Carnelian Asset Management Gets SEBI Approval To Launch Mutual Fund Business In India

Carnelian Asset Management has obtained SEBI approval to launch a mutual fund. This lets the investment firm, started by Vikas Khemani, enter the Indian mutual fund market and provide more products for retail investors. The regulatory clearance is a stepping stone for the company's diversification beyond portfolio management and alternative investments.

What Does The SEBI Approval Mean For Carnelian?

The regulatory nod allows the firm to offer both active and passive mutual funds to its customers in areas such as equity, debt, and hybrid.

Carnelian can, therefore, now cater to a larger investor segment and enhance its identity at the same time as an integrated wealth and asset management company. At the moment, the company is managing about ₹18,300 crore through portfolio management services (PMS), alternative investment funds (AIFs), and offshore investment strategies. As of 30 June 2026, it served over 8,600 clients through a network of over 710 partners throughout the country.

Reason Behind Entering The Mutual Fund Business

Carnelian's entry comes as India's mutual fund industry continues to expand, driven by rising retail participation. The industry had crossed 20 crore folios, around 10 crore active SIP accounts, and assets under management of more than ₹82 lakh crore as of 30 June 2026.

Commenting on the development, founder Vikas Khemani said the firm has spent the past seven years building an investment platform centred on research, governance and disciplined investing. He added that the mutual fund licence would help the company reach a larger investor base and contribute to India's growing savings and investment ecosystem.

Khemani also believes the next phase of industry growth will come from increasing participation in smaller cities and towns beyond the country's major metros.

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