Women in Finance & Leadership: A Conversation with Swati Khemani

Women in Finance and Leadership | Interview with Swati Khemani, Founder and CEO, Carnelian Asset Management and Advisors

Supriya Ghosh:
Welcome to yet another episode of Bazaar & Beyond, where we deep dive into the ideas, people and trends shaping India’s markets and money conversations. I’m Supriya Ghosh, Head of Brand Marketing and Communications at m.Stock by Mirae Asset.

In today’s episode, we are having an interesting conversation around women in finance and leadership, breaking barriers and mentoring the next generation, with a special focus on women as investors and decision makers.

Our guest today is Swati Khemani, Founder and CEO of Carnelian Asset Management and Advisors, a boutique investment management firm she co-founded in 2019 that manages equity portfolios for long-term investors, HNIs and family offices. Swati brings rich experience from her earlier years in investment banking and institutional equities and today wears multiple hats as an investor, entrepreneur, board member and mentor.

In this episode, we’ll talk about her journey in markets, how women can think about investing and risk, and what it really takes to build confidence and careers in finance. Swati, thank you so much for joining us today and taking out your valuable time.

Swati Khemani:
Sure. Thank you. Thank you, Supriya, for having me on this show today. For me also, this is a very important one because it is all about women. So, I’m very happy to do this show today. Thank you.

Swati’s Journey and Career Turning Points

Supriya Ghosh:
Nice. Let’s start with you before we zoom out to the markets and women. Swati, you are a CA yourself and you have had a journey of 23 years. What were the defining moments in your career that led to you as you are today, and how you see Indian markets today?

Swati Khemani:
I’m very grateful for the twists and turns that shaped my journey and brought me here. It has made me a big believer in hard work and destiny together.

I started off as a CA. In 2002, I joined Edelweiss as an associate in investment banking. In those days, Edelweiss had a lot of MBAs from IIMs, very sharp and intellectual. It was intense, but it was crucial in my formative years.Investment banking helped me understand companies from within, whether it was their strategy, promoters, fundraising, all of it. Those first three to four years helped me develop skills and become very detail-oriented.Then I moved to public markets and started doing research. I started with textiles because in 2005 the textile quota opened and it was expected to become a big sector for India. From private markets to public markets, that is where my love for markets started. You start going deep into business models, promoters, management, competition, everything. It gave a more holistic perspective. Subsequently, I also did institutional sales. Meeting investors across the globe, I was covering Europe and Asia, it gave a different perspective. You understand how investors perceive what you analyse.

This overall journey across investment banking, research, and sales added to defining moments in my career. And when we started our entrepreneurial journey in 2019 with Carnelian, it naturally culminated. It was a combination of investment banking, research, and sales. If I had to pick two things that clearly defined it, it was rigorous hard work and appreciating the entrepreneurial spirit. These two things define every decision I make as an entrepreneur today.

Why Carnelian?

Supriya Ghosh:
You started Carnelian, but did you see any gaps in the market because of which you started Carnelian in 2019, or was it a natural progression?

Swati Khemani:
A lot of factors went into why we started our entrepreneurial journey. Coming from Gujarati Marwari families, there was always this inherent desire to start on our own. There’s a joke in my family that we don’t work for people, people work for us.Eventually, that was always the thought process. I wanted to start on my own. Even when I got married, I was clear with my husband that someday we will start our own business. That was a shared desire we both had.

Of course, it took shape a little later because you need to keep a lot of things in mind, including having enough capital because things change drastically once you start your own journey. We maintained a simple, humble lifestyle, so we felt confident that we had created enough.

We wanted to create something of our own that we feel proud of. We have our kids and that’s a lot of pride, but beyond that, we wanted to create an organisation of a global scale and stature known for quality, respected for excellence and expertise.

That is our ethos at Carnelian. Anyone who joins follows that DNA. With that purpose, we started Carnelian.

