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Partnering For Generations
Managed by Carnelian Asset Management
Complex or leveraged strategies — long-short, hedge-fund-style and quant funds. Often open-ended, within SEBI leverage limits.
Carnelian AIF Category I Trust (IN/AIF1/25-26/1787) is a SEBI-registered Category I Alternative Investment Fund registered in April 2025, managed by Carnelian Asset Management & Advisors Private Limited (CIN: U74999MH2020PTC340468) — a boutique investment management firm founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani. Carnelian is one of India's fastest-growing independent asset managers, with INR 15,400 crore+ AUM (as of February 2026), 7,500+ clients, 590+ partners, and 95+ employees across 10 locations. The Cat I AIF is the latest addition to Carnelian's product suite, which includes a Category III AIF (IN/AIF3/18-19/0642), four PMS strategies, and a USD-denominated offshore fund (Carnelian India Amritkaal Fund at GIFT City). The firm is known for its differentiated MAGIC investment framework, proprietary forensic (ABC) research pioneered by co-founder Manoj Bahety, and a strong track record with clients including MD of Metro Brands, MD of Ajanta Pharma, MD of Mahansaria Tyres, and Executive Director of Pidilite Industries. Carnelian is headquartered at 1205–1206, One Lodha Place, Senapati Bapat Marg, Lower Parel West, Mumbai 400013.
Monica Sharma
Compliance Officer / SEBI Contact Person
Monica Sharma is the SEBI-registered contact person for Carnelian AIF Category I Trust and handles compliance at Carnelian Asset Management.
Vikas Khemani
Co-Founder & CEO
Vikas Khemani is Co-Founder and CEO of Carnelian Asset Management. A Chartered Accountant, CFA Charterholder, and Company Secretary with ~27 years of capital markets experience, he founded Carnelian in 2019 after 17 years as CEO of Edelweiss Securities, where he built institutional equities, investment banking, and equity research businesses to market leadership. He is a Member of CII National Council on Corporate Governance, FICCI Capital Markets Committee, and the Young Presidents Organization (YPO).
Manoj Bahety
Co-Founder & Head of Research
Manoj Bahety is Co-Founder of Carnelian Asset Management. A CA and CFA Charterholder with ~27 years of capital markets experience, he was Deputy Head of Institutional Equity Research and pioneered forensic research at Edelweiss Securities (12 years). He created 'Analysis Beyond Consensus' (ABC Research) — a differentiated forensic framework to evaluate true economic numbers behind reported financials, helping investors avoid pitfalls. He has chaired CFA Institute's India advocacy committee and served on the US-based global CDPC committee.
Swati Khemani
Co-Founder
Swati Khemani is Co-Founder of Carnelian Asset Management with 23 years of financial experience across equity research, institutional sales, client relationships, and human capital management. She manages the overall business and capital management at Carnelian, and has been instrumental in building the firm's cohesive investment management team and investor and corporate relationships.
View the investment manager profile with all PMS strategies and AIFs under Carnelian Asset Management.
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