Ketan Gopani
A Chartered Accountant with 35 years in Indian public markets who co-founded Unique Asset Management in 2019 and runs its Focused Fund — a deliberately concentrated book of ten to fifteen companies chosen for high entry barriers and a strong moat. He is also the firm's Principal Officer, and his attribution is stated in terms in the document filed with SEBI.
Is Ketan worth your time?
The better-documented half of a small Mumbai partnership. Gopani is a Chartered Accountant, a co-founder of Unique Asset Management LLP — SEBI-registered as a portfolio manager on 5 August 2019 under INP000006855 — and the firm's Partner, Fund Manager and Principal Officer. He manages the Unique Focused Fund, a flexi-cap book with a large-cap inclination that the firm says normally holds ten to fifteen stocks over a five-to-seven-year horizon. The attribution here is unusually clean: the firm's disclosure document dated 13 January 2026 states that he and his co-founder are dedicated portfolio managers running their own strategies, and names him against the Focused Fund in terms. APMI records the same. Two qualifiers: our performance data for this fund is materially older than for most managers here, and the firm publishes no factsheets.
Investors with at least ₹1 crore who want a genuinely concentrated moat-and-quality book run by a named, regulatorily-identified decision-maker, and who understand that ten to fifteen positions means single-stock outcomes will drive the result. The attribution is about as good as it gets among small Indian managers: the person running the fund is named in the document filed with SEBI, is the firm's Principal Officer, and is confirmed independently on APMI. The absence of any exit load is a real advantage, because the stated five-to-seven-year horizon is asked for rather than enforced. It suits someone willing to request documents directly, since the firm publishes no factsheets and our own performance record for the fund is over a year and a half old. If you need current, comparable numbers on a screen today, this is not that.
- Our performance data for this fund comes from a factsheet dated 31 January 2025, materially older than most managers on this site.
- The firm publishes no public factsheets — only its disclosure document and monthly complaint statements.
- The Unique Debt Fund was closed with effect from 7 January 2026, so the firm now runs just two approaches.
- The disclosure document describes his fund and its sibling in identical words, with the same inception date, benchmark, minimum and fees.
About Ketan Gopani
Ketan Gopani is a partner, fund manager and the Principal Officer of Unique Asset Management LLP, the Mumbai portfolio manager he co-founded with Sunil Kothari and which SEBI registered on 5 August 2019 under INP000006855. He manages the Unique Focused Fund, and the firm's disclosure document dated 13 January 2026 names him as its fund manager; APMI records the same attribution.
He is a Chartered Accountant with over 35 years of investment experience. Before Unique he was a partner at Unique Investment Consultancy, an Authorised Person with GEPL Capital Pvt Ltd, and the firm describes him as a very long-term investor in the Indian capital markets across both equity and debt. His stated focus is businesses protected by high entry barriers and a strong moat, run by managers he judges competent and ethical.
Career
- 2019 – present
Partner, Fund Manager & Principal Officer, Unique Asset Management LLP
Co-founded the firm with Sunil Kothari; the LLP was incorporated on 8 January 2019 and received SEBI approval on 5 August 2019. He manages the Unique Focused Fund and is the person designated to SEBI as Principal Officer.
- before 2019
Partner, Unique Investment Consultancy
Stated in the firm's own SEBI disclosure document. The consultancy was an Authorised Person with GEPL Capital Pvt Ltd.
- over 35 years
Investing in Indian public markets
The disclosure document credits him with investment experience of over 35 years across equity and debt; the firm's website describes it as 35 years of public market investing experience.
Six principles
Barriers to entry before anything else
The firm's first test is whether competitors can be kept out: huge opportunity size, limited competition, high barriers to entry. The moat is the thesis, not a supporting detail.
Competent and ethical management
Stated as a selection criterion rather than a preference, and framed around capital allocation — the firm wants managers who are efficient allocators, not merely honest ones.
Ten to fifteen names, sized to matter
The firm calls this taking sizeable bets for the long term. Concentration is the point, and it is the single biggest driver of how this book will behave.
Large caps for stability, mid and small for alpha
A flexi-cap portfolio with a stated large-cap inclination, where the mid- and small-cap sleeve carries the return ambition and the hunt is for under-owned companies.
Explicit exclusions
Commoditised businesses and government-dependent ones are avoided on investment grounds; tobacco, alcohol and gambling are avoided on a stated personal code of ethics.
Five to seven years, but not indefinitely
The stated plan runs five to seven years, with the firm adding that it also expects to know the right time to exit. No exit load enforces the horizon.