Support at Home and Women Supporting Women

Supriya Ghosh:
You mentioned your home background and how you and your husband shared this dream. Did you ever face challenges on the home front? Usually in many Marwari families, women are not allowed to work post marriage. Did you face anything like that?

Swati Khemani:
I’ve been fortunate. I was born in a liberal Gujarati family. Education was a must. Financial independence was a must. I grew up with that mindset. And in my husband, I found the same mindset. He was always there to support and encourage me to continue doing what I wanted to do. So, I have been lucky on that front.

Supriya Ghosh:
Nice. I’m sure many women are inspired by what you’re doing. India has changed a lot over the last 10 to 15 years and the internet has enabled a lot and changed mindsets too. I just hope more women understand, accept and support women.

Even today, in our families, in the Indian context, a woman as a daughter-in-law has a different set of expectations and responsibilities versus a daughter. If the two get together, women can do wonders.

We need more women supporting women. We just need women to support more women.

Swati Khemani:
Yeah.

Challenges for Women Leaders in Finance

Supriya Ghosh:
In leadership in finance, there are still very few women at the top. What challenges did you face, structural, cultural, or internal organisational, and how did you navigate them?

Swati Khemani:
Even while I was doing my CA articleship, I realised not everyone thinks the same way. Even within families from the same branch, mindsets can differ.

During my CA days I did audits, visited many businesses, met promoters, and I realised the perception about women was not at its best. This was late 1990s and early 2000s. One big thing was the seriousness with which women were viewed. I don’t know for what reason, but things said by men were taken more seriously. Women were considered sincere and diligent, but when it came to outcomes, people would say we will discuss it with management, or we will speak to your bosses. I always felt that wasn’t fair.

This has diluted a lot over the years, but I still see it in some form. The seriousness with which women are viewed is still a gap. And it also has to do with women building confidence, women coming out and talking, women asking.

In India, women don’t ask. Men and society need to get that confidence too. Women have proven themselves, but financial independence and decision-making is where I still think there is a gap and work needed.

Supriya Ghosh:
You’re not completely off the mark even now. Even today there are brands making ads in finance, I will not name the brand, but the insight is that if a woman gives financial advice, the listener doesn’t take it seriously. So, they change the woman’s voice to a man’s voice and suddenly the recipient takes it positively. So, it still holds true.

Back in the day it would have been much more.

Swati Khemani:
You learn to grapple with it. Women learn to understand, compromise the situation and navigate it faster. So, you get over it.

Supriya Ghosh:
Yeah. 

How Indian Markets Have Changed

Supriya Ghosh:
Switching gears towards equity markets. Over the last 20 to 25 years, Indian markets have changed, whether it’s the types of companies getting listed, investor quality, inflows and outflows. What’s your view?

Swati Khemani:
Indian markets have changed a lot. They were much narrower earlier, whether in depth, breadth of companies, governance, retail participation. FIIs dominated the narrative. Today that has changed.

Promoter mindset has changed. Quality of businesses has changed. Promoters no longer think short term. They think about governance, global opportunities, quality, longevity, capital efficiency. Earlier there were more old economy, family-led, promoter-run companies. Today that is changing. Many companies have professional management coming in.

Breadth has increased. There are more sectors to invest in. Fintech, B2B, startups, CRAs, defence, logistics. Earlier, many of these were limited or didn’t exist. Today investors can build more nuanced portfolios with emerging themes and niche ideas.

Market participants have also changed. Earlier FIIs dominated and if they pulled out money, markets could fall sharply. But today, post-COVID, SIP culture has kicked off and domestic participation has increased drastically. Demat accounts have grown. Schemes have grown. Markets are maturing. You have PMSs, AIFs and instruments available for different investor types.

Technology has changed the game. With a phone and internet, you can open accounts and trade from anywhere. Everything is integrated.

