India’s Most Influential CIO of the Year 2025.

Vikas Khemani, Founder and CEO of Carnelian Asset Management, exemplifies leadership rooted in trust, discipline, and long-term vision. From humble beginnings

1. The way of business solutions

India’s
Most

0
Influential

| -Khemani

Building Empire of Trust through
Dedication and Excellence

worm nsghtssuceessmagsne.com

2. insighrseuccéss

Your Legacy «

Featured |
WhereLeaders Make

Headlines

El

Get Featured In
Upcoming Edition
Where Top Business <

Minds share their Success Stories. *

ce

13 al

nthe QR
Era ho ton m.

insightssuccessmagazine.com

5. Redefining Leadership in the
Digital Era

chology hey ar visionaries driving innovation, resience, and strategic growth al he cor of
very cnicrprise This special cation of Insights Success ile, India Mos! Zniaenial CTO ofthe Year
2025, caichtatcs hose realahie cadens who ate shaping the digital Saar of the atin lvl
eight ali, and purpose rien leer.

the freon ofthis year’s ion stands Vikas Khemani, a name synonymous with 04081
‘novation and nnsfanmalive excellence His jaumey ele rae blend of business acumen and
tecnologia! fowssghL me hat have enabled organizations to viga compeaty and unlock new
frontier of vac cretion. Tirough bis adrship, Vika he cxempli how ccna, wn aligns
wth human insight and ethical govemancs can mkf the contours of compote spd tras

‘This dition explores the toi of C1Os who aot jus responding o change bu activdy engine.
turning callnges into calas For vole. From load modemizaon te AL power cea, om
persa fortieaton to data democratic, thir collective ot are driving Indi toward
seoming global digital personne.

We invite you to deve imo thes oros
India's CIOx continuo to refine what

Happy Rendungt

6. 08 The Signature Story

Vikas

Khemani

Building Empire of Trust through Dedication and Excellence

Industry Insights

Nurturing Innovation
16 The Impact of Influential CIOs on
Business Success

Championing Transformation
1 8 Innovative Strategies in Business Leadership

8. insightseuccess

Er
‘Mery D'Souza
Managing Editor scene Editor ‘Acta Ets
Preston Rm Jenny Femandes sy Jameson
Ve Art & Design Director Associate Designer
Dan King Rosy Seo ‘Anges Ruin
Senior Sales Managers Business Development Manager
Bruno Alves, Jak McDowell yaa Brown
Marketing Manager Sales xcatves
James Me Max Foyt
Technical Head Business Development Executives
Jacob Smile ‘Simon, Tom
Technical Specialist Digital Marketing Manager
tevin Won Dominique .
SMESMO Beaute Research Analyst
‘Steve Rodrigues Frank Adame
(Creation Manager Database Management Technology Consultant
Robert Brom Stella Andrew David Stokes
[email protected]
October, 2025,

Fallow son: q wiwelscbockcom/inighsuccess/ wenns
© 이
Weare sto alton: tao Qi
CE
ol 2 mm mt Th it gd i ec rd ml

DT GE 아노 아아

9. INTERNATIONAL SCHOOL MALAYSIA
CANA PJ CAMPUS)

ST JOSEPH'S INSTITUTION

3-18

Years Old

à y N International

A top international school infused Fa Caricias:

with Lasallian ethos and tradition. and Singapore Math

A brother school to the esteemed St Joseph's IGCSE and IBDP
Institution and SAI International in Singapore,

St Joseph's Institution International School Malaysia Welcome Package

provides a Lasalllan holistic education for 3-18 year available for Nursery

olds coupled with a strong Mandarin Programme. admissions!

For enquiries and admissions: Monday to Fray (Jam to 4.30pm) except for public holidays

a ata Se ei Pam
an PLL, TO ng gs a De
(mais Emma ey Sphere

10. India's Most Influential CIO of the Year 2025

The Front Page Exclusive

Vikas

Khemani

Building Empire of Trust through Dedication and Excellence

"This is not a business of
quick returns but a
business of compounding
- of capital, of knowledge,
and of trust.”

