Vikas Khemani-led Carnelian Asset Management & Advisors has received approval from the Securities and Exchange Board of India to launch its mutual fund business, marking the firm's entry into one of India's fastest-growing investment segments.
The regulatory approval allows Carnelian to broaden its offerings beyond portfolio management services (PMS), alternative investment funds (AIFs) and offshore strategies, enabling it to cater to a wider base of retail investors through mutual fund products.
The company said it plans to offer investment solutions across active and passive strategies spanning equity, debt and hybrid asset classes, strengthening its position as an integrated wealth and asset management platform.
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The Economic Times reported that Carnelian's entry comes at a time when India's mutual fund industry continues to witness robust retail participation. As of June 30, 2026, the industry managed assets worth more than Rs 82 lakh crore, with over 20 crore folios and nearly 10 crore active systematic investment plan (SIP) accounts.
"This marks an important milestone in our journey," Vikas Khemani said. "Over the last seven years, we have built an investment platform anchored in research, discipline and governance. The SEBI approval enables us to extend these capabilities to a much larger investor base and contribute more meaningfully to India's evolving savings and investment ecosystem."
Khemani said the next leg of growth for the mutual fund industry is likely to come from deeper penetration beyond major metropolitan cities. "We believe rising financial awareness and increasing participation from smaller towns and rural India will play a key role in expanding access to investment solutions and bringing more households into the formal financial ecosystem," he said.
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As of June 30, 2026, Carnelian managed more than Rs 18,300 crore in assets across its PMS, AIF and offshore investment businesses. The firm said it serves over 8,600 clients through a network of more than 710 partners across the country.
With the mutual fund licence in hand, Carnelian is set to expand its presence in India's asset management industry as competition intensifies to tap the country's growing pool of retail investors.
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