About Company
Carnelian Asset Management and Advisors Pvt Ltd
Carnelian Asset Management & Advisors is a boutique investment management firm based in Mumbai, India, founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani. As of January 2026, the firm manages approximately ₹9,101 crore (approx. USD 1.6–1.7 billion) in assets. The firm operates on a QGARP (Quality Growth at Reasonable Price) framework, integrating proprietary forensic analysis to identify structural winners and avoid "accounting pitfalls".
Fund Snapshot
| Feature / Metric | Details |
| Strategy Type | Debt / Liquid PMS |
| Benchmark | CRISIL Composite Bond Fund Index / Custom Liquid Benchmark |
| Asset Under Management (AUM) | ~₹154.60 Crores |
| Minimum Investment | ₹50 Lakhs (Standard PMS minimum) |
| Exit Load | Nil (Highly flexible for immediate exit) |
| Target Return | Inline with prevailing short-term money market and liquid fund yields |
| Risk Profile | Low |
Investment Philosophy
The philosophy of the Carnelian Liquid Strategy deviates from their typical "QGARP" equity model, shifting the focus completely from wealth creation to wealth preservation and agility.
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Capital Preservation First: The core objective is zero tolerance for capital erosion. Capital is exclusively deployed into low-risk overnight, liquid, and ultra-short-term instruments where the probability of credit default is minimized.
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High Liquidity & Agility: The strategy is built to act as an "investment buffer." It ensures that funds can be liquidated instantly or transitioned into Carnelian's flagship equity strategies (like Shift or Compounder) when market corrections present a buying opportunity.
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Risk-Averse Yield Optimization: Rather than chasing high-yield corporate debt that carries structural credit risks, the fund prioritizes sovereign backing or ultra-high-grade banking debt securities to capture steady, predictable money-market rates.
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Manoj Bahety
Manoj Bahety has worked in financial services for almost 27 years, gaining deep understanding of forensic research and managing investments. Now a fund manager at Carnelian, he puts heavy focus on research when picking stocks for investment. Before starting Carnelian with Vikas Khemani, Manoj had important positions at Edelweiss Securities. These included the Deputy Head of Institutional Equity Research, the Head of Forensic Research, and the Head of Thematic & Mid-Cap Research. At Edelweiss, Manoj developed Analysis Beyond Consensus (ABC Research). This system helps institutional investors make better choices by using solid data instead of just relying on what companies report. Manoj's research has guided investment choices around the world. Outside of his work at Carnelian, Manoj is active with the CFA Institute. He participates in groups like the India Advocacy Committee and the Global Capital Markets Policy Council (CDPC). Manoj’s ability to analyse information and his careful, step-by-step way of doing things are key to how Carnelian operates and makes investment decisions. His past experiences and dedication to thorough research make him a valuable asset in the financial world. In summary, Manoj's extensive background and commitment to data-driven analysis greatly improve Carnelian's investment strategies.
Vikas Khemani
Vikas is the driving force behind Carnelian Asset Management & Advisors, bringing to the table more than 27 years of experience in capital markets. He established the firm in 2019 and has since guided its growth into a respected investment platform. Today, Carnelian manages $1.3 billion across a variety of investment approaches. Before founding Carnelian, Vikas spent 17 years as CEO of Edelweiss Securities Ltd. During his tenure, he played a key role in developing and scaling several key business segments, including institutional equities, investment banking, and equity research. Vikas is well-regarded for his strong business acumen and in-depth knowledge of the Indian capital markets. This expertise has earned him recognition throughout the Indian corporate world. His leadership skills and talent for spotting opportunities early on have been important to Carnelian's distinctive way of investing. In 2014, Vikas received the Young Professional Achievers Award from the Institute of Chartered Accountants of India. This award recognised his positive impact on the financial industry. His entrepreneurial spirit continues to shape Carnelian’s growth. He is committed to guiding the firm forward, searching for new ways to provide value and deliver solid results for investors. Vikas's blend of experience, insight, and leadership makes him a key figure in the Indian financial landscape. His work at Carnelian reflects his dedication to excellence and innovation in investment management.
Swati Khemani
Swati Khemani brings 23 years of know-how in the financial world to the table. She’s a great example of today’s Indian woman in business, handling leadership roles, understanding investments, and taking on the challenges of being an entrepreneur. Her career path is quite diverse. She’s worked in equity research, selling to big institutions, investment banking, and managing people. All this experience gives her a wide view of how the financial industry works. As one of the people who started Carnelian, she plays a big part in running the business and handling the company’s money. She’s also known for being a mentor and leading with a focus on people, which has helped create a positive work environment at Carnelian. This approach has also been key in building strong relationships with both clients and other businesses. Swati has always been a supporter of Carnelian’s goals, helping to improve the way the company works, its governance, and its plans for the future. Her career is a story of bouncing back from challenges and striving for success, as she juggles a demanding job with her roles as an entrepreneur and a family leader.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The strategy functions as a temporary parking ground for investor capital. It is primarily used by HNIs who have committed a large ticket size to Carnelian Asset Management but want to deploy it into the stock market gradually (staggered deployment) rather than all at once. While waiting for the right equity entry points, the money earns money-market returns.
While it targets similar yields to a corporate treasury or mutual fund liquid scheme, the Liquid Strategy is integrated directly into your PMS account framework. This significantly reduces operational friction—allowing for automated, seamless "switch" triggers into Carnelian's equity portfolios without having to manually redeem funds from an outside bank or mutual fund house.
No. The proprietary CLEAR framework is a forensic accounting tool used to detect governance and balance-sheet manipulation in listed equity corporations. Because the Liquid Strategy invests in high-grade money market instruments, government securities (G-Secs), and treasury bills, it relies on strict credit rating mandates and maturity mapping rather than corporate forensic analysis.
No. To maintain its utility as an agile funding vehicle, the Carnelian Liquid Strategy does not carry any exit loads or lock-in constraints. Investors can move their capital out of the liquid buffer and into equities—or request a payout—without penalty.
As a debt-oriented Portfolio Management Service in India, returns are primarily realized as capital gains or interest income depending on the underlying instruments. Following standard tax rules, debt PMS realizations are taxed as per the investor's applicable income tax slab rate, making it essential to evaluate net post-tax yields relative to your specific financial bracket.
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Disclaimer: Investing in AIF, PMS, Gift City or Mutual Fund is subject to market risk. Please read the related documents carefully. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company factors. We at ALTPORT do not guarantee any returns in the hands of investors, nor do we take any sort of accountability for the performance of the scheme.
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