The proposed scheme is an open-ended liquid fund that will invest in debt and money market instruments with maturities of up to 91 days. The scheme aims to generate returns consistent with a moderate level of risk while maintaining high liquidity, according to the draft scheme document.
The fund will benchmark its performance against the NIFTY Liquid Index A-I and will be managed by Deepak Malik and Viraj Parekh, according to the draft details.
What the proposed fund will offer
The scheme will have both direct and regular plans, with growth and income distribution cum capital withdrawal (IDCW) options. The face value of each unit will be ₹1,000.
The proposed minimum investment for a lump-sum purchase or SIP will be ₹500, with subsequent investments allowed in multiples of ₹1. For monthly SIPs, investors will have to make at least 12 instalments, with the default SIP date set as the 10th of the month.
The draft provides for an exit load on redemptions made within the first seven days, with the applicable charge varying according to the day of redemption. Redemptions after seven days will not attract an exit load. Switches between plans or options will also not carry an exit load.
The scheme can allocate between 0% and 100% of its portfolio to debt securities and money market instruments with maturities of up to 91 days. The draft says the fund will not invest in foreign securities, securitised debt, fund-of-fund schemes or debt instruments with structured obligations or credit enhancements. It also does not propose to participate in lending or short selling.
The maximum base expense ratio permitted for the scheme under the applicable regulations is proposed at up to 1.85%, according to the draft document.
Risk profile
The scheme is intended for investors seeking income over the short term through investments in debt and money market instruments with maturities of up to 91 days. The proposed riskometer classification places the principal investment at a low to moderate risk level.
The filing comes after SEBI approved Carnelian Asset Management’s entry into the mutual fund business in July 2026. The approval allows the asset manager to offer mutual fund products across active and passive strategies, including equity, debt and hybrid categories.
The filing is a draft proposal and the scheme’s final terms will be subject to regulatory and other applicable approvals.
First Published: Sept 7, 2026 9:04 AM IST