11. Vikas Khemani
Co-Founder
‘Carnelian Asset Management &

の Advisors Pvt Ltd

13. aan, not working out the next move but living the

previous game, Inthe fent Indian nancial markets
‘where machines pri in actions of «sccond and
information trame at pit sped, vision forthe log
term ditnguishos genuine well creators fom market
lakers. The landscape is ike the ocean, where opportunity
sides with risk Disp hatte with dien Bocuse
ecran and now investor sail inthe amo uncharted,
ware Under hi e, ru success docs not belong to the
savoie but to the saps of per currents

ESS

x ne only the growth of GDP that makes an emerging
economy develope, ut als the evolution of neta
dede ale to move capita see centre. They are
‘he ones who think globally, aq locally; who orrow idas
and kop ied principles; who compound for decades by
Filing out short cm eycles in he marke. Few ofthe
‘ceonomic driver af India have wind his paradox more
‘har hose who have ived on either sde ofthe comporte
reproncr divide. They know that acta wealth ha
‘nothing todo with outperforming the quarterly members but
supporting platforms ha amplify tru, smart, and rme
over cycles They doit only invest capital: they build
hopes, stimulate reading, and contrite making
Wave ea he core of Indi economie ie.

From Humble Reinnings to Professional Excellence

‘Vikas Kihemanis or slat in a milo clas hasincse
{amily where the soe of enmpreneumip were on
carly, but demands for patience prevale. By 21, he'd
achieved academic distinction a a Charter Accountant, à
Foundation tht would serve him thoughout his carr Bu
130 undenood that entrepreneurial seco quid mors
fen ambition and formal qualifications. Lacing both
‘itl amd xpericnce niall, he opt to bl ic
sports fia within the ooperate mold

is profesional journey bogan in 1999 at ICICT Securities
as Inia financial merke underwent significant
{caneeemation This period provid Grand eight into
the shifting structure of marks and financial institutions.

Im 2002, Khemani moved to Edelweiss Financial Servis
id, marking defining chapter in his growth. The
comen entrepcacural clar aligned perfectly with kit
irons, and ie ic lgh the rake was swift At 30,
he bocame the youngest member of ho Edelucis:
Management Committe. Over 17 years heran and
expande seve capital markets business 10018:
nsitmiomal Equities, Primo Brokerage, snd Rescarch,

"see myself more as a
risk manager than a
return seeker,
understanding that
returns are ultimately the
outcome of how well
risks are managed.”

real coming the CHO of Eetweis Souris Lid
‘Those experiences cd vital lining ground: be
‘gained comprehensive understanding of mark dynamics,
lient moods, and operational complex. provide him

‘with the confines, perspective, and si o manage people
and,

The Eatrepreneutal Vis

hes Shape

Yet the entrepreneurial dream persisted for bok Kern
and is wil, Swat. The shed ambition evolved to à
patri, wailing for dr nght momento Leu Form he
comporte wel The clays was trong conviction in
dis unique growth jeter. Indi the only
alte

talon. We ac lucy 4 be prt of India grow 100"
This belie was rota rigor analy of demographic
trends structural efor, and poy uf slo fast
decades of expuso

Founding Caraclina: A Collaborative Vion

The decision to launch Carnelian Amet Management was.
{he prodect of yca of preparation and relationship
ehime The founding cum, 1230 Khomanı, Manoj
Baker and Swat Khoman, bought together
complementary Mreng developed over 25 yea ol
rnd 15 Xam al shared oto experince
as not a type startup, bu an evolution ofan
subis eue Vikas contributed his macro perpostive
and cados scumen; Manoj dep reach and 001
‘gor Sa, a cheap conc and tivo approach

14. "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.”

Camchans name was chosen lo rica cos, cooing
{he stone's qualities o courage, confidence, and Teadership.
‘Their ambito wast bal nt jst business, bat an
nition defined by values and experts.

