Carnelian Asset Management & Advisors has gained SEBI approval to launch its own mutual fund business. The clearance allows the firm to move beyond its existing portfolio management services, alternative investment funds, and offshore strategies.
It can now offer mutual fund schemes to a wider group of retail investors. Carnelian was founded in 2019 by market veteran Vikas Khemani, along with Manoj Bahety and Swati Khemani.
The company plans to introduce both active and passive funds across equity, debt, and hybrid categories. As of June 30, 2026, Carnelian manages more than Rs 18,300 crore in assets through its PMS, AIF, and offshore businesses.
It serves over 8,600 clients using a network of more than 710 partners across India. Founder and Chief Investment Officer Vikas Khemani said the approval will let the firm reach a larger investor base and play a bigger role in India's savings and investment ecosystem.
He also noted that the next growth phase will come from deeper reach into smaller towns and rural areas, where rising financial awareness can bring more households into formal investments. India's mutual fund market continues to grow fast, with assets under management exceeding Rs 82 lakh crore as of June 30, 2026.
The market has more than 20 crore folios and about 10 crore active systematic investment plan accounts. With SEBI approval, Carnelian joins other asset managers aiming to tap India’s expanding mutual fund sector, driven by investor awareness, wider distribution and steady SIP inflows.