Carnelian Asset Management has named industry veteran Rajkumar Dhiman as the CEO of its new mutual fund division. The firm, which manages over Rs 18,300 crore in assets, received SEBI approval in July and is now preparing to enter the competitive retail mutual fund market.
Leadership Strategy for Retail Entry
Carnelian Asset Management has appointed Rajkumar Dhiman as the Chief Executive Officer of its newly approved mutual fund vertical. This decision follows the firm's successful receipt of regulatory clearance from the Securities and Exchange Board of India (SEBI) on July 22, 2026. The appointment is a central part of the company's plan to expand from its established focus on high-net-worth clients into the broader retail investment space.
Dhiman brings more than 20 years of experience to the role, having previously held senior positions at major institutions like Motilal Oswal Asset Management, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund. His background includes significant work in digital transformation and distribution strategy, which are expected to be key areas of focus as the firm builds its retail business from the ground up.
Business Model Shift
Founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani, Carnelian has historically operated as a boutique firm managing portfolio management services, alternative investment funds, and offshore funds. As of June 30, 2026, the company managed an asset base exceeding Rs 18,300 crore.
Transitioning from managing money for high-net-worth individuals to catering to retail investors is a significant shift. Retail mutual funds require extensive distribution networks, strong brand recognition, and a different operational scale compared to alternative investment funds. Carnelian joins other similar boutique firms like Helios, Old Bridge, and Abakkus that have recently sought to diversify their revenue streams by launching retail mutual fund products.
Market and Operational Challenges
The Indian mutual fund sector is highly competitive and dominated by established players with deep-rooted distribution networks. Building a new brand in this environment often involves high initial spending on customer acquisition and operational infrastructure. Profitability in the retail segment often relies on reaching a large asset scale, which can take time for new entrants.
The firm has already signaled its initial product focus by filing draft documents with the regulator for a liquid fund and a small-cap fund. The next important monitorables for investors will be the official launch timelines of these products and the company's strategy for building its retail distribution network in an already crowded marketplace.