Carnelian Asset Management & Advisors has received SEBI approval to launch its mutual fund business, enabling the firm to offer active and passive funds across equity, debt and hybrid categories to retail investors while continuing its existing PMS, AIFs, and offshore strategies. Founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani, Carnelian currently manages more than ₹18,300 crore and serves over 8,600 clients through a network of more than 710 partners. The leadership views the move as a way to broaden access to quality investment solutions and contribute more meaningfully to India’s growing savings and investment ecosystem, particularly by deepening penetration beyond major metropolitan centers. The Indian mutual fund industry is expanding rapidly, with total AUM around ₹82 lakh crore and roughly 20 crore folios as of June 30, 2026, alongside about 10 crore active SIP accounts. Company executives emphasize that the next growth phase will hinge on expanding financial awareness and participation in smaller towns and rural areas, aligning Carnelian’s offerings with the sector’s broader trend toward inclusion. With SEBI approval, Carnelian positions itself to compete in a fast-growing market while leveraging its existing platform and client base to scale its mutual fund offerings.