Vikas Khemani’s Carnelian Asset Management receives SEBI approval for mutual fund business

Carnelian Asset Management, founded by Vikas Khemani, has received SEBI approval to launch its mutual fund business, allowing it to offer equity, debt and hybrid products across active and passive strategies. The firm currently manages over Rs 18,300 crore in assets across PMS, AIFs and offshore strategies, serving more than 8,600 clients through over 710 partners. Industry-wide mutual fund AUM stood at more than Rs 82 lakh crore as of June 30, 2026, with over 10 crore active SIP accounts.