Carnelian Secures SEBI Nod for Mutual Fund Launch

Carnelian Asset Management, backed by Vikas Khemani, has officially received regulatory approval from SEBI to commence mutual fund operations. This development positions Carnelian as the 60th registered fund house in India. The company has been operational as a boutique investment firm since 2019.

As of June 2026, Carnelian manages substantial assets exceeding Rs 18,300 crore. Their portfolio includes strategies across Portfolio Management Services, Alternative Investment Funds (AIFs), and offshore investments, serving over 8,600 clients via 710 partners.

Carnelian's strategy emphasizes building a durable, long-term business focused on quality assets rather than chasing sheer size. The fund house aims to replicate its historical success in generating alpha, ranging from 9-15%, which has been exclusive to high-net-worth individuals and family offices.

Initially, Carnelian will focus on launching long-only equity schemes, with plans to expand into active and passive offerings across various asset classes. The firm also intends to increase mutual fund penetration in smaller locations and utilize its existing distribution network. They are not planning to apply for an SIF license in the immediate future.