Mutual fund industry in India has emerged as the most dynamic segment of the Indian financial system. The mutual fund industry grew by leaps and bounds during the last few years. With the excess number schemes available for the investors. To choose, it becomes essential for retail investor to know the performance of the mutual funds in order to make better informed decision. Mutual funds play extremely crucial role in Indian economy. They are for mobilization and channelization of savings from individuals and households towards the capital markets, mutual funds have shown a tremendous growth in the quantum of their assets under management over the last few years. A Mutual fund is type of Investment Company that collects the money from investors and collectively invests in stocks, bonds, or money market instruments. In this study analyses the performance of equity and sector specific mutual fund schemes, the growth of mutual fund industry in India and perception of investors towards mutual fund investment.