The call that shows the method working
Named in the filing, not just on the website
Most disputes about who runs an Indian PMS strategy come down to a website saying one thing and the regulatory filing saying nothing at all. That is not the case here. Unique Asset Management LLP's SEBI disclosure document, dated 13 January 2026, states in terms that 'Mr. Ketan Gopani and Mr. Sunil Kothari will be the dedicated, qualified portfolio managers, running their own strategies', and then assigns them individually: 'Unique Focused Fund — Fund Manager: Mr. Ketan Gopani' and 'Unique Strategic Fund — Fund Manager: Mr. Sunil Kothari'. APMI's independent record for the Focused Fund names Gopani as its fund manager. He is also the firm's Principal Officer, the person SEBI holds accountable for the management of client portfolios.
The enforcement record is clean and the firm says so itself. Every head in the disclosure document's penalties section records 'Nil': penalties imposed by SEBI, penalties for economic offences or securities-law violations, pending material litigation or criminal cases against the portfolio manager or its key personnel, deficiencies in systems and operations observed by any regulatory agency, and enquiry or adjudication proceedings. We found nothing in the public record to contradict any of it.
What the documents do not do is differentiate. The same filing describes his fund and his co-founder's in identical words, with the same inception date, benchmark, minimum and fees. The distinction between the two strategies exists only on the firm's website — where Gopani is the moat-and-barriers investor and Kothari the mid- and small-cap value investor — and not in the document filed with the regulator.
- over 35 yearsInvesting across Indian equity and debt; later a partner at Unique Investment Consultancy, an Authorised Person with GEPL Capital
- 8 Jan 2019Unique Asset Management LLP incorporated in Mumbai, co-founded with Sunil Kothari
- 5 Aug 2019SEBI grants the firm portfolio-manager registration INP000006855
- 20 Dec 2019Unique Focused Fund inception, per APMI — the same date as the sister Strategic Fund
- 9 Feb 2023Unique Debt Fund launched — the firm's short-lived third approach
- 7 Jan 2026The Unique Debt Fund is closed; discretionary services narrow to two approaches
- 13 Jan 2026Disclosure document filed naming him as Fund Manager of the Focused Fund and as Principal Officer, with 'Nil' against every penalty head
- 31 Jul 2026APMI records him as the Focused Fund's fund manager
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| Unique - Focused Fund | +25.24% | +12.44% | +16.68% | +16.7% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Ketan on
Bring these to the call.
How old is the record you are being shown?
Our figures come from a 31 January 2025 factsheet and the firm publishes none of its own. Ask for a current dated performance statement and the monthly series since then, and do not compare our displayed returns against a more recently updated manager.
What happens if two positions go wrong?
Ten to fifteen stocks means each holding carries real weight. Ask for the current position sizes, the largest single weight, and the worst peak-to-trough drawdown the fund has taken with the date and recovery time.
BSE 50 or BSE 500?
The firm's website says BSE 50; the disclosure document and APMI say BSE 500 TRI. Ask which benchmark your performance will actually be reported against, since the two are not comparable.
How does this differ from the Strategic Fund?
The regulatory filing describes both approaches identically. Ask for the current holdings overlap between Focused and Strategic, and what each partner would do differently with the same idea.
Ten to fifteen, or fifteen to twenty?
The website and the disclosure document give different numbers. Ask what range actually governs your account, and whether the firm will commit to a cap.
What will your portfolio look like?
The firm says it builds around each investor's entry point, capital, age and risk appetite rather than running a model portfolio. Ask how far your holdings could diverge from the headline strategy, and how your return could differ from the published one.
Who runs this if he stops?
He is the sole named manager of this fund and the firm's Principal Officer. Ask in writing who would take over, whether his co-founder would absorb the book, and how clients would be notified.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Sunil Kothari Unique - Strategic Fund · PMS | +18.2% | +29.9% | ₹1,517.09 Cr | 8.4 |
| Anubhav Mukherjee Prescientcap-HIGH QUALITY CONSISTENT COMPOUNDERS · PMS | +14.7% | +19.7% | ₹0 Cr | 8.3 |
| Prathmesh Agrawal Asit C Mehta - Ace Multicap · PMS | +10.2% | +24.3% | ₹0 Cr | 8.2 |
| Rishi Gupta Shepherd's Hill - Value Magno · PMS | +5.7% | +20% | ₹0 Cr | 8.1 |
Ketan Gopani · FAQ
What does Ketan Gopani manage?
How well established is his attribution?
Why does this profile warn about the age of the data?
How concentrated is the portfolio?
Has SEBI taken any action against him or the firm?
What is the minimum investment, and what are the fees?
Considering Ketan's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Ketan Gopani.