Who is Vikas Khemani?

Vikas Khemani is the Founder of Carnelian Asset Advisors, a boutique investment management firm established in 2019. He has more than 23 years of capital markets experience and previously served as CEO of Edelweiss Securities Ltd. for 17 years, where he built multiple businesses into leadership positions.

What funds does Vikas Khemani manage?

Vikas Khemani manages five investment strategies available through ALTPORT: Carnelian Capital Compounder Strategy PMS, Carnelian Shift Strategy PMS, and Carnelian Contra Strategy PMS (minimum ₹50 lakh each), along with the Carnelian Capital Compounder Fund and Carnelian Bharat Amritkaal Fund (Category III AIFs with a minimum investment of ₹1 crore each).

What are Vikas Khemani's qualifications?

Vikas Khemani holds three professional qualifications: Chartered Accountant (CA) from the Institute of Chartered Accountants of India, Chartered Financial Analyst (CFA) from the CFA Institute, USA, and Company Secretary (CS) from the Institute of Company Secretaries of India.

What is Vikas Khemani's investment strategy?

Carnelian follows the MCO framework—Magic, Compounder, and Opportunistic companies—combined with the proprietary CLEAR forensic screening framework. The investment approach focuses on quality growth businesses, disciplined risk management, and long-term capital appreciation.

Which PMS does Vikas Khemani manage?

Vikas Khemani manages three Portfolio Management Service strategies at Carnelian Asset Advisors: Carnelian Capital Compounder Strategy, Carnelian Shift Strategy, and Carnelian Contra Strategy. Each strategy has a minimum investment of ₹50 lakh and is available through ALTPORT.

Can NRI investors access Carnelian funds through ALTPORT?

Yes. Eligible NRI and HNI investors can access Carnelian PMS and Category III AIF strategies through ALTPORT. Carnelian Asset Advisors is SEBI-registered (PMS Registration No. INP000006387). Investors can visit the ALTPORT NRI section or speak with an advisor for eligibility requirements and documentation guidance.

Why invest with Vikas Khemani?

Vikas Khemani brings more than 23 years of capital markets experience, including 17 years as CEO of Edelweiss Securities Ltd. At Carnelian, he follows the proprietary CLEAR forensic framework and MCO investment approach to identify quality growth businesses while maintaining a disciplined focus on risk management.

What experience does Vikas Khemani have?

Vikas Khemani spent 17 years as CEO of Edelweiss Securities Ltd., where he built the institutional equities, investment banking, and equity research businesses into leadership positions. He founded Carnelian Asset Advisors in 2019 and has more than 23 years of experience in the capital markets.

What are the returns of Vikas Khemani PMS?

Performance details for Carnelian PMS strategies are available on their individual product pages on ALTPORT, based on APMI-published SEBI data. Returns are presented using the Time-Weighted Rate of Return (TWRR) methodology, net of fees and expenses. Past performance does not guarantee future results.

Vikas Khemani – Carnelian PMS & AIF Fund Manager

Vikas Khemani

Founder, Carnelian Asset Management & Advisors

Vikas Khemani is the Founder of Carnelian Asset Advisors with over 23 years of experience in the Indian capital markets. Before founding Carnelian, he served as the CEO of Edelweiss Securities Ltd. for 17 years, where he built its institutional equities, investment banking, and equity research businesses into market-leading franchises. He is a triple-qualified investment professional, holding the Chartered Accountant (CA), Chartered Financial Analyst (CFA), and Company Secretary (CS) designations.

Education and Qualifications

Vikas Khemani is a Chartered Accountant (CA) from the Institute of Chartered Accountants of India, a Chartered Financial Analyst (CFA) from the CFA Institute, USA, and a Company Secretary (CS) from the Institute of Company Secretaries of India. Holding all three professional qualifications makes him a triple-charter investment professional.

Career Timeline

Period	Location	Role	Key Milestone
Early Career	India	Capital Markets Professional	Began his career in the Indian capital markets, building expertise across equity investing and financial services.
2002-2019	Mumbai, India	CEO, Edelweiss Securities Ltd.	Led the business for 17 years, building the institutional equities, investment banking, and equity research businesses into leadership positions.
2019-Present	Mumbai, India	Founder, Carnelian Asset Advisors	Established Carnelian Asset Advisors and currently manages its PMS and Category III AIF investment strategies.

Industry Associations and Roles

Member, CII National Council on Corporate Governance
Member, FICCI Capital Markets Committee
Member, Executive Council of Bombay Management Association
Member, Young Presidents Organization (YPO)
Young Professional Achievers Award - Service Sector - Institute of Chartered Accountants of India - 2014

Awards and Recognition

Young Professional Achievers Award - Service Sector - Institute of Chartered Accountants of India (ICAI) - 2014

Additional fund-level awards, if any, should be verified with the ALTPORT product team before publication.

Funds Managed by Vikas Khemani

Carnelian Capital Compounder Strategy (PMS)

The Carnelian Capital Compounder Strategy is a discretionary Portfolio Management Service with a minimum investment of ₹50 lakh. It follows a multicap, long-only, sector-agnostic investment approach using Carnelian's MCO framework to identify quality growth businesses. Investors can explore the strategy through the Carnelian Capital Compounder Strategy product page on ALTPORT.

Carnelian Shift Strategy (PMS)

The Carnelian Shift Strategy is a discretionary PMS requiring a minimum investment of ₹50 lakh. It focuses on multicap opportunities, particularly businesses benefiting from structural shifts in manufacturing and technology, using the MCO and CLEAR frameworks. Investors can access the strategy through the Carnelian Shift Strategy page on ALTPORT.

Carnelian Contra Strategy (PMS)

The Carnelian Contra Strategy is a discretionary PMS with a minimum investment of ₹50 lakh. The strategy follows a large-cap-biased, contrarian absolute return approach, seeking investment opportunities where market pricing differs from long-term fundamentals. Investors can explore the strategy through the Carnelian Contra Strategy page on ALTPORT.

Carnelian Capital Compounder Fund (Category III AIF)

The Carnelian Capital Compounder Fund is a Category III Alternative Investment Fund requiring a minimum investment of ₹1 crore. It follows a long-only, sector-agnostic investment approach built around the MCO framework. Investors can access the fund through the Carnelian Capital Compounder Fund product page on ALTPORT.

Carnelian Bharat Amritkaal Fund (Category III AIF)

The Carnelian Bharat Amritkaal Fund is a Category III Alternative Investment Fund with a minimum investment of ₹1 crore. The strategy follows a multicap approach, investing across seven long-term mega trends spanning five sectors expected to benefit during India's Amritkaal period. Investors can explore the fund through the Carnelian Bharat Amritkaal Fund page on ALTPORT.

Investment Strategy Note

Carnelian applies its proprietary CLEAR framework as a forensic risk screen before every investment decision, helping evaluate business quality and governance. Its MCO framework classifies opportunities into Magic, Compounder, and Opportunistic businesses, enabling portfolio construction across different stages of growth while maintaining a disciplined investment process.

NRI and HNI Investor Note

Vikas Khemani manages Carnelian Asset Advisors, a SEBI-registered PMS and AIF investment manager (PMS Registration No. INP000006387). Eligible NRI and HNI investors can access Carnelian investment strategies through ALTPORT. Visit the ALTPORT NRI page for eligibility and onboarding information.