Investment Philosophy: Thinking Beyond the Cromd

From inception, Camclan avoided crowd following,
70088 philosophy in fundamental and first principles.
‘Khemant believes ill courage s senil taking
positions that defy popular sentiment if alysis supports
In order o achieve better risk-adjusted returns and gain the
trust of partners and clic, Caml has demonstrated à
willingness to make non consensus decisions But
contain i ot pam or town sake; it must be
‘round in dpi aly and clear in
Famous

The tem tes cient capita wits utmost sensi
Positioning dhemscives as risk manager rather han ere
‘coker of cta Their isk framework divide nto
¡res backe permanent capital lose (Type A) temporary
mark to marc volatility Type B) and opportunity isk
(ype ©) The na challenge is halancin Type A and
‘Type C- guarding against permanent lowes wile seizing
major opti Shoe lem vols ches Lo
‘socom, sr wealth bel er the yam

Leadership Through Culture a

Values

Khan Lente conter e team compete,
mer, and srl owner. At Carlo,
ulead comiant evolution mater mes Meri
termine progression, shared ownership aligns individual

and organization gots, andthe mantra "good isnot good
enough” anchors the drive for improvement. "We want
Cassel tobe known not just For returns, ul for ow we
chivo them forthe valac processes, and poop hat
define us” Khomani say, cmpnszing identity and thos

[Navigating Modern Market Complets

‘The investment ldap volvi complesity nt lo
on Khan Information overload and dining
tradi ces require deper insight and resilenes
(Carsclian’s"Teyond Narraives” communications im 10
cr clients cut through directions and wndentand ma
Symer Kheman appreciate hat aye e
incrcasngly behavioural aná psychological, mw meriy
analytical. He rcowragos meditation among cam members
for mental laity and emotional scan, nine
clear decision-making under press

Embracing Technology While Preserving Human
Sadgment

White behavioral ie ae proie, Khemani and
Carsclion have embraced schnalgy,erpeiliy AL and
dats science. Camelia A Lab help proc va dataset,
{denies anomalies, and offer fonce insight The goal
{st support, not suppl, human jadgmcnt augmenting
analytical capability whik preserving experience and
into. Ths approach cxemplifics Khomani's outlook:
‘volition, not ration

Client Relationships Through Education

For Khoman, managing moncy it inseparable rom
managing expectations, Camelan evakx an active
educational ie, rearing clients understand the rationale
behind investment choice and the reli of market,
dynamics "You don't car higher rtums by expecting
them, You car them by practicing the ight investment
ppenach "he tlle lin, underscoring patience and
empece This coca had depor cien
relationship and helps investors make smart lang term
decisions.

Rapid Growth and Market Recognition

Carnelon's commitment to process and relationship has
delivered clear results: emes the Rs 13,500 crore AUM
marc ie sth year They have achicved growth by
mierkzing matlab fomodations over mere au

16. =

accumulation. The firm's measured approach af some
lient ru, operational excellence, snd the emerge oa

Mentoring the Next Generation

Khemant offers cla guide to aspiring investment
leadene develop a unique cg va frameworks, nach
ep nctwork ce hein kill and alte line
and paenee “Yo cannot genere senor rte by
‘inking ik everyone cle Yo ood 10 ac what others
don ar have the conviction tact when others estate”
Sustamaie achievement depende on capability Palin
and long-term compounding, not shonin

Stratege Vision forthe Future

‘Looking ahead, Camela sims to he globally respecte for
excelence, sal and culture Caen priori include
ing Leaders depth, srengiheing partner, and
rung an etrprencural culture Kheman vision so
ul an into that ours individual, focusing on
foundations and ler, with growth puncc mshimahiy

“Patroprencurcip ie not print ta marathon. And we
a jot Bting arid,” he nes, emoreing a penpective
7006 in endurance and alahle mecese

Personal Philosophy and Holistic Approach
Sed professional achievements, Khomani holistic

proach niche his leader styl and investment
‘Viewpoint His passion spans seal hug, capita market

investing let rartring, and Iaderdip development
‘With dec biti emotion itligence, he also values
‘amily, markets, poker, poycholay, tality, inc,
police, and policy. Practice ke Vipasane médiation
‘ake him an optimist and apport hie capacity for complex
decision. Insights from meditation and poker add
dimension te bekavioural analysis, while an undensanding
of policy informe macrocoonomic context. Spiritualiy and
foes serve his need for clarity under pecar