And most importantly, SEBI’s involvement in creating the market. Disclosure norms, independent directors, surveillance, company disclosures. SEBI and RBI have done a phenomenal job in making the system structurally robust and in favour of investors.

Today there is transparency and comfort. Earlier markets were associated with gambling, but not anymore. Even youngsters participate. Information is more accessible to everyone, transparency has improved, price discovery is better.

Promoters are mindful because compliances are higher and they know they are being watched. So, markets have become more comfortable for the common person. Overall, whether it is promoters, companies, investors, or regulators, everyone has come together to make this a long game. The focus is how to keep it healthy and structurally amenable for everyone.

Long-Term Investing Framework

Supriya Ghosh:
From a long-term investor’s perspective, what approach should they follow in terms of a framework involving growth prospects, risk, strategy and goals?

Swati Khemani:
First, long-term should be at least 5 to 10 years. Today mindsets have shrunk because everything is instant. Long-term does not mean 5 to 10 months or a year.

The world has become dynamic, especially post-COVID. So when you think long-term, be clear on the time frame.

Quality and longevity matter. India has growth and many companies and sectors can grow, but you need to be mindful of what you pick. Look at promoters, business model quality, robustness, valuations. Not everything will grow the same way for the same duration. You should not end up in a situation where lack of understanding and homework hurts outcomes.

Second, consistency and discipline matter. You should keep evaluating and revisiting your portfolio, because things can change at the company level, market level, or global level. Know what you invested in and why. If the underlying changes, be agile and do not be emotionally attached.

Lastly, people get swayed by volatility. Volatility is not risk. Permanent loss of capital is risk. Volatility can be an opportunity to invest more or build the portfolio. Be disciplined, consistent, and clear on your long-term goal. Do not get swayed by fads or volatility.

Supriya Ghosh:
That’s a golden mantra, not to get swayed by the ups and downs of the market and to think long term.

Women, Investing, Confidence, and Social Conditioning

Supriya Ghosh:
Zooming in to women. Over the last two decades, what changes have you seen in women’s mindset in finance and investing, and what changes do you still want to see?

Swati Khemani:
Through my journey, whether in corporate roles or entrepreneurship where we meet HNIs, ultra HNIs and family offices, I find women are brilliant. They execute projects well, work with teams, run homes well, and are financially responsible.

But converting responsibility into decision making or investing is still not happening at large. I don’t see even the surface scratched.

Supriya Ghosh:
So women are financially responsible but not financially participative. Is awareness low or intent missing?

Swati Khemani:
Intent is there. Acumen is there. But there is lack of confidence, fear, and social conditioning that men are better at investing and this is their domain.

Confidence and fear also come from our educational system. We are not taught about investing. We learn budgeting and saving, but not how to grow money or convert savings into investments so that money works for you. That gap exists for everyone, but men are expected to invest once they start earning, so they start. Women still hesitate.

Information is available now through podcasts, newspapers, news articles. But moving from theory to practice needs handholding and a safer space.

Women often have a mindset that they can’t fail. There is responsibility of running the household, and that gets translated into financial decisions. Women do not want to make a loss or give themselves permission to experiment. That is missing.

Risk-taking in a financial context needs to build. Women take enough risks in life. Even in arranged marriages, they take a big life risk and adapt with commitment. But converting that into financial decision-making confidence is missing.

Supriya Ghosh:
And social conditioning also needs to change. More men need to see women taking these decisions successfully. We need more role models like you to change the mindset at scale.

Why Swati Mentors Women Investors

Supriya Ghosh:
You’ve spoken about women investing and you mentor women. How did you get into this and what do you do?

Swati Khemani:
Even the most accomplished women still hesitate when it comes to investing. I believe women can do very well at investing.

If you look at mothers and grandmothers, they ran households within budgets. They figured out the best quality within constraints and still saved. That analytical mindset and common sense is valuable. Investing is also about common sense.

Women get practical experience early in life. It’s about converting that to a financial context.

