New Delhi, Carnelian Asset Management & Advisors on Wednesday said it has received approval from markets regulator Sebi to launch its mutual fund business, marking its entry into the country’s fast-growing asset management industry.
The approval will enable the firm to expand its offerings to retail investors by launching active and passive investment products across equity, debt and hybrid categories, the company said in a statement.
Founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, Carnelian currently manages more than Rs 18,300 crore in assets across Portfolio Management Services (PMS), Alternative Investment Funds (AIFs) and offshore investment strategies, serving over 8,600 clients through a network of more than 710 partners as of June 30, 2026.
Commenting on the development, Carnelian Founder and Chief Investment Officer Vikas Khemani said the approval would help the firm extend its investment capabilities to a much larger investor base and participate more meaningfully in India’s growing savings and investment ecosystem.
“We believe the next phase of growth for the mutual fund industry will be driven by deeper penetration beyond the major metropolitan centres. As financial awareness and participation continue to rise across smaller towns and rural India, there is a significant opportunity to broaden access to quality investment solutions and bring more investors into the formal financial ecosystem,” he added.
Overall, the domestic mutual fund industry had assets under management of over Rs 82 lakh crore as of June 30, 2026, with more than 20 crore folios and around 10 crore active SIP accounts.
