Carnelian Asset Management & Advisors Pvt. Ltd.

Carnelian Asset Management & Advisors Pvt. Ltd. is a boutique investment management firm based in Mumbai, India, founded in 2019 by capital market veterans Vikas Khemani, Manoj Bahety, and Swati Khemani. The firm focuses primarily on Indian equities, managing approximately USD 1.6 billion (around ₹10,300 crore) for high-net-worth individuals (HNIs), family offices, and institutions through domestic Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). Carnelian operates on a "Quality Growth at a Reasonable Price" (QGARP) philosophy, heavily utilizing its proprietary, deeply analytical forensic framework called CLEAR (Cash flows, Liabilities, Earnings, Assets, and Related-party/governance risks) to identify structural trends and protect client wealth.