In my organisation, around 40 to 50% are women. I see how they hustle, especially in Bombay. I tell them it’s great to earn, but money should work for them too.

Today, with mutual funds, even ₹100 is a start. If they don’t have expertise, they can leave it to professional hands. There are many mutual fund categories. The point is to start investing.

Build the habit of SIP. Continuity gives confidence. Women already save, so it is about moving savings from the bank or cash to an instrument that grows it. Also, liquidity comfort exists, you can redeem quickly. That gives confidence.

Advice for Young Women Building a Career in Finance

Supriya Ghosh:
If you meet a young woman who wants to become a fund manager or build a career in finance, what advice would you give?

Swati Khemani:
Hard work is non-negotiable. Kids are smart with technology and applications, but hard work and common sense are taking a beating. Both are extremely important for finance and for life.

Also be patient. Things don’t come instantly. Keep building skill sets, knowledge and competence.

Technical knowledge is IQ, but EQ is equally important. IQ tells you where you want to go, EQ determines if you will reach there.

Earlier IQ was seen as more important, which is why men were associated more with finance. Men were expected to think from head, women from head and heart. But heart and mind together is powerful. It makes women better investors because temperament matters. Women need to truly believe that.

Career Breaks, Life Stages, and Staying Invested

Supriya Ghosh:
Women go through life stages like marriage, kids, responsibilities, and it becomes difficult to stay consistent and adapt. What suggestions would you give women to balance life, investments, and work?

Swati Khemani:
Even I have gone through that. Breaks are natural, biological and cultural. Marriage, children, relocation, career changes create breaks.

One thing I kept in mind is I will continue working. Working does not only mean a job. It also means working on self.

When my daughter was two, I took a break because a mother’s role in those formative years is crucial. But I decided I can’t sit still.

So I started learning and investing differently. I explored angel investing and venture capital. Fundamentals are the same, nuances change. It was a great time to upskill.

At the same time, I continued my SIPs. The amount can change, but it should not stop. Your SIP engine should not stop, even if the quantum goes down.

Today it is easier to stay connected, podcasts, books, newspapers, communities, discussions, calls. So, a break should not be seen as a break. It can be time and space to catch up on things you could not do earlier.

Three Steps to Start Investing for Beginners

Supriya Ghosh:
Suppose a young woman says, “My father tells me to save, I save, but I don’t know how to invest.” From your own experience, what are the three steps to start an investment journey?

Swati Khemani:
When I started in 2002, my first salary was ₹8,000 and I invested the entire thing into equities. I didn’t have full knowledge, so I picked one or two things intuitively, studied a little, and invested.

At the same time, I had my father’s money, and he gave me an open hand to look at the family portfolio when I felt ready. I was nervous about managing his money, so I invested his portfolio into a PMS. Edelweiss had a PMS then. I didn’t want to take risk on his money without expertise.

Both worked because I monitored his portfolio, saw changes, understood how the fund manager thought, and used that learning to build my portfolio.

Today information is far more available. So invest at least 30 minutes every day in growing knowledge. If not reading, then listening to podcasts, news, experts. Build the habit.

Take professional help. Start an SIP, stay invested, build yourself, and know where you are investing. If you do this consistently over time, you will do well.

India’s Big Themes and the Short-Term View

Supriya Ghosh:
Given the growth India is seeing, what are the big calls you believe in for the next decade?

Swati Khemani:
We are very optimistic about India. Five to ten years ago, we did not have the same confidence or self-respect as Indians that we have today.

Wherever we go, Indians are acknowledged and respected. Government has done a lot to change India’s image and do things structurally.

Over the next 5 to 10 years, India will do extremely well. Manufacturing is a big theme. Around five years ago, we took a call that manufacturing will do well. Post-COVID, we saw changes that made us believe manufacturing is undergoing a renaissance. It can be a multi-decade wealth creation opportunity.