“The Infinite Game: Bi

2 Beyond Horizons

Mot players nan franc chase shot term vicric,
quart rankings, or brinca bail for ex. Khomani
play the aie pame. mencarin return Bt alsa tras,
market wisdom, nd instinto a Standing at he
convergence of tradition and digital future, he offers a
paient expt mode, proving that while algorims ean
sera meter instan, Lig tions necd howe,
ao drven baller

As Garcia consistenily cross milestones, Kheman's
‘sion transcends personal sacecs He's helping write
And net financial chptr, where sopiiated
allocation mecte newmec IHerey, lohal bot practic
‘blond with local insight, and 20000 patience most modem
opportunity Transformational london measured
Ju by asst returns but by miwa expanded and
{nations left behind In Khemani joy, divin
schievement becomes blaprin or India's ance sector
Ho exe from le gkial leader

“The marathon contin, nd the hs chapies ae yet io be
で rem In a nation where smartphone wicdin young
Shreprencus and seasonal investors dream of financial
Independence, leader He Khemarı once! pation with
innovation, wisdom with ambition, snd aye
‘pportimiics with tomorrow’ ininaion. The pene ie
inten, the vision is enduring, and the impact wil he
generation. Ti ho empires of rst ar bul: one
‘Fiat relationship, one tam member, one principled
Session at atime =

17. ACCELERATING MOROCCO'S
TRANSFORMATION IN ADVANCED
MANUFACTURING & FUTURE MOBILITY

EXHIBITORS — C-LEVEL INVESTORS SPEAKERS
EXECUTIVES

STARTUPS HIGH-LEVEL COUNTRIES HOURS OF
CORPORATE CONTENT
BUYERS

UNLOCK GROWTH OPPORTUNITIES ACROSS

KEY INDUSTRY SECTORS

18. The Impact of Influential ClOs
on Business Success

inc the tne business ha changed, the Chic

Information Officer (CIO) roe tse has undergone a

eansforation frm being technologicall enented
function o that of strate business ksdcrof highest
‘value in vin business success. With business
corporations being challenge by distal dsuption, market
‘olay, and matching customer expectations to now.
‘heights, CIOs become even more ential net only as Ich
‘sdministrator batas business fn. Their decisions
and vision shape company operating effectivcncss
imoration capables, and competitive advantage. Those
naar that maximize the step vas ther CIO
‘bang wll be cmpowcred o nmovae, transform, and
sucesed in a ital frst economy CiOs do mot just nec to
1100 IT infrastructure operating or in house applications
purring. The dial change agents whose tech spending
quals quantifiable business ris Te test
‘evidence ha cehnology supports nearly every function of
contemporary busines, from customer engagement to
supply chins ERcctw CIOs posen a distinct,
combination of technical sls, business acumen, and.
adcrshap cpabihtics tht cmable them 1 postion
innovation fel onganizauona change, and crete ali
and digitally ensbled culture,

Leadership for Strategic Transformation

Effective CIOS create lasting business transformation and
alg strategy in the coc ofthe business. They are
responsible for monitoring technology tends evaluating
cw solutions, and aligning IT project to lng term
‘busines requirements. This allows companies io lok
bead to markt change, makc buses mechanizale, do
way wih operation meficinoy and esp new growth
‘opportunites. An anticipating CIO who also consider the
{otal business horizon can make technological potential
possible ist to cxccut, making investments in
Innovation tangible tums on investment and enhancing
the company’s competitive edge

For example, companies undergoing digital change count

on the CIO wo incorpora new tecnologies ke amtifcial
nieligene, coud, data analytes, and automation software

20000

into business process. I is more boat changing things at
“core level, sreamining thorn and diving bete
“cion, Great and good ClO drive cose maioml
teams to make sure digital initiatives are pot orient,
‘enable people, and kocp on driving the customer experience
higher Stati hiking causes companies to think ahead
and ook out fo dispo in cir domain and ot 6g 玫

