The present invention relates to a formulation comprising a nano lipid carrier system comprising an active ingredient, low phase transition solid lipid, PEGylated lipid, surfactants and cosolvents etc, dispersed in water or aqueous medium. The hydrodynamic diameter of the nanocarrier system in aqueous media is less than about 1000 nm. The present invention formulation can be in the form of a liquid (solution, suspension, dispersion), liquid filled hard gelatin capsule, soft gelatin capsule or a liquid concentrate.