Souvik's family at this devastating time and our officers are doing all they can to support them," said Detective Chief Inspector Colin Larkin.
"We do not believe there are any suspicious circumstances surrounding Souvik's death and a file will be submitted to the coroner in due course."
Pal's father Santanu had travelled from his home in Bangalore to help with the search. A number of appeals were made to trace his son, including the use of digital advertising hoardings at Manchester United's domestic Premier League of Football home game against Liverpool.
Pal had trained for a part-time job serving refreshments at the stadium and worked at Manchester United's game against West Bromwich Albion on December 29.