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Value Driven. Long Term. Absolute Return.
Karma Capital India Fund is a SEBI-registered Category III Alternative Investment Fund (reg. IN/AIF3/18-19/0598), registered in October 2018 and managed by Karma Capital Advisors Private Limited (CIN: U67190MH2004PTC148102, SEBI PMS Registration: INP000001223) — a Mumbai-based independent investment management organisation founded in 2005, headquartered at Floor 12U, Suite I, Remi Commercio, Off Veera Desai Road, Andheri West, Mumbai 400053. Founded by Rushabh Vinod Sheth (30+ years experience) and co-managed with Nikhil Praful Desai, Karma Capital Advisors manages approximately ₹4,586 crore (~$617 million) in assets for institutional and individual investors in India and globally. The firm's primary product is Discretionary Portfolio Management Services (PMS) for domestic HNIs, Family Offices, and Institutions, and Investment Management/Advisory for offshore institutional investors (endowments, pension funds, SWFs, and family offices). The Cat III AIF (Karma Capital India Fund) is the onshore pooled vehicle for eligible investors, running a long-only listed India equities strategy consistent with the PMS approach. The firm's partners, Rushabh Sheth and Nikhil Desai, have been together for 20+ years at Karma Capital, indicating exceptional team stability.
Karma Capital Advisors' investment philosophy is value-driven, with a medium to long-term time horizon and an absolute return mindset. The firm was started with a specific idea: to manage money based on a value-driven philosophy where Growth and its quality are an important contributor to value — 'Value investing is where Growth and its quality are an important contributor to value.' The fund runs a concentrated, bottom-up, fundamental, and primary research process focused on high-conviction ideas in Indian listed equities. Karma Capital has no conflict of interest — money management is its sole business activity. The firm is 100% owner-operated, with the founding partners still managing assets. The investment universe spans large-cap and mid-cap Indian equities across sectors including Banking & Financials, Insurance, FMCG, Hotels, Hospitals, Oil & Gas, and Consumer. Key differentiators: 20-year track record, extraordinary team tenure, and a research-intensive approach backed by primary channel checks and direct company interactions.
KARMA CAPITAL KWB SELECT PMS
KARMA WEALTH BUILDER
KARMA CAPITAL LOTUS
KARMA CAPITAL JASMINE
KARMA CAPITAL HIGHLY DIVERSIFIED
KARMA CAPITAL MAGNOLIA
KARMA CAPITAL LIQUID
Rushabh Vinod Sheth
FMFounder & Managing Partner / Portfolio Manager
Rushabh Vinod Sheth is the Founder and Managing Partner of Karma Capital Advisors Private Limited and the lead portfolio manager. He has over 30 years of buy-side experience in Indian listed equities and has been with Karma Capital for 20 of those years — since the firm's founding in 2005. He is a qualified Cost Accountant (ICWA) and holds a Bachelor of Commerce from Sydenham College, University of Mumbai. He co-manages the firm with Nikhil Desai and together they manage ₹4,586 crore (~$617 million) for domestic and global institutional investors.
Nikhil Praful Desai
FMCo-Founder & Partner / Portfolio Manager
Nikhil Praful Desai is a Co-Founder and Partner at Karma Capital Advisors Private Limited, with over 30 years of buy-side experience in Indian equities. He holds an MBA from Virginia Tech (USA) and a Bachelor of Commerce from Sydenham College, University of Mumbai. He has co-managed Karma Capital alongside Rushabh Sheth for 20+ years and is a Director of the firm per MCA records.
Ekta Mehta
FMPortfolio Manager
Ekta Mehta is a Portfolio Manager at Karma Capital Advisors with over 12 years of investment and financial analysis experience. She manages large-cap funds and covers Banking, Financials, Insurance, FMCG, Hotels, Hospitals, and Oil & Gas sectors. Prior to Karma Capital, she worked at MSCI, SGA, and B&K Securities (sell-side analyst, media sector). She holds an MBA in Finance from NL Dalmia Institute of Management Studies and a CFA degree from ICFAI University.
Vinay Jain
FMPortfolio Manager
Overall research experience of 12 years. Buy side experience of 12 years with Karma Capital. MBA from N. L. Dalmia Institute of Management Studies and Electronics Engineering from Vidyalankar Institute of Technology, Mumbai University.
Thomas J. Priju
FMPortfolio Manager
Overall experience of 28 years including 25 years in capital markets and 14 years on the buy side. CFA (CFA Institute USA), Master of Management Studies from NMIMS, B.Com from R.A. Podar, University of Bombay, ICWA (Inter).
Rushabh Sheth
Co-Founder and Co-CIO
Overall buy side experience of over 30 years. 20 years with Karma Capital. Qualified Cost Accountant and Bachelor of Commerce from Sydenham College, University of Mumbai.
Nikhil P. Desai
Co-Founder and Co-CIO
Overall buy side experience of over 30 years. 20 years with Karma Capital. MBA from Virginia Tech and Bachelor of Commerce from Sydenham College, University of Mumbai.
Praveen Ladia
Chief Executive Officer
Overall experience of over 20 years. Masters in International Business from Indian Institute of Foreign Trade. Qualified Chartered Accountant and Company Secretary.
Shardul Singh
SEBI Contact Person / Operations
Shardul Singh is the SEBI-designated contact person for Karma Capital India Fund at Karma Capital Advisors Private Limited, Mumbai.
Vinit Manek
Research Analyst
Overall research experience of 10 years. 9 years with Karma Capital. Chartered Financial Analyst and Bachelors in Financial Market from Mumbai University.
Zubin Pruseth
Research Analyst
Overall research experience of 5 years. MBA in Finance from Welingkar Institute of Management Development and Research.
Tvisha Shah
Research Associate
Overall research experience of 3 years. Bachelor of Science in Finance (B.Sc Finance) from Narsee Monjee Institute of Management Studies (NMIMS).
Shardul Vikram Singh
Head – Risk and Compliance
Overall experience of 14 years. 9 years with Karma Capital. Company Secretary and Bachelor Degree in Law from Government Law College, Mumbai and Bachelor of Business Administration from Awadhesh Pratap Singh University.
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