Carnelian Asset Management & Advisors announced Rajkumar Dhiman as chief executive officer of its newly established mutual-fund business, Carnelian Mutual Fund, on September 23, 2026. The appointment comes as the investment firm expands from portfolio-management, alternative-investment and offshore strategies into mutual funds. The announcement is a leadership development, not evidence of any fund’s performance or a recommendation to invest.
Who is Rajkumar Dhiman?
Carnelian’s announcement and a September 23, 2026, Moneycontrol report describe Dhiman as having more than 20 years of experience in the mutual-fund industry. The company summarizes his work as spanning strategy, distribution, channel development and digital transformation.
Moneycontrol reported that Dhiman most recently led digital and marketing at Motilal Oswal Asset Management. Earlier roles included digital sales at ICICI Prudential Asset Management and digital business at Reliance Nippon Life Asset Management; the report also says he spent nearly a decade at Reliance Capital Asset Management. These career details are attributed to the company and the report.
What is Carnelian Mutual Fund?
Carnelian Asset Management & Advisors was founded in 2019 by Vikas Khemani, Manoj Bahety and Swati Khemani, according to the company website. Before entering mutual funds, the firm had businesses spanning portfolio management services (PMS), alternative investment funds (AIFs) and offshore strategies.
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The Securities and Exchange Board of India (SEBI) reportedly granted approval for Carnelian’s mutual-fund business on July 22, 2026, according to Financial Express. The Association of Mutual Funds in India (AMFI) lists July 20, 2026, as the setup date for Carnelian Mutual Fund. Its directory identifies Carnelian Investment Managers Private Limited as the asset management company (AMC) and Carnelian Asset Management & Advisors Private Limited as the sponsor. These are distinct dates and descriptions in the respective sources.
Which Carnelian funds have been filed?
As of the cited September 2026 filings, the available information describes proposals at the draft-document stage, not schemes confirmed as open to investors.
- Carnelian Small Cap Fund: SEBI’s filing page lists a draft filing dated September 16, 2026.
- Carnelian Liquid Fund: Moneycontrol reported that Carnelian had filed draft documents for this fund.
A draft filing is not the same as a launched scheme or an invitation to subscribe. The cited material does not establish that either fund was accepting investments.
Why do the CEO listings differ?
AMFI’s member-directory page, updated August 10, 2026, lists Archan Thakore as CEO. That listing predates the September 23 announcement of Dhiman’s appointment, so it does not override the later announcement. The available information does not establish Dhiman’s exact effective date or whether AMFI subsequently changed its directory listing.
What the company’s asset figures do—and do not—show
Carnelian’s website displays company-wide figures of more than ₹20,600 crore in assets, 9,100-plus clients and 850-plus partners, labeled as of August 31, 2026. Those figures cover the company, not specifically its new mutual-fund business.
Financial Express reported that Carnelian had more than ₹18,300 crore in assets as of June 2026 across its then-existing PMS, AIF and offshore businesses. The two asset figures come from different publishers, dates and company-wide contexts; neither establishes assets managed by Carnelian Mutual Fund.
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