Imagine a chess grandmaster seated and staring at the board, not working out the next move but reliving the previous game. In the frenetic Indian financial markets where machines sprint in fractions of a second and information is transmitted at light speed, vision for the long term distinguishes genuine wealth creators from market takers. The landscape is like the ocean, where opportunity rides with risk. Disruption battle with tradition because veteran and new investors sail in the same uncharted waters. Under this case, true success does not belong to the waveriders but to the sages of deeper currents.
It is not only the growth of GDP that makes an emerging economy developed, but also the evolution of institutions and leaders able to move capital across centuries. They are the ones who think globally, act locally; who borrow ideas and keep fixed principles; who compound for decades by riding out short-term cycles in the market. Few of the economic drivers of India have witnessed this paradox more than those who have lived on either side of the corporate-entrepreneur divide. They know that actual wealth has nothing to do with outperforming the quarterly numbers but supporting platforms that amplify trust, smarts, and returns over cycles. They don’t only invest capital; they build hopes, stimulate reading, and contribute to making infrastructure that is at the core of India’s economic rise.
From Humble Beginnings to Professional Excellence
Vikas Khemani’s story starts in a middle-class business family where the seeds of entrepreneurship were sown early, but demands for patience prevailed. By 21, he’d achieved academic distinction as a Chartered Accountant, a foundation that would serve him throughout his career. But he understood that entrepreneurial success required more than ambition and formal qualifications. Lacking both capital and experience initially, he opted to build his expertise first within the corporate world.
His professional journey began in 1999 at ICICI Securities as India’s financial markets underwent a significant transformation. This period provided firsthand insight into the shifting structure of markets and financial institutions. In 2002, Vikas Khemani moved to Edelweiss Financial Services Ltd, marking a defining chapter in his growth. The company’s entrepreneurial culture aligned perfectly with his aspirations, and his rise through the ranks was swift. At 30, he became the youngest member of the Edelweiss Management Committee. Over 17 years, he ran and expanded several capital markets businesses, including Institutional Equities, Prime Brokerage, and Research, eventually becoming the CEO of Edelweiss Securities Ltd. These experiences acted as a vital training ground: he gained a comprehensive understanding of market dynamics, client needs, and operational complexity. It provided him with the confidence, perspective, and skill to manage people and risk.
The Entrepreneurial Vision Takes Shape
Yet the entrepreneurial dream persisted for both Vikas Khemani and his wife, Swati. Their shared ambition evolved into a partnership, waiting for the right moment to leap from the corporate world. The catalyst was a strong conviction in India’s unique growth trajectory: “India is the only economy in the world which provides a once-in-a-lifetime opportunity as it moves toward becoming a developed nation. We are lucky to be part of India’s growth story.” This belief was rooted in rigorous analysis of demographic trends, structural reforms, and policy shifts set to fuel decades of expansion.
Founding Carnelian: A Collaborative Vision
The decision to launch Carnelian Asset Management was the product of years of preparation and relationship-building. The founding team, Vikas Khemani, Manoj Bahety, and Swati Khemani, brought together complementary strengths developed over 25 years of friendship and 15 years of shared professional experience. It was not a typical startup, but an evolution of an established team: Vikas Khemani contributed his macro-perspective and leadership acumen; Manoj deep research and analytical rigor; Swati, a relationship-centric and intuitive approach.
Carnelian’s name was chosen to reflect its ethos, echoing the stone’s qualities of courage, confidence, and leadership. Their ambition was to build not just a business, but an institution defined by values and identity.
Investment Philosophy: Thinking Beyond the Crowd
From inception, Carnelian avoided crowd-following, rooting philosophy in fundamentals and first principles. Vikas Khemani believes intellectual courage is essential- taking positions that defy popular sentiment if analysis supports. In order to achieve better risk-adjusted returns and gain the trust of partners and clients, Carnelian has demonstrated a willingness to make non-consensus decisions. But contrarianism is not pursued for its own sake; it must be grounded in disciplined analysis and clear investment frameworks.
The team treats client capital with utmost sensitivity, positioning themselves as risk managers rather than mere seekers of return. Their risk framework divides risk into three buckets: permanent capital loss (Type A), temporary mark-to-market volatility (Type B), and opportunity risk (Type C). The central challenge is balancing Type A and Type C- guarding against permanent losses while seizing major opportunities. Short-term volatility receives less concern, as true wealth is built over the years.
