The mutual funds in India have registered significant growth and emerged as important financial intermediaries during the past decade or so,manifested by increased mobilization of funds and the increasing number of schemes and investors. To fulfill the expectations of millions of unit holders, the mutual funds are required to function as successful institutional investors. Evaluating performance of mutual fund managers vis-à-vis such a goal, is important for both the investors as well as the fund managers. Fund managers in India,periodically publish various performance reports using standard measures,which may not actually reflect the true investment performance of the funds. The present study evaluated the performance of the equity mutual funds in India during the period from 2000 to 2006,using a new framework.A number of new performance indicators are used for the purpose,and it is hoped that this attempt should highlight the efficiency and true competence of fund managers and augment the existing framework for identifying successful fund managers. It should benefit the investors, regulators, fund managers and other participants in the mutual fund industry in general.