SEBI Approves Carnelian Asset Management for Mutual Funds
By Business Desk
Carnelian Asset Management receives SEBI approval to launch mutual fund schemes in India, expanding its services beyond portfolio management and entering the retail investment market.
Carnelian Asset Management & Advisors has received crucial approval from the Securities and Exchange Board of India (SEBI) to launch mutual fund schemes across India, marking its official entry into the nation’s burgeoning retail investment landscape.
This significant development allows the firm to expand its services beyond its existing portfolio management and alternative investment offerings. The company, founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani, aims to cater to a broader range of investors.
Carnelian’s Current Footprint and Expansion
Currently, Carnelian Asset Management manages a substantial portfolio for its clients. The firm plans to introduce active and passive funds spanning equity, debt, and hybrid categories.
- Carnelian currently manages over ₹18,300 crore in assets.
- It serves more than 8,600 clients nationwide.
- This reach is facilitated through over 710 partners across the country.
India’s Growing Mutual Fund Landscape
The move by Carnelian aligns with the rapid growth observed in the Indian mutual fund market. This sector continues to demonstrate increasing financial literacy and a trend towards regular investment among the populace.
- The total assets in the Indian mutual fund market exceed ₹82 lakh crore.
- Approximately 10 crore Systematic Investment Plan (SIP) accounts were recorded as of June 2026.
Vikas Khemani emphasized the considerable potential for mutual funds to penetrate smaller towns and rural areas. This highlights a strategic focus on expanding financial inclusion within India.