Carnelian Set To Launch Mutual Funds as SEBI Grants Approval

Carnelian Asset Management & Advisors has received approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund business, according to a PTI report. The approval marks the firm's entry into India's rapidly expanding asset management industry.

The company plans to offer active and passive investment products across equity, debt and hybrid categories. The move will allow Carnelian to broaden its reach from high-net-worth and institutional clients to a wider retail investor base.

Carnelian Mutual Fund Business Receives SEBI Approval

Carnelian said the regulatory approval enables it to establish its presence in the mutual fund industry and expand its investment offerings. The company currently operates across Portfolio Management Services (PMS), Alternative Investment Funds (AIFs) and offshore investment strategies.

With the addition of mutual funds, Carnelian can provide investment solutions to a larger segment of investors. The approval comes at a time when participation in financial markets continues to grow across India.

Carnelian Asset Management Assets Under Management and Client Base

Founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, Carnelian has built a significant asset management business in a relatively short period. As of June 30, 2026, the firm managed more than ₹18,300 crore in assets across its various platforms.

Its client base exceeded 8,600 investors, supported by a distribution network of more than 710 partners. The scale of these operations provides a foundation for the firm's expansion into the mutual fund segment.

Carnelian Mutual Fund Plans for Retail Investors

According to the company, the new mutual fund platform will focus on launching active and passive products across different asset classes. Founder and Chief Investment Officer Vikas Khemani stated that the approval would help extend Carnelian's investment capabilities to a much larger investor audience.

He also highlighted the firm's intention to participate more actively in India's evolving savings and investment ecosystem. The development reflects increasing opportunities within the retail investment market as financial awareness continues to expand.

India Mutual Fund Industry Growth and Market Opportunity

Carnelian believes the next phase of mutual fund industry growth could be driven by wider penetration beyond major metropolitan centres. The company noted that rising financial awareness in smaller towns and rural regions is creating opportunities to improve access to formal investment products.

India's mutual fund industry had assets under management of more than ₹82 lakh crore as of June 30, 2026. The industry also recorded over 20 crore folios and around 10 crore active Systematic Investment Plan (SIP) accounts, highlighting the scale of investor participation.

Read More: Best Mutual Funds for Lump Sum Investments in India.

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Conclusion

SEBI's approval represents a significant milestone for Carnelian Asset Management & Advisors as it enters the mutual fund sector. The company plans to leverage its existing investment management experience to offer a broader range of products to retail investors.

Its expansion comes amid strong growth in the domestic mutual fund industry and increasing investor participation across the country. The development also reflects the continued evolution of India's asset management landscape as more firms seek to serve a growing investment population.

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