Leadership Through Culture and Values
Vikas Khemani’s leadership style centers on team competence, meritocracy, and shared ownership. At Carnelian, excellence and constant evolution matter most. Merit determines progression, shared ownership aligns individual and organizational goals, and the mantra “good is not good enough” anchors the drive for improvement. “We want Carnelian to be known not just for returns, but for how we achieve them- for the values, processes, and people that define us,” Vikas Khemani says, emphasizing identity and ethos over outcome.
Navigating Modern Market Complexities
The investment landscape’s evolving complexity is not lost on Vikas Khemani. Information overload and diminishing traditional edges require deeper insights and resilience. Carnelian’s “Beyond Narratives” communications aim to help clients cut through distractions and understand real substance. Vikas Khemani appreciates that today’s edge is increasingly behavioural and psychological, not merely analytical. He encourages meditation among team members for mental clarity and emotional steadiness, reinforcing clear decision-making under pressure.
Embracing Technology While Preserving Human Judgment
While behavioral skills are prioritized, Vikas Khemani and Carnelian have embraced technology, especially AI and data science. Carnelian’s AI Lab helps process vast datasets, identifies anomalies, and offers forensic insights. The goal is to support, not supplant, human judgment, augmenting analytical capability while preserving experience and intuition. This approach exemplifies Vikas Khemani’s outlook: evolution, not revolution.
Building Client Relationships Through Education
For Vikas Khemani, managing money is inseparable from managing expectations. Carnelian evokes an active educational role, ensuring clients understand the rationale behind investment choices and the realities of market dynamics. “You don’t earn higher returns by expecting them. You earn them by practicing the right investment approach,” he tells clients, underscoring patience and perspective. This education builds deeper client relationships and helps investors make smarter long-term decisions.
Rapid Growth and Market Recognition
Carnelian’s commitment to process and relationship has delivered clear results: crossing the Rs 13,500 crore AUM mark in its sixth year. They have achieved growth by prioritizing sustainable foundations over mere asset accumulation. The firm’s measured approach affirms strong client trust, operational excellence, and the emergence of a true institution.
Mentoring the Next Generation
Khemani offers clear guidance to aspiring investment leaders: develop a unique edge via frameworks, research depth, networks, or behavioral skill and cultivate discipline and patience. “You cannot generate superior returns by thinking like everyone else. You need to see what others don’t or have the conviction to act when others hesitate.” Sustainable achievement depends on capability-building and long-term compounding, not shortcuts.
Strategic Vision for the Future
Looking ahead, Carnelian aims to be globally respected for excellence, scale and culture. Current priorities include building leadership depth, strengthening partnerships, and nurturing an entrepreneurial culture. Khemani’s vision is to build an institution that outlasts individuals, focusing on foundations and talent, with growth pursued sustainably.
“Entrepreneurship is not a sprint; it is a marathon. And we are just getting started,” he states, reinforcing a perspective rooted in endurance and scalable success.
Personal Philosophy and Holistic Approach
Beyond professional achievements, Vikas Khemani’s holistic approach enriches his leadership style and investment viewpoint. His passion spans scale-building, capital market investing, talent nurturing, and leadership development. With a deep belief in emotional intelligence, he also values family, markets, poker, psychology, spirituality, fitness, politics, and policy. Practices like Vipassana meditation make him an optimist and support his capacity for complex decisions. Insights from meditation and poker add dimension to behavioural analysis, while an understanding of policy informs macroeconomic context. Spirituality and fitness serve his need for clarity under pressure.
The Infinite Game: Building Beyond Horizons
Most players in Indian finance chase short-term victories, quarterly rankings, or businesses built for exit. Vikas Khemani plays the infinite game- measuring returns but also trust, market wisdom, and institutions built to last. Standing at the convergence of tradition and digital future, he offers a patient capital model, proving that while algorithms can execute trades instantly, lasting institutions need thoughtful, value-driven builders.
As Carnelian consistently crosses milestones, Vikas Khemani’s vision transcends personal success. He’s helping write India’s next financial chapter, where sophisticated allocation meets grassroots literacy, global best practices blend with local insight, and ancient patience meets modern opportunity. Transformational leadership isn’t measured just by assets or returns but by minds expanded and institutions left behind. In Vikas Khemani’s journey, individual achievement becomes a blueprint for India’s finance sector to evolve from followers to global leaders.
The marathon continues, and the best chapters are yet to be written. In a nation where smartphone-wielding young entrepreneurs and seasoned investors dream of financial independence, leaders like Vikas Khemani connect patience with innovation, wisdom with ambition, and today’s opportunities with tomorrow’s institutions. The game is infinite, the vision is enduring, and the impact will be generational. This is how empires of trust are built: one client relationship, one team member, one principled decision at a time.
