Vikas Khemani’s Carnelian Asset Management files draft document with Sebi for its first fund
Carnelian Asset Management has filed documents with Sebi to launch its first liquid mutual fund, targeting short-term investors seeking high liquidity and low-to-moderate risk. The open-ended scheme will invest in debt and money-market instruments maturing within 91 days, expanding Carnelian’s offerings to retail investors.
Veteran fund manager Vikas Khemani's Carnelian Asset Management has submitted a draft to Sebi for approval to launch its inaugural fund, a liquid fund. This fund will be an open-ended scheme with modest interest and credit risk. Sebi approved KC's mutual fund business in July 2026, marking a major step for the firm's expansion. The AMC can now offer investment options across active and passive strategies, including equity, debt, and hybrid products.
Khemani mentioned that the Sebi approval would enable Carnelian to serve a larger investor base and contribute more significantly to India's savings and investment landscape. He further predicted that the future growth of the mutual fund industry would be driven by increased penetration into smaller towns and rural areas, where rising financial awareness could bring more investors into the formal financial system.
The Carnelian Liquid Fund aims to generate optimal returns with moderate risk and high liquidity through investments in debt and money market instruments with maturities up to 91 days. The fund's performance will be benchmarked against the NIFTY Liquid Index A-I. Managed by Deepak Malik and Viraj Parekh, the fund will offer regular and direct plans with options for growth and IDCW.
The face value of units is Rs 1,000, and the exit load is nil for redemptions made after seven days, with varying rates for earlier redemptions. There will be no exit load for switching investments between plans or options. The minimum investment amount is Rs 500 for one-time purchases or SIPs, with a default date of 10 for monthly SIPs.
The fund will allocate 0-100% in debt securities and money market instruments with maturities up to 91 days. It does not plan to invest in loans, fund of funds, securitised debt, foreign securities, debt instruments with structured obligations or credit enhancements, or engage in short selling. The maximum base expenses ratio is capped at 1.85%. This fund suits investors seeking income in the short term, with a low to moderate risk profile.
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