The approval will allow the asset manager to offer mutual fund schemes to retail investors alongside its existing portfolio management services (PMS), alternative investment funds (AIFs) and offshore investment strategies.
Founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, Carnelian said it currently manages more than ₹18,300 crore in assets across its investment platforms, serving over 8,600 clients through a network of more than 710 partners, as of June 30.
The company said it plans to launch a range of active and passive mutual fund products spanning equity, debt and hybrid categories to cater to a broader investor base.
The launch comes at a time when India’s mutual fund industry continues to expand. According to industry data, total assets under management (AUM) stood at more than ₹82 lakh crore as of June 30, 2026, with over 20 crore investor folios and around 10 crore active systematic investment plan (SIP) accounts.
Commenting on the approval, Vikas Khemani, founder and chief investment officer of Carnelian Asset Management & Advisors, said the company aims to extend its investment offerings to a wider set of investors and sees further growth potential for the mutual fund industry through deeper penetration beyond major metropolitan cities.
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