Vikas Khemani’s Carnelian Asset Management files draft document with Sebi for its first fund
The fund house received approval from the Securities and Exchange Board of India to launch its mutual fund business in July 2026 marking a significant milestone in the firm’s growth journey and allowing it to expand its offerings to a wider base of retail investors.
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The AMC will be able to provide investment solutions across active and passive strategies, covering equity, debt and hybrid products.
Khemani said that approval from Sebi would allow Carnelian to extend its investment capabilities to a larger investor base and participate more meaningfully in India’s savings and investment ecosystem.
He further said that the next phase of growth for the mutual fund industry would be driven by deeper penetration beyond major metropolitan centres. He said rising financial awareness and participation across smaller towns and rural India could help broaden access to investment solutions and bring more investors into the formal financial ecosystem.
Carnelian Liquid Fund
The objective of the fund will be to generate optimal returns consistent with moderate levels of risk and high liquidity by investing in debt and money market instruments with the maturity of upto 91 days.The performance of the fund will be benchmarked against NIFTY Liquid Index A-I and will be managed by Deepak Malik and Viraj Parekh.
The fund will offer regular and direct plans both with growth and IDCW options. The face value of the Units is Rs 1,000 per unit. The exit load will be nil for redemptions made after seven days. However, redemptions made before seven days will attract an exit load, with the applicable rate varying depending on the day of redemption.
There shall be no exit load levied in case of switch of investments between the plans or the options. The minimum investment amount for one time purchase or SIP will be Rs 500 and in multiples of Re 1 thereafter. For monthly SIP, the minimum installments required would be 12 and the default date will be 10.
The fund will allocate 0-100% in debt securities and money market instruments with maturity up to 91 days. According to the draft document, the scheme does not intend to invest/participate in advancement of any loans, Fund of Fund Schemes, securitised debt, foreign Securities, debt instruments having structured obligations/ credit enhancements and short selling.
The maximum base expenses ratio (BER) permissible under Regulation 66 (7) will be up to 1.85%.
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The fund will be suitable for investors who are seeking income over a short term and want investments in debt and money market instruments with maturity up to 91 days. The principal invested in the fund will be at “low to moderate” risk according to the riskometer of the fund.
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