Improving Operational Efceney

Apart fam strategy, top level CO also significan
improve operational ficiency. They cu busines
races to make rent 10 achive caer operations, make.
sense of resource deployment, and make sense of cost
rough incligen ss of tcheology By liminating
11010 mama procedure, mcgrating satire systems,
“nd leveraging es ale dla driven decision took, C1Os
“low business to capital on eahanced productivity,
icicney and operations excellence Their approsch
Positions technology in action not as hack fice enabler
‘ut sho fundemenll driver busines performance end.
tore and ong crm business success

Good ClOx arc ala rk manager, replay afr, and
security. Since data breaches, yer tacks, and disruptions
toy have significa nancial as walla rcpataton
sonsequences, he CIO posscs roba eybescuriy with
So ls im porting cai, Preserving valable uch
valo making innovation poly creates akcholder nt,
confidence, and long tm busines promth. Companies
with CIOs possesing balncod amounts of operating
eum and wraepi vison heat their poen on ect,
rene and responsivence

Promoting Innovation and Competitive Vigor
moran sa key driver of omg cm basics secs,
and grat COs havea key rale to play in restoring an
«xperimental way working, innovative problem solving,
nd cami or life By ombracing ail appranches,
olive cultures, ad new technology, they enable people
to experiment with new ideas, seamline procamen, and
leverage capa. Next-generation CIO dont just

October 2025

19. they cable employees 0 ty things ot
tear fi respond pi am deter seco kas
RNN

In parait oF at, CIO: als help to Fame aor focus
tray and deve busines vale, or dh most pur! Wik
the support of rch knowlege of dt, hey enable
Pinces to union atome behavior, preference,
snd is and ah them to rete personalized ive an
highly comtetaal experiences: Tah craton of revenue
goth ayy, and diferatation inthe make place over
"he Tong tem cy by leveraging chmigy abled
enhancoment of engagement ese of iteration, and
tee lawd valu, CIOS ae the prime driver Tir
lei rate echo

ving seine compete advantage
fee sing te ve far og hama as

ming hardware into

strategie weapon,

11 때 | Le

: 때 | : tha’

IL

“Tir contribution to the access ofthe business has gran
tremendously in the last two years a reflection ofthe

stent o which technology i ingrained in current day
CIO ho care dy are sage ders, operational
‘optimizers and innovation caılys. Their capacity to dive
technology aapabiliy int busines allows basics

tress strategy Besides TT ifrtrutu

organiza tive rsp to Sein Ihe market
pacs, chance fciacy. nd tin a compciive
advantage. Power CIO: wha efoctively 16611 ab
“poms them are rewarded with chango of kndenhip as
power CIO reat abridge hetwoen technology busines.
Simp Though leading

LDHEhimg innovation, eed erating operational

iia tration,

se
ht shopping in hcr indsty but shape txir
Future Boca tocino

esines and a technology function, the role oft CIO has

ay x than catan funcion of

October 2025

20. Championing Transformation

Innovative Strategies
in Business
Leadership

L= rm ni i ort

Sa an ml rnin ay

rat, empathy. and iii.

‘Busnes leadership strategies have emerged as the
maty for companies looking 1 stay ahead of the ca

Tine Evolution of Business Leadership

Leadership in business so longer dened by authori but
by nen and visos, Decades ag, leaders primarily
focus on operational etheaney and pro mang. Today,
the equation has changed modern ladcrship demands a
Ilan between financial performance, employee well
‘being innovation, and social responsibly

The pandemie accclrate this shi, pushing Kader to
rethink he tes Pex, technologncal pity, and
human centrod management are now Key pills. To
erate releva, cada must adopt innovative sates in
motivate veras teams. and embrace digital trenstermation
sth confidence

1. Embracing a Growth Mindset

Atthe eae innovative kadsnap tes the growth
minds, a concept popularized by psychologist Carol