Manufacturing has done well, but it is not over. Expansions take 2 to 5 years. The breadth of the market will continue to expand with new sectors and subsectors.

India has always been entrepreneurial, but now the environment and regulations are more conducive. This will impact financials, infrastructure, services, consumption, everything.

Our biggest advantage is demographics. Median age is 28, the youngest in the world. China is older and the West is ageing. Almost two-thirds of our population will be working and spending, so consumption will grow.

India is underpenetrated in many consumption areas. For example, India’s hotel inventory is less than Dubai’s, even though India is far larger. Consumption will fuel manufacturing and services.

Services is not only IT. There are many new services sectors like hospitality, tourism, medical tourism, education, consultancy. This is a transformative phase with innovation. With the right balance of IQ, EQ and attitude, people can contribute to this journey and benefit from it too.

Supriya Ghosh:
In the short term, what themes could be lucrative for investors?

Swati Khemani:
Short-term, 3 to 6 months, nobody can predict because the world is dynamic and geopolitical situations keep changing.

But banking and financial services, manufacturing, consumption are areas to watch. RBI has worked on improving liquidity, which was a big issue after elections and the liquidity crunch. RBI has loosened things and liquidity is better.

Government has also had GST cuts and income tax budget tax cuts, so disposable income has increased. That can support consumption.

Supriya Ghosh:
Any themes investors should stay away from in the next 3 to 6 months?

Swati Khemani:
Not themes, but fads. A theme may do well, but fads and narratives can spoil outcomes. Stay away from investing out of FOMO. Fad and FOMO are big blind spots.

There is no sector that is negative by default. Be mindful about valuations, do not get carried away. Invest slowly if needed, but invest mindfully, use common sense.

Rapid Fire

Supriya Ghosh:
Last two questions. This is a rapid fire. Five questions. Answer in a single word or a sentence.
First, what keeps you grounded, a habit or motto?

Swati Khemani:
My father introduced us early to giving back to society. Since I started earning, even my stipend, a part was always contributed to charity, and we had to go physically and do it. Seeing ground realities became part of my DNA and keeps humility in me.

Supriya Ghosh:
You’ve mentioned you unwind by binge watching. What’s your favourite OTT show?

Swati Khemani:
I used to enjoy Coffee with Karan, but now it’s getting out of flavour. I binge watch anything. Sunday afternoons are for binge watching with a good cup of coffee. Thriller, mystery, anything.

Supriya Ghosh:
Any book you would recommend, your favourite book?

Swati Khemani:
For markets, One Up on Wall Street, Rich Dad Poor Dad. These are simple and easy. Mindset of a Millionaire also. Easy reads.

Supriya Ghosh:
We are almost towards the end of the year. What’s your biggest learning of 2025?

Swati Khemani:
Continue to be patient, stay on course, and not get intimidated by what is happening around.

Supriya Ghosh:
And the last one, any mentor or leader you look up to?

Swati Khemani:
Not one person. Many people have shaped my thoughts and actions. I can’t attribute it to one mentor.

Closing Message for Women

Supriya Ghosh:
My last question to wrap up. To every woman listening about money and finances, one line message that they carry even long after this episode.

Swati Khemani:
You don’t need to know everything at the start to start. Just start.

I think women need to move from saving to decision-making and investing. Just start.

Supriya Ghosh:
Well said. Thank you so much for such a lovely conversation. It was a pleasure, Swati, to have you on our show.

Swati Khemani:
Thank you, Supriya. It’s been my pleasure too. And even if there is one person who starts investing today, I would be very happy. Thank you.

Supriya Ghosh:
That’s it for this episode of Bazaar & Beyond. Swati, thank you for sharing your journey and for reminding us why women’s voices in finance and leadership matter so much. If this conversation resonated with you, do share it with someone who’s building their own path in markets or leadership. And don’t forget to follow our YouTube channel.

Stay invested, stay curious, and keep learning.