Contents
Key details of the Carnelian Liquid Fund NFO
| Fund house | Carnelian Mutual Fund |
|---|---|
| Category (AMFI) | Income/Debt Oriented Schemes - Liquid Fund |
| Scheme type | Open Ended |
| NFO opens | 12 October 2026 |
| NFO closes | 14 October 2026 |
| After the NFO | Reopens for purchase and redemption on 19 October 2026. |
| Offer price | ₹1000 a unit |
| Minimum investment | ₹500 |
| Exit load | Nil |
| Benchmark | NIFTY Liquid Index A-I |
| Fund managers | Deepak Malik and Viraj Parekh |
| Maximum expense ratio | Up to 1.85% a year, before taxes and levies |
| Scheme information document | Read on AMFI (PDF) |
What Carnelian Liquid Fund will invest in
The scheme information document states the objective as: “The Scheme seeks to generate optimal returns consistent with moderate levels of risk and high liquidity by investing in debt and money market instruments with the maturity of upto 91 days.”
How it compares with existing liquid funds
- It joins 46 existing liquid funds, according to AMFI's NAV list.
- Over the past one year to 9 October 2026, the 36 with that long a record returned a median of 6.5%, from 5.9% for the weakest to 6.6% for the strongest.
- Over the past three years to 9 October 2026, the 34 with that long a record returned a median of 6.9% a year, from 6.5% for the weakest to 7.0% for the strongest.
| Period | Funds | Lowest | Median | Highest |
|---|---|---|---|---|
| 1 year | 36 | 5.9% | 6.5% | 6.6% |
| 3 years (per year) | 34 | 6.5% | 6.9% | 7.0% |
Direct-Growth plans. Returns are from AMFI daily NAVs, annualised for three years, and leave out figures distorted by unit splits.
Other funds’ returns do not tell you how this fund will do. They show what the category or index has delivered and how far results have varied between funds.
What to check before investing in this NFO
- The ₹10 price is not a discount. Units start at ₹1000 only to set the unit count. Returns depend on how the fund's investments move, in percentage terms, exactly as for an existing fund.
- There is no track record yet. A new fund has no returns of its own to judge. The fund manager's other schemes, and how existing liquid funds have done over several years, are the closest guide.
- Overlap with what you already own. If you already hold liquid funds, or a flexi cap or large cap fund, check how much this fund's likely holdings would repeat them.
- Direct plan and costs. The direct plan pays no distributor commission, so its expense ratio is lower than the regular plan’s. Over many years the difference compounds.
After the NFO closes
Units are allotted after the offer closes. The fund then publishes a daily NAV and reopens for regular purchases, SIPs and redemptions. Reopens for purchase and redemption on 19 October 2026.
Once a fund has a record, Genvest Research shows its returns against its benchmark, volatility and drawdowns.
Questions people ask
The NFO closes on 14 October 2026. Fund houses can extend or close an NFO early, so check the fund house's notices close to the date.
The minimum is ₹500 during the NFO, according to AMFI's listing. Units are offered at ₹1000 each.
No. The ₹1000 starting price only sets the unit count. What you earn depends on the percentage change in the fund's investments, which is the same whether a unit costs ₹1000 or ₹500.
No exit load is listed for this scheme.
The scheme information document names NIFTY Liquid Index A-I as the benchmark.
The scheme information document names Deepak Malik and Viraj Parekh as the fund managers.
That depends on what you already own and why you would add this fund. A new fund has no record of its own, so compare it with existing liquid funds: their costs, their returns over several years and how much they overlap with funds you hold. This page explains the facts; it is not a recommendation.
Other NFOs open now
| Fund | Type | Closes | Minimum | Existing funds |
|---|---|---|---|---|
| ICICI Prudential Contra FundICICI Prudential | Contra | 12 OctCloses today | ₹1,000 | 4 in the category |
| Mirae Asset Life Cycle Fund 2056Mirae Asset | Life cycle | 12 OctCloses today | ₹5,000 | 3 in the category |
| Nippon India CRISIL-IBX FAR Gilt ETFNippon India | ETF · CRISIL-IBX FAR Gilt | 12 OctCloses today | ₹1,000 | First on this index |
| WhiteOak Capital Diversified Equity Small Cap Active FOFWhiteOak Capital | Fund of funds | 12 OctCloses today | ₹500 | – |
| Aditya Birla Sun Life BSE Total Market ETFAditya Birla Sun Life | ETF · BSE Total Market | 14 OctCloses in 2 days | ₹500 | First on this index |
| Aditya Birla Sun Life BSE Total Market Index FundAditya Birla Sun Life | Index fund · BSE Total Market | 14 OctCloses in 2 days | ₹500 | First on this index |
| Aditya Birla Sun Life Financial Services Sectoral Debt FundAditya Birla Sun Life | Sectoral debt | 14 OctCloses in 2 days | ₹100 | 1 in the category |
| HDFC Nifty LargeMidcap250 Plus 8-13 yr G-sec 70:30 Index FundHDFC | Index fund · Nifty LargeMidcap250 Plus 8-13 yr G-sec 70:30 | 19 OctCloses in 7 days | ₹100 | 2 on the same index |
Sources
- AMFI new fund offer list, checked 12 Oct.
- Carnelian Liquid Fund scheme information document.
- AMFI daily NAVs to 9 Oct, for existing funds.
This page is educational research based on AMFI data and scheme information documents. It is not a recommendation to invest in any scheme, or personalised investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past performance of other funds does not indicate how a new fund will perform. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.