Duck. A growth mindsct encourages continuous learning
experimentation, andthe understanding that Blu par
‘of progress. Leaders who embrace this philosophy inspire
thei teams 254 called rks and innovate fale

By string à culture hat value creativity and earning
ing pros for ¡das thal drive

wor insightssuccessmagasne com October 2025

22. Jong tem succes. These ar nt just personal ts but
unional ati in busines ership ha matoem
{he workpla nt dynamic coosyatom whcre novation
ives

2. Prioritizing People Centric Leaders

A dining tu of modem enas cada à it
Tos people: Empleyoss ae o longer non as mere
sources as state parier in achieving
rpaizaioal goals. Great leaders understand that
meewl ineligenc, empathy, slFwarences, and
‘ormmunicaton are jun as eral as analytical ki.

By ereting nchnive environments where every cm
mer feels hea and valued, ders culate loyalty
and engagement. When emplayccs are motivated and
‘ately invested, productivity and novat atra
follow, Adopting pooplo cate sieges in bios
1131 ot ely enhances mik bi alo dev
stable sine rot

A Leveraging Technology for Smarter Decisions

Digital amíormetio has revolution he aime
word. Arial intligence, data analytics, md antowmatio
ae edcfining how kaders make decisions and manage
operations However, succcsfal implementation depends
stc gunos and ica considera.

Innovative leder ms 13 isis
streamline processes, nd improve customer experience
“They combine data driven decisions wih haman yadamcnt
emmgs blanc between ciheiney and pa. nthe
sense, ingrata digital tools and analytes forms crucial
Pat of modem strategies in business leadership, helping
ganas adapt sil to change while staying
‘isomer focus.

4. ulkling Agility and Resilience

‘Change is neviabl, andthe ab o apt quickly
sepais sbcccsfil rgenizaios rom those left behind.
‘Agi leadership emphasizes Beil, collaboration and
responsiveness, Leaders who cmbrae apihty encourage
ns matorsl cammurk and quick decision making

Resilience, on the other and, ensure tht leader and

{sams bounce back rom stacks stronger thn Dior.
‘These dl quais ag and resilicncc are essential

20000

Sir in busines dei For surviving and hriving
in volatile markets. A nein organization docs just
eset to change: it micas an shapes i

で Encouraging Innovation nt Every Level

Innovation is not imite tothe RAD department i should
thea collective mindset, Great lenders cmparwer employees
ata vel to conti ideas, challenge he ga,
and take ownership of improvements

Establishing innovation programs, hackatbors, and open
‘commanicaton chas enable a sendy ow of erat
Solution. Leads wh row! experimenta

[0

nicas leadership edy
6 Caltvating Fshical and Sustainable Practices

jp el cy leadership lo demands esponsiiity
Bisincsss are increasingly eld accountable or her
vironmental and social impact Fihical kknhip ensures
{hat profits ac nt achieved tthe expense of people or the
planet

Sustinailiy is mo longer a burzwonl, is necesi
der wh inerte dhkal ensidrations o her
rege decisions bul ru, can brand reputation,
‘and comet o fog. term prospority Among the
‘emerging strategies in business leadership, prioriiing
“lis and sustsinsblity has proven tobe bth morally and
financially rewarding.

‘Conclusion: Redefining Leadership for the Future

“The business world iin constant fax and leadership must
‘evolve wth ir The mast succesful ados ofthe htm
willbe those who balance innovation with 10608.
technology wit empathy. nd vision with api

Adopting forward thinking srl cs in business eadcrship
means fostering environment where rat,
collaboration, and cial responsibly coxis
Toms. about icading fot just with the mind, bet
‘with Ih ha, tuning challenges into opportunities and
people it partners onthe joumey toward sustainable

October 2025

23. ae SUBSCRIPTION

EXCELLENT
CHOOSE mee
INSIGHTS. be

$250-00 $130-00 $70.00 $25.00

Months 3Months 1Month

(06 issues) (03 Issues)

Subscribe to Insightssuccess

24. >

insightseuccess

wun insightssuccessmagarine.com