Who is the best mutual fund?

Reliance Vision Fund
go for dividend option so you will get two dividends per year
& reliance equity fund is still new it will take around two to three years to give sufficient returns.

mutual fund is a non living thing, so u canot say ' who is the best mf?
now for the best mf as on now is reliance equity fund

I'm going to assume you have little or no investment experence and not a lot of money to invest. I recomend the fund below.(Excelsior Value and Restructuring) Ticker UMBIX. You can get into this fund with $500 bucks and it has outprefomed the S&P 500 nearly every year it has existed.
Should you have a lot more money the above is still not a bad choice but I would do a lot of homework. You need to identify your tolerence for risk as well as investment objectives.
To learn more about investing I would spend some time at bobbrinker.com

Recently a lot matual fund begin to mind china finance marketing. I think you can pay attention to it.
In U.S, I advice you check it by internet, you need to measure
each funds by yield and net reture.

Undoubtedly
Reliance Mutual Fund

We can compare Best Schemes of all Mutual Funds (OF INDIA) under various catogeries, for various periods.

1) Under Diversified Mutual Fund Schemes
ICICI PRUDENTIAL - Services Industries Scheme has given 31.4% return for 1 year.
2) Under ELSS Schemes
Fidelity - Tax Advantage Fund has given a return of 17.5% for 1 year.
3) Under BALANCED FUND Schemes
Principal - Child Benefit Scheme has given
21.9% return for 1 year.

Many funds are given retuns up to 36% a one year pls. meet the fund manager

The best mutual fund is the one with the